MarkWide Research

All our reports can be tailored to meet our clients’ specific requirements, including segments, key players and major regions,etc.

Electric Water Heater Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2025-2034

Electric Water Heater Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2025-2034

Published Date: May, 2025
Base Year: 2024
Delivery Format: PDF+Excel, PPT
Historical Year: 2018-2023
No of Pages: 263
Forecast Year: 2025-2034

ย  ย  Corporate User Licenseย 

Unlimited User Access, Post-Sale Support, Free Updates, Reports in English & Major Languages, and more

$3450

Market Overview

The electric water heater market has witnessed significant growth in recent years due to the increasing demand for energy-efficient and cost-effective water heating solutions. Electric water heaters have gained popularity over traditional gas or oil heaters due to their convenience, ease of installation, and environmental friendliness. These devices are widely used in residential, commercial, and industrial settings, catering to the diverse needs of consumers worldwide.

Meaning

An electric water heater is a device that uses electricity to heat water for various purposes, such as bathing, cooking, cleaning, and space heating. It consists of a heating element, thermostat, insulation, and a storage tank or tankless system. The heating element, typically made of copper or stainless steel, converts electrical energy into heat, raising the water temperature to the desired level. Electric water heaters are available in different capacities, ranging from small point-of-use units to large storage units suitable for multiple applications.

Executive Summary

The electric water heater market is experiencing steady growth driven by factors such as rising disposable incomes, technological advancements, and increased awareness about energy conservation. With the growing emphasis on reducing carbon emissions and promoting sustainable practices, electric water heaters have emerged as an eco-friendly alternative to conventional heating systems. Manufacturers are focusing on developing energy-efficient models with advanced features to meet the evolving consumer demands.

Electric Water Heater Market Key Players

Important Note:ย The companies listed in the image above are for reference only. The final study will cover 18โ€“20 key players in this market, and the list can be adjusted based on our clientโ€™s requirements.

Key Market Insights

  • Increasing consumer preference for energy-efