The market for electric water heaters is poised to witness steady growth during the forecast period with the construction and real estate sector regaining its original growth levels post economic recession. Government regulations promoting energy efficient solutions coupled with the growing preference for tankless water heaters are expected to drive the demand for new electric water heater installations in the coming years. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 7.3% during the forecast period 2015 – 2023. However, rising electricity prices and growing preference for solar water heaters may pose challenge to the market growth during the forecast period. In addition, high operating costs of the electric water heaters as compared to gas operated water heaters has somewhat deterred swift adoption of electric water heaters across the globe. The electric water heater market is expected to exceed US$ 29.1 Bn by 2023, expanding at a Compound Annual Growth Rate of 7.3% between 2015 and 2023.

1.1    Report Scope

This report analyzes the global electric water heater market in terms of product type, end-use application, and geographical distribution. On the basis of product type, the market is segmented into storage tank electric heaters and tankless (on-demand) electric water heaters. Similarly, on the basis of end-use, the global electric water heaters market is further classified into industrial, residential, and commercial segments. The geographical distribution of the global electric water heater market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

1.2    Report Description

Purpose of the Report

The purpose of this strategic research study titled “Global Electric Water Heater Market- Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2023” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global electric heater industry.

Target Audience

• Industry Investors
• Electric Heater Manufacturers
• Electric Heater Distributors
• HVAC Manufacturers
• Component Manufacturers
• End-users

USP and Key Offerings

The report titled “Global Electric Water Heater Market- Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2023” offers strategic insights into the global electric water heater market along with the market size and estimates for the duration 2013 to 2023. The said research study covers in-depth analysis of multiple market segments based on product types, end-use applications, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading electric water heater manufacturers, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the electric water heater market
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Ecosystem Analysis
• Two Year Trailing Data (2013 – 2014)
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global electric water heater market, offering market size and estimates for the period from 2015 to 2023, keeping in mind the above mentioned factors.

In the base year of 2014, storage tank electric water heater was the largest product segment in terms of both revenue and volume. It accounted for around two-third of the global market revenue and over half of the shipments worldwide. Storage tank electric water heaters are generally used more for residential use than commercial. The demand for storage tank electric water heaters is poised to witness steady growth over the forecast period 2015 – 2023 owing to the anticipated demand from the forthcoming residential projects in India and China. On the other hand, tankless (on-demand) electric water heaters are expected to witness maximum growth, outpacing their counter-equivalents during the forecast period 2015 – 2023. This is majorly on account of their capability to offer more energy efficiency than storage tank electric water heaters. These electric water heaters offer limited flow of water per minute (ex- around 3.5 gallons). Thus, these electric heaters are best suited for situations wherein the requirement is of drawing water for a single use. However, these electric water heaters are comparatively less suited for residential use since the electric models require an expensive upgrade to match the residential electrical capacity.

In the base year of 2014, the residential segment covering electric water heaters used for cooking, space heating, bathing, and cleaning at residential units accounted for the majority of the global market revenue share. The segment also accounted for over two third of the electric water heater shipments worldwide. The electric water heaters used for residential use are highly insulated to reduce the prominent standby losses arising due to irregular use of these heaters. The ever rising population resulting in increased number of residential units, especially in the emerging economies is expected to drive demand for electric water heaters in the residential segment. On the other hand, commercial and industrial end-use segments are expected to witness robust growth over the forecast period 2015 - 2023. The commercial segment covers electric water heaters used in commercial complex’s, restaurants, hotels, business buildings, and schools among others. The economic development resulting in the growth of commercial real estate is expected to drive demand for electric water heaters in the commercial segment. The replacement demand is expected to be higher than the new demand, especially in the developed economies like North America and Europe.

In the base year of 2014, Asia Pacific was the largest electric water heater market, accounting for over 40 percent of the global market revenue. China was the largest and the most lucrative individual electric water heater market in Asia Pacific. Over the forecast period 2015 – 2023, the trend is expected to continue, with the region retaining its dominant position. The growth in the region is majorly on account of the economic development ensuing infrastructural growth in both residential and commercial spaces. Thus, increasing number of residential and commercial projects, especially in China and India are expected to trigger new installations in the region. In addition, government initiatives to improve energy infrastructure, especially in the rural areas is expected to have positive impact on the market demand. The demand for electric water heaters in developed economies like North America and Europe is expected to remain fairly steady, supported by the escalating demand for tank-less electric water heaters.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Water Heater market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Electric Water Heater market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Electric Water Heater market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Electric Water Heater market?
• Which is the largest regional market for Electric Water Heater market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Electric Water Heater market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Water Heater market worldwide?