Electric Water Heater Market (2024-2030) | Companies, Growth, Analysis, Value, Share, Outlook, Size, Trends, Revenue, Industry & Forecast

Electric Water Heater Market Highlights

Report Name	Electric Water Heater Market
Report Category / Coverage	Global
Forecast Period	2024-2030
CAGR	4.6%
Market Size	USD 30.7 Billion by 2030
Growing Sector	Residential

Topics Covered in the Electric Water Heater Market Report

The Electric Water Heater Market report thoroughly covers the market by products, capacity, application and regions. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Electric Water Heater Market Size Analysis

Global electric water heater market has been experiencing significant growth over the past few years. As of 2024, the market is valued at approximately USD 18.3 billion. Further, the market is projected to expand at a CAGR of 4.6% from 2024 to 2030. Additionally, by 2030, the market size is expected to reach around USD 30.7 billion.

Electric Water Heater Market Synopsis

The electric water heater market is expanding rapidly due to rising demand for hot water in the residential, commercial, and industrial sectors. An electric water heater is an efficient and simple way to heat water for a variety of uses, including bathing, cooking, and cleaning. It operates by converting electricity into heat energy via a heating element, resulting in quick hot water whenever needed.

According to 6Wresearch, Electric Water Heater Market size is expected to grow at a significant CAGR of 4.6% during 2024-2030. The market for electric water heaters is expanding significantly due to several important considerations. A significant factor in the growing need for energy-efficient solutions is the trend of consumers gravitating toward electric models because of their higher efficiency as compared to conventional gas or oil-based systems. This tendency is also influenced by urbanization and infrastructural development since the need for contemporary housing with cutting-edge features like electric water heaters is fueled by the city's rapid urban growth. Demand is also increased by government programs aimed at creating smart cities. Technological innovations that improve efficiency and convenience, such as smart thermostats and tankless or on-demand electric water heaters, are driving up customer interest and expanding the Global electric water heater industry.

Electric water heaters provide advantages, but some drawbacks could prevent widespread use. The high initial cost of electric models which are typically more expensive than conventional gas or oil-based heaters is one major disadvantage. Price-conscious buyers may be discouraged from purchasing electric solutions by this pricing. Furthermore, the restricted hot water supply of electric water heaters may not be sufficient for bigger homes with high hot water demands. Electric models may not be as able to meet demand during peak usage periods as gas or oil-based systems, which means that some families may find them less acceptable.

Electric Water Heater Market Trends

As concerns about climate change and carbon emissions mount, the market for electric water heaters is benefiting from the growing usage of renewable energy sources. To appeal to customers who care about the environment, several businesses are now creating electric water heaters that use solar, wind, or other renewable energy sources. The market is also growing as a result of the growing trend of smart homes, which integrate electric water heaters with smart home systems to provide more efficient usage and control. Electric water heaters are becoming more and more popular among tech-savvy consumers looking for contemporary, environmentally friendly solutions for their homes because of this integration, which improves ease and energy management.

Investment Opportunities in the Electric Water Heater Market

There are several chances for established players as well as new entrants to participate in the electric water heater market. Research and development is one sector that shows promise for investment since technology developments will continue to propel industry expansion. Businesses that prioritize research and development (R&D) can produce cutting-edge goods that meet changing consumer demands and tastes. Furthermore, there is a lot of room for growth in emerging markets because of the growing need for infrastructure and modern housing in developing nations. This tendency offers businesses the chance to set up shop and supply electric water heaters that satisfy the demands of these expanding populations, therefore fostering market expansion.

Leading Players of the Electric Water Heater Market

The electric water heater market is populated by several key players who drive innovation and set industry standards. Companies like Rheem Manufacturing Company and A. O. Smith Corporation remain at the forefront, recognized for their wide range of efficient and reliable electric water heaters. 

