Global Electric Water Heater Market to surpass $33.2bn by 2024

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Global Electric Water Heater Market to surpass
33.2bn by 2024 Fractovia.org
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights of Electric Water Heater Market

• Global awareness regarding limited fuel supply
  has stimulated the demand for electric-powered
  alternatives. Electric water heater market will
  observe a lucrative upsurge over the next few
  years, primarily driven by the increasing growing
  product demand across the household, medical, and
  hospitality sectors. Electric heaters provide an
  edge over traditional fuel-based heaters in terms
  of costs, product design, and shelf life.
  Additionally, these heaters can be efficiently
  installed pertaining to space conditioning loads
  and require lesser maintenance, which will propel
  electric water heater industry, set to grow at an
  annual rate of 7.5 over 2016-2024.
• Electric water heaters function on the principle
  of thermodynamics and are massively utilized
  across domestic applications such as cleaning,
  cooking, space heating, and bathing. These
  heaters are available in a variety of appliances
  such as heat exchangers, geysers, hot water
  heaters, hot water tanks, and boilers, many of
  which are deployed on a large scale across the
  hospitality, healthcare, and construction
  sectors. Electric water heater market share from
  commercial applications is forecast to exhibit
  tremendous growth over the next few years, driven
  by the surging demand from hotels, medical
  centers, office buildings, hostels, and academic
  institutions.

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Continued

• Residential applications dominated the
  application landscape in 2015, having accounted
  for more than 85 of the overall electric water
  heater industry share. Electric water heaters
  falling between the range of 120 V to 240 V are
  extensively used for applications such as
  cooking, laundry, and bathing. With the
  exponential growth of the construction sector,
  electric water heater market from residential
  applications will observe a CAGR of 6.9 over
  2016-2024.
• Asia Pacific accounted for more than 28 of the
  global consumption in 2015, primarily driven by
  the high product demand from India and China.
  Increased preference toward water heaters as
  opposed to gas heaters and the surging product
  requirement across the region will propel Asia
  Pacific electric water heater market, which is
  slated to grow at a CAGR of 10.7 over 2016-2024.
  China, India, and Japan are anticipated to the
  major revenue pockets.
• Powered by the ever-growing demand across the
  residential and commercial sectors, U.S. electric
  water heater industry will cross a revenue of USD
  5.5. billion by 2024. U.S. had maximum
  contribution in North America electric water
  heater market in 2015. This trend is foreseen to
  continue over 2016-2024, owing to rising
  investments across the residential and commercial
  sectors.

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

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Continued

• Electric water heater market is quite
  consolidated, with the top three companies
  contributing to more than 90 of the total share.
  Companies are focusing on strengthening their
  regional presence, primarily through RD
  activities. Corporations such as Ariston Thermo,
  Bajaj, AO Smith, Havells, Venus, and Haier have a
  rather significant share in India electric water
  heater industry. Likewise, AO Smith, Haier, and
  Midea Group accumulate a major share in China
  electric water heater market. Eemax, General
  Electric, AO Smith Corporation, Havells, Bradford
  White Corporation, Zenith, AquaMax, Bosch,
  Ariston Thermo, and Rheem Manufacturing Company
  are the key players operating in global electric
  water heater industry.
• Leading companies are also concentrating on
  product differentiation to score a competitive
  edge over their rivals in the business. For
  instance, as of 2017, Haier Appliances launched a
  premium electric water heater in India that is
  integrated with shock-proof technology. This
  heater can provide protection against electricity
  issues such as power leakage, earthing, or
  incorrect wiring. Other players are also engaged
  in the manufacturing of products integrated with
  cutting edge technology, thus fueling global
  electric water heater market. Storage-based
  electric water heaters are primarily used in
  areas that are infamous for power cuts of limited
  power supply.

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Continued

• Having held a revenue of USD 11.6 billion in
  2015, storage-based electric water heater
  industry is set to grow at an annual growth rate
  of 6.8 over 2016-2024, driven by the products
  increased requirement across residential
  applications.
• Non-storage-based or tankless electric water
  heaters immediately heat the water that flows
  through the device that is to say, no water is
  preserved unlike the storage-based counterparts,
  except the amount required by the internal coil.
  Non-storage-based electric water heater market is
  anticipated to grow at a CAGR of 8.7 over
  2016-2024, driven by the high product adoption
  subject to rising consumer incomes and the
  requirement of periodic upgradations.
• Electric water heaters are designed to eliminate
  the disadvantages caused due to fuel-fired water
  heaters. The rising government pressure on
  companies for reducing carbon footprints have led
  to major corporations striving to develop low
  cost, eco-friendly, and efficient electric water
  heaters. Such strict norms coupled with changing
  consumer preferences toward electric products are
  sure to impel global electric water heater
  industry share over the coming seven years.

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Table Contents of Electric Water Heater Market

• Chapter 1 Methodology Scope
• 1.1 Research Methodology
• 1.1.1 Initial data exploration
• 1.1.2 Statistical modeling and forecast
• 1.1.3 Industry insights and validation
• 1.2 Data Sources
• Chapter 2 Executive Summary
• 2.1 Electric water heaters industry 3600
  synopsis, 2013 - 2024
• 2.1.1 Business trends
• 2.1.2 Regional trends
• 2.1.3 Application trends

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Continued

• Chapter 3 Electric Water Heaters Industry
  Insights
• 3.1 Industry Segmentation
• 3.2 Industry Size and forecast, 2013 - 2024
• 3.3 Industry ecosystem analysis
• 3.3.1 Vendor matrix
• 3.4 Industry Impact forces
• 3.5.1 Growth drivers
• 3.5.1.1 Increasing residential and commercial
  projects
• 3.5.1.2 Rising disposable income
• 3.5.2 Industry pitfalls and challenges
• 3.5.2.1 High operating cost
• 3.5 Growth potential analysis
• 3.6 Porters analysis
• 3.7 Company market share analysis, 2015
• 3.7.1 Strategic landscape
• 3.8 PESTEL analysis

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