Electric Water Heater Industry poised to exceed 130 million units by 2024

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Global Electric Water Heater Market share to
reach 33.22bn by 2024 Global Market Insights
Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Industry Overview

• Global Electric Water Heater Market size was
  evaluated at 17.6 billion for 2015 and is
  predicted to register a CAGR of 7.51 during
  forecast timeframe. Rising demand from household
  applications like bathing, space heating,
  cleaning and cooking is predicted to increase
  product demand during forecast timeframe.
• Growing demand for hot water from hospitals and
  hotels is also predicted to be key factor driving
  industry growth. Development in construction
  industry coupled with substitution for aging
  device in different segments due to increasing
  disposable income can propel electric water
  heater industry expansion in future.
• Electric water heater market price trend can
  inhibit industry growth owing to related
  operating expenses. However, these systems
  provide price advantage over fuel fired systems
  related to maintenance, design and deployment.
  Further, rising need to be equipped with new
  technological features is also predicted to drive
  industry growth.

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Product Trends

• Global electric water heater market is segmented
  into products like tankless or non storage based
  products and storage based products.
• Tankless products segment is predicted to expand
  rapidly in future and growing acceptance of these
  products all across the globe is credited to
  segment expansion.
• Storage based products segment was evaluated at
  11.7 billion for 2015 and is predicted to
  register CAGR of 6.81 during forecast timeframe.
  These products are installed in regions with
  limited or broken power supply and are primarily
  installed in residential sectors. All these
  factors are predicted to contribute towards
  segment growth.
• Today, consumers prefer high-end products due to
  fast changing lifestyles and increasing
  disposable incomes.

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India Electric Water Heaters Market share, by
product, 2013-2024 (Million Units)

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Application Trends

• Global electric water heater industry is
  segmented into commercial and residential
  applications.Commercial applications segment is
  predicted to expand rapidly during forecast
  timeframe.
• Residential application segment contributed more
  than 80.1 of overall electric water heaters
  market share for 2015 and is projected to
  register CAGR of 6.91 during forecast timeline.
  It is anticipated to experience average
  development along with heavy industry penetration.

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Regional Trends

• Global electric water heater market is segmented
  into geographical regions like APAC, Latin
  America, North America, MEA and Europe.APAC, with
  heavy demand from India and China electric water
  heater market share, contributed more than 28.1
  of total consumption for 2015. This region is
  predicted to register CAGR of about 10.8 during
  forecast timeline. Growth in nations like Japan,
  China and India is forecast to promote product
  demand in the region.
• U.S. electric water heater industry is predicted
  to experience growth due to rising investments in
  commercial as well as residential construction
  sectors. North American industry has contributed
  substantially to overall revenue generation as
  compared to low product demand.

Competitive Trends

• Key industry participants profiled in the report
  include Reliance Holmes Heating Incorporation,
  Bradford White Corporation, Atwood Mobile
  Products, Venus Home Appliances, Ariston Thermo,
  AO Smith Corporation, Hubbell Incorporated,
  General Electric, AquaMax Private Limited, Haier
  Electronics, Eemax, Kenmore, Midea Group, Bosch
  Thermotechnology, Racold, State Water Heaters,
  Whirlpool Corporation, Rheem Manufacturing
  Company, Marey Heater Corporation, Stiebel
  Eltron, Zenith Water Heaters and Havells.

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