Government Regulations Introduced in the Electric Water Heater Market 

Through a variety of initiatives and legislation, governments throughout the world are actively encouraging the adoption of energy-efficient appliances, such as electric water heaters. One prominent example is the 2020 initiative in India, which aims to link rural families to electricity and provides free solar-powered water pump and heating system installation. This program supports the nation's efforts to cut carbon emissions by improving energy availability and promoting the adoption of sustainable technologies. In addition to fostering customer interest in energy-efficient electric water heaters, such government backing also promotes environmental sustainability and creates a favourable atmosphere for market expansion.

Future Insights of the Electric Water Heater Market

Electric water heater demand is predicted to rise as nations place a greater emphasis on energy efficiency and lowering carbon emissions. Innovation and increased efficiency in products will probably result from technological developments, which will fuel market growth even more. For continued growth, however, issues like the high upfront price and constrained hot water supply of electric water heaters must be resolved. Despite these challenges, industry participants might find profitable chances in the worldwide electric water heater market. The market is expected to increase significantly in the upcoming years as eco-friendly solutions become more and more popular among consumers and governments.

Market Segmentation Analysis

The report offers a comprehensive study of the subsequent market segments and their leading categories.

Non-storage to Dominate the Market - by Products

According to Ravi Bhandari, Research Head, 6Wresearch, the market for non-storage water heaters is anticipated to increase significantly over the next several years as a result of its small size, energy efficiency, and rising demand from the commercial and industrial sectors. 

Residential to Dominate the Market - by Applications

Based on application, the residential category is followed by the commercial and industrial divisions. This is explained by the rising need for hot water in both residential and commercial settings, including hotels, hospitals, and companies.

Asia-Pacific to Dominate the Market - by Regions

Asia Pacific's large population and increasing urbanization have made it the region's leader in the worldwide electric water heater market. The area is seeing a rise in the use of electric water heaters as a result of the strong demand for energy-efficient products. 

Key Attractiveness of The Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Electric Water Heater Market Overview
• Electric Water Heater Market Outlook
• Electric Water Heater Market Forecast
• Historical Data of Electric Water Heater Market Revenues and Volume, for the Period 2020-2030
• Electric Water Heater Market Size and Electric Water Heater Market Forecast of Revenues and Volume, Until 2030
• Historical Data of Electric Water Heater Market Revenues, by Products, for the Period 2020-2030
• Market Size & Forecast of Electric Water Heater Market Revenues, by Products, Until 2030
• Historical Data of Electric Water Heater Market Revenues, By Applications, for the Period 2020-2030
• Market Size & Forecast of Electric Water Heater Market Revenues, By Applications, Until 2030
• Historical Data of Electric Water Heater Market Revenues, by Capacity, for the Period 2020-2030
• Market Size & Forecast of Electric Water Heater Market Revenues, by Capacity, Until 2030
• Historical Data of North America Electric Water Heater Market Revenues, for the Period 2020-2030
• Market Size & Forecast of North America Electric Water Heater Market Revenues, Until 2030
• Historical Data of Latin America Electric Water Heater Market Revenues, for the Period 2020-2030
• Market Size & Forecast of Latin America Electric Water Heater Market Revenues, Until 2030
• Historical Data of Europe Electric Water Heater Market Revenues, for the Period 2020-2030
• Market Size & Forecast of Europe Electric Water Heater Market Revenues, Until 2030
• Historical Data of APAC Electric Water Heater Market Revenues, for the Period 2020-2030
• Market Size & Forecast of APAC Electric Water Heater Market Revenues, Until 2030
• Historical Data of MEA Electric Water Heater Market Revenues, for the Period 2020-2030
• Market Size & Forecast of MEA Electric Water Heater Market Revenues, Until 2030
• Market Drivers and Restraints
• Electric Water Heater Market Price Trends
• Electric Water Heater Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Electric Water Heater Market Share, By Players
• Electric Water Heater Market Share, By Regions
• Electric Water Heater Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Covered

The Electric Water Heater Market provides a detailed analysis of the following market segments:

By Product Types

• Storage
• Non-Storage

By Capacity

• Small Water Heater (Upto 100lt)
• Medium Water Heater(100-400lt)
• Large Water Heater (Above 100lt)

By Applications

• Residential
• Industrial
• Commercial

By Regions

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East And Africa