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

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Published: | Report ID: 5325 | Report Format : PDF

Market Inshights

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 toward a compounded annual growth rate (CAGR) of 7.3% during the 2015 – 2022.

However, rising electricity prices and a growing preference for solar water heaters may pose a challenge to the market growth during the forecast period. In addition, the high operating costs of electric water heaters as compared to gas-operated water heaters have somewhat deterred the swift adoption of electric water heaters across the globe. As a result, 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.

1.1 Report Scope

This report analyzes the global electric water heater market in terms of product type, end-use application, and geographical distribution. Based on product type, the market is segmented into storage tank electric heaters and tankless (on-demand) electric water heaters. Similarly, the global electric water heaters market is further classified into industrial, residential, and commercial segments based on end-user. Finally, the global electric water heater market’s geographical distribution in this study encompasses regional markets such as North America, Europe, Asia Pacific, the 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 in-depth insights to enable them to 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

Based on end-use, the electric water heater market is categorized into the following segments:

  • Residential
  • Commercial
  • Industrial

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

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 the irregular use of these heaters. The ever-rising population resulting in an increased number of residential units, especially in 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 complexes, restaurants, hotels, business buildings, and schools. The economic development resulting in commercial real estate growth is expected to drive demand for electric water heaters in the commercial segment. As a result, the replacement demand is expected to be higher than the new demand, especially in developed economies like North America and Europe.

Based on geography, the global electric water heater market is segmented into the following regions and countries.

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

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 the 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, an increasing number of residential and commercial projects, especially in China and India are expected to trigger new regional installations. In addition, government initiatives to improve energy infrastructure, especially in rural areas, are expected to positively impact the market demand.

On the other hand, 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 tankless electric water heaters.

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)

Frequently Asked Questions

What is the size of Electric Water Heater Market?

The market for Electric Water Heater is expected to reach US$ 29.1 Bn in 2022.

What is the Electric Water Heater Market CAGR?

The Electric Water Heater market is expected to see significant CAGR growth over the coming years, at 7.3%.

What is the Forecast period considered for Electric Water Heater Market?

The report is forecasted from 2015-2022.

What is the base year considered for Electric Water Heater Market?

The base year of this report is 2014.

Who are the major players in this market?

A.O. Smith, Rheem Manufacturing Company, FERROLI, Hubbell Heaters, Vaillant Group, Havells India Ltd., Ariston Holding, Bosch Thermotechnology Corp., GE Appliances, Bradford White Corporation, Racold, Haier, Inc., Rinnai Corporation, State Industries, Whirlpool Corporation, Nihon Itomic, Viessmann, Watts, American Standard Water Heaters and Groupe Atlantic, among others. are some of the major players in the global market.

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