Home / Semiconductor & Electronics / Electric Water Heater Market By Type (Storage Tank, Tankless Electric Water Heaters), End User (Residential, Commercial, Industrial) - Growth, Share, Opportunities & Competitive Analysis, 2015 - 2022

Electric Water Heater Market By Type (Storage Tank, Tankless Electric Water Heaters), End User (Residential, Commercial, Industrial) - Growth, Share, Opportunities & Competitive Analysis, 2015 - 2022

Published: Oct 2016 | Report Code: 57806-10-16

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 – 2022. 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 2022, expanding at a Compound Annual Growth Rate of 7.3% between 2015 and 2022.

Electric Water Heater Market
 

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 – 2022” 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 – 2022” offers strategic insights into the global electric water heater market along with the market size and estimates for the duration 2013 to 2022. 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 2022, keeping in mind the above mentioned factors.

Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 End-users USP and Key Offerings
1.2 Research Methodology
1.2.1 Phase I – Secondary Research
1.2.2 Phase II – Primary Research
1.2.3 Phase III – Expert Panel Review
1.2.4 Assumptions
1.2.5 Approach Adopted

Chapter 2 Executive Summary
2.1 Market Snapshot: Global Electric Water Heater Market
2.2 Global Electric Water Heater Market, By Product Type, 2014, (US$ Bn)
2.3 Global Electric Water Heater Market, By End-use Application, 2014 (US$ Bn)
2.4 Global Electric Water Heater Market, By Geography

Chapter 3 Market Dynamics
3.1 Electric Water Heater Market Overview
3.1.1 Global Electric Water Heater Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
3.2 Market Inclination Insights
3.3 Market Drivers
3.3.1 Rise in Commercial and Residential Projects
3.3.2 Rise in Disposable Income
3.4 Market Growth Inhibitors
3.4.1 High Operating Cost
3.5 Opportunity Matrix
3.6 See-Saw Analysis
3.6.1 Impact Analysis of Drivers and Restraints
3.7 Value Chain Analysis
3.8 Attractive Investment Proposition
3.8.1 Attractive Investment Proposition, By Geography, 2015
3.9 Competitive Landscape
3.9.1 Market Positioning of Key Vendors
3.9.2 Key Strategies Adopted by Leading Vendors
3.9.2.1 New Product Development
3.9.2.2 Distribution Network Expansion
3.9.3 Recommendations

Chapter 4 Global Electric Water Heater Market Analysis, By Product Type
4.1 Market Analysis
4.1.1 Global Electric Water Heater Market Revenue, By Type, 2014 & 2022 (Value %)
4.2 Storage Electric Water Heaters
4.2.1 Global Storage Electric Water Heaters Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
4.3 Tankless (Non-storage) Electric Water Heaters
4.3.1 Global Tankless (Non-storage) Electric Water Heaters Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)

Chapter 5 Global Electric Water Heater Market Analysis, By End-use Application
5.1 Market Analysis
5.1.1 Global Electric Water Heater Market Revenue, By End-use, 2014 & 2022 (Value %)
5.2 Residential
5.2.1 Global Electric Water Heater Market Revenue and Growth for Residential Applications, 2013 – 2022, (US$ Bn) (Y-o-Y %)
5.3 Commercial and Industrial
5.3.1 Global Electric Water Heater Market Revenue and Growth for Commercial and Industrial Applications, 2013 – 2022, (US$ Bn) (Y-o-Y %)

Chapter 6 Global Electric Water Heater Market Analysis, By Geography
6.1 North America
6.1.1 North America Electric Water Heater Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
6.2 Europe
6.2.1 Europe Electric Water Heater Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
6.3 Asia Pacific
6.3.1 Asia Pacific Electric Water Heater Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
6.4 Rest of World
6.4.1 Rest of World Electric Water Heater Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)

Chapter 7 North America Electric Water Heater Market Analysis
7.1 Overview
7.2 North America Electric Water Heater Market Analysis, By Product Type, 2013 – 2022 (US$ Bn)
7.2.1 SRC Analysis
7.3 North America Electric Water Heater Market Analysis, By End-use, 2013 – 2022 (US$ Bn)
7.3.1 SRC Analysis
7.4 North America Electric Water Heater Market Analysis, By Country, 2013 – 2022 (US$ Bn)
7.4.1 U.S.
7.4.1.1 U.S. Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
7.4.2 Rest of North America
7.4.2.1 Rest of North America Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)

Chapter 8 Europe Electric Water Heater Market Analysis
8.1 Overview
8.2 Europe Electric Water Heater Market Analysis, By Product Type, 2013 – 2022 (US$ Bn)
8.2.1 SRC Analysis
8.3 Europe Electric Water Heater Market Analysis, By End-use Application, 2013 – 2022 (US$ Bn)
8.3.1 SRC Analysis
8.4 Europe Electric Water Heater Market Analysis, By Country, 2013 – 2022 (US$ Bn)
8.4.1 U.K.
8.4.1.1 U.K. Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
8.4.2 Germany
8.4.2.1 Germany Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
8.4.3 Rest of Europe
8.4.3.1 Rest of Europe Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)

Chapter 9 Asia Pacific Electric Water Heater Market Analysis
9.1 Overview
9.2 Asia Pacific Electric Water Heater Market Analysis, By Product Type, 2013 – 2022 (US$ Bn)
9.2.1 SRC Analysis
9.3 Asia Pacific Electric Water Heater Market Analysis, By End-use Application, 2013 – 2022 (US$ Bn)
9.3.1 SRC Analysis
9.4 Asia Pacific Electric Water Heater Market Analysis, By Country, 2013 – 2022 (US$ Bn)
9.4.1 China
9.4.1.1 China Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
9.4.2 Indian Subcontinent
9.4.2.1 Indian Subcontinent Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
9.4.3 Japan
9.4.3.1 Japan Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
9.4.4 Rest of Asia Pacific
9.4.4.1 Rest of Asia Pacific Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)

Chapter 10 Rest of the World Electric Water Heater Market Analysis
10.1 Overview
10.2 Rest of World Electric Water Heater Market Analysis, By Product Type, 2013 – 2022 (US$ Bn)
10.2.1 SRC Analysis
10.3 Rest of World Electric Water Heater Market Analysis, By End-use Application, 2013 – 2022 (US$ Bn)
10.3.1 SRC Analysis
10.4 Rest of World Electric Water Heater Market Analysis, By Region, 2013 – 2022 (US$ Bn)
10.4.1 Latin America
10.4.1.1 Latin America Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
10.4.2 Middle-East and Africa
10.4.2.1 Middle-East and Africa Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)

Chapter 11 Company Profiles
11.1 A. O. Smith Corporation
11.1.1 A. O. Smith Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.2 Midea Group
11.2.1 Midea Group: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.3 Rheem Manufacturing Company
11.3.1 Rheem Manufacturing Company: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.4 Siemens AG
11.4.1 Siemens AG: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.5 Ariston Thermo S.p.A
11.5.1 Ariston Thermo S.p.A: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.6 Bajaj Electricals
11.6.1 Bajaj Electricals: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.7 Bradford White
11.7.1 Bradford White: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.8 Crompton Greaves
11.8.1 Crompton Greaves: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.9 Eldominvest Ltd.
11.9.1 Eldominvest Ltd.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.10 Haier Group
11.10.1 Haier Group: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.11 Hubbell Water Heaters
11.11.1 Hubbell Water Heaters: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.12 Noritz Corporation
11.12.1 Noritz Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
11.13 Rinnai Corporation
11.13.1 Rinnai Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)

