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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Water Heater Market Growth
Demand from Commercial and Residential Sectors, Technological Advancements to Drive Market Growth
Demand for hot water from commercial and residential sectors is expected to boost the electric water heater market size. Hot water is required for several applications including cleaning, washing, cooking, patient hygiene (in hospitals), etc. In recent years, the market has witnessed increased demand for more advanced and sophisticated water heating systems. Tankless water heaters are more popular in terms of residential applications, but witnessing increased interest in small commercial buildings, like diners and eating joints. However, such units are more common in larger central systems in bigger structures. Technologically advanced tankless water heaters are expected to drive the water heater market growth during the period 2024-2032 due to advantages such as increased efficiency, extended life, reduced time to dispense hot water, less required space, and increased safety.
China, Mexico, Italy, Germany, and USA were the key exporters of electric instant, storage and immersion water heaters in 2019. Chief importers of electric instant, storage and immersion water heaters in 2019 were USA, France, Germany, United Kingdom, and Spain.
Water Heater Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the water heater market attained a value of nearly USD 32.56 billion.
The market is estimated to grow at a CAGR of 4% between 2024 and 2032.
The major drivers of the market include the rising demand for hot water from residential and commercial sector, rising application of water heater in the household, rising disposable income, increasing population, and rapid urbanisation.
The growing awareness about hygiene, technological advancements in the home care appliances sector, and the emerging e-commerce industry are some market trends.
The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Electric, solar, and gas, are the major products based on which the market has been segmented.
Tankless, storage, and hybrid are the different technologies considered in the report.
Below 30 liters, 30 - 100 liters, 100 - 250 liters, 250-400 liters, and above 400 liters, among others are the different types of capacity based on which the market is divided.
Residential, commercial, and industrial are the different applications of the product.
Some major manufacturers are O. Smith Corporation, Rheem Manufacturing Company, Ariston Thermo Group, Bosch Thermotechnology, and Whirlpool Corporation.
Electric water heaters are the most popular in water heater market.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 46.3 billion by 2032.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124