The global electric water heater market accounted for US$ 14.07 Bn in 2018 and is expected to grow at a CAGR of 4.9% over the forecast period 2019-2027, to account for US$ 21.47 Bn by 2027. Alike urban migration leading to a rise in the residential sector, the development of the commercial sector is also flourishing across the globe. The commercial sectors in the developed countries are constantly seeking enhanced technologies in order to serve their customers with advanced solutions, while the sector in developing countries is striving hard to improve technologically robust infrastructure. The commercial sector in the electric water heater market include commerce zones, shopping malls, hotels, hospitals, and public infrastructures. The owners or leasers of these infrastructures procure water heaters in decent quantity owing to the fact that, these infrastructure experience a significantly large footfall regularly. Intending to serve each individual in these infrastructures, the demand for a technologically robust, less energy-consuming electric water heater is at a constant rise. This factor is driving the electric water heater market.
The tourism industry is constantly enlarging in developing countries, and owing to this, the development curve of hotel infrastructure is continually upward. The rising number of hotel buildings is escalating the demand for commercial grade water heaters in the current scenario, as the hotel owners emphasize heavily on their services to their customers. Hot water is one of the significant factors in the hospitality industry, and owing to this, the demand for water heaters is an all-time high. Apart from rooms, hot water is also used in kitchen areas of the hotels. Owing to the fact that the electric water heaters overcome the disadvantages of gas water heaters, the demand for electric water heaters is continuously growing in the hospitality industry, thereby bolstering the revenue size of electric water heaters. Similar to the hospitality industry, the medical & healthcare sector also demands an increased quantity of electric water heaters, owing to the fact that hot water plays a critical role in hospitals and healthcare institutions.
With the growing number of hotels, hospitals, shopping malls, commerce zones, and other public infrastructures, the manufacturers of electric water heaters are endlessly developing commercial-grade electric water heaters with a wide variety of storage capacity. This factor is boosting the growth of the electric power heater market in the current scenario. Additionally, the requirement for instant water heater in the commercial sector is anticipated to surge, which is expected to drive the annual sales of the manufacturers offering instantaneous electric water heaters to commercial industries. This factor is foreseen to create lucrative growth opportunities in electric water heater market.
The global electric water heater market is segmented product and application. On the basis of product the electric water heater market is segmented into storage and non-storage. Based on the storage segment the electric water heater market is further sub segmented into < 30 Liters, 30 - 101 Liters, 101 - 250 Liters, 251 - 400 Liters, and > 400 Liters. On the basis of application the electric water heater market is segmented into residential, commercial, and industrial.
The global electric water heater market has also been analysed on basis of five major regions such as North America, Europe, APAC, MEA, and SAM. The major players profiled in the global electric water heater market are A. O. Smith Corporation, Ariston Thermo Group SpA, Bajaj Electricals Ltd., Bosch Group, Bradford White Corporation (BWC), Haier Smart Home Co., Ltd., Midea Group Co., Ltd., Siemens AG, Liesmann Werke GmbH & Co. KG, and Whirlpool Corporation.
The overall global electric water heater market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global electric water heater market. It also provides an overview and forecast for the electric water heater market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the electric water heater industry.