List of Figures

FIG. 1 Global Electric Water Heater Market: Research Methodology
FIG. 2 Top-Down and Bottom Up Approach
FIG. 3 Global Electric Water Heater Market, By Product Type, 2014 (US$ Bn)
FIG. 4 Global Electric Water Heater Market, By End-use Application, 2014 (US$ Bn)
FIG. 5 Global Electric Water Heater Market, By Geography, 2014 (US$ Bn)
FIG. 6 Global Electric Water Heater Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
FIG. 7 Global Consumer Expenditure and Annual Disposable Income Growth: 2009-2016
FIG. 8 Opportunity Matrix
FIG. 9 See-Saw Analysis : Global Electric Water Heater Market
FIG. 10 Value Chain Analysis: Global Electric Water Heater Market
FIG. 11 Attractive Investment Proposition, By Geography, 2015
FIG. 12 Market Positioning of Key Electric Water Heater Manufacturers, 2014
FIG. 13 Global Electric Water Heater Market Revenue, By Type, 2014 & 2022 (Value %)
FIG. 14 Storage Electric Water Heaters Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
FIG. 15 Tankless (Non-Storage) Electric Water Heaters Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
FIG. 16 Global Electric Water Heater Market Revenue, By End-use, 2014 & 2022 (Value %)
FIG. 17 Global Electric Water Heater Market Revenue and Growth for Residential Applications, 2013 – 2022, (US$ Bn) (Y-o-Y %)
FIG. 18 Global Electric Water Heater Market Revenue and Growth for Commercial and Industrial Applications, 2013 – 2022, (US$ Bn) (Y-o-Y %)
FIG. 19 North America Electric Water Heater Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
FIG. 20 Europe Electric Water Heater Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
FIG. 21 Asia Pacific Electric Water Heater Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
FIG. 22 Rest of World Electric Water Heater Market Revenue and Growth, 2013 – 2022, (US$ Bn) (Y-o-Y %)
FIG. 23 U.S. Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
FIG. 24 Rest of North America Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
FIG. 25 U.K. Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
FIG. 26 Germany Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
FIG. 27 Rest of Europe Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
FIG. 28 China Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
FIG. 29 Indian Subcontinent Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
FIG. 30 Japan Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
FIG. 31 Rest of Asia Pacific Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
FIG. 32 Latin America Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)
FIG. 33 Middle-East and Africa Electric Water Heater Market Revenue, 2013 – 2022, (US$ Bn)

List of Tables

TABLE 1 Market Snapshot: Global Electric Water Heater Market
TABLE 2 Impact Indicators
TABLE 3 Impact Analysis of Drivers and Restraints
TABLE 4 North America Electric Water Heater Market Revenue, By Product, 2013 – 2022 (US$ Bn)
TABLE 5 North America Electric Water Heater Market Revenue, By End-use, 2013 – 2022 (US$ Bn)
TABLE 6 Europe Electric Water Heater Market Revenue, By Product Type, 2013 – 2022 (US$ Bn)
TABLE 7 Europe Electric Water Heater Market Revenue, By End-use Application, 2013 – 2022 (US$ Bn)
TABLE 8 Asia Pacific Electric Water Heater Market Revenue, By Product Type, 2013 – 2022 (US$ Bn)
TABLE 9 Asia Pacific Electric Water Heater Market Revenue, By End-use Application, 2013 – 2022 (US$ Bn)
TABLE 10 Rest of World Electric Water Heater Market Revenue, By Product Type, 2013 – 2022 (US$ Bn)
TABLE 11 Rest of World Electric Water Heater Market Revenue, By End-use Application, 2013 – 2022 (US$ Bn)
TABLE 12 A. O. Smith Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 13 Midea Group: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 14 Rheem Manufacturing Company: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 15 Siemens AG: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 16 Ariston Thermo S.p.A: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 17 Bajaj Electricals: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 18 Bradford White: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 19 Crompton Greaves: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 20 Eldominvest Ltd.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 21 Haier Group: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 22 Hubbell Water Heaters: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 23 Noritz Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
TABLE 24 Rinnai Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)

 

Based on product type, the global electric water heater market is segmented into following categories

  • Storage Tank Electric Water Heaters
  • Tankless (On-Demand) Electric Water Heaters

The following figure represents the contribution of these product types to the global electric water heater market in 2014 and 2022.


  Electric Water Heater Market

 

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 – 2022 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 – 2022. 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.

On the basis of end-use, the electric water heater market is categorized into following segments:

  • Residential
  • Commercial
  • Industrial

The following figure represents contribution of different end-use segments to the global electric water heater market in 2014 and 2022.

Electric Water Heater Market
    

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 - 2022. 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.

On the basis of geography, the global electric water heater market is segmented into following regions and countries.

  • North America
    • U.S.
    • Rest of North America
  • Europe
    • EU7
    • CIS
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • Indian Subcontinent
    • Rest of Asia Pacific
  • Rest of the World
    • Latin America
    • Middle East and Africa


Electric Water Heater Market
 

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 – 2022, 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.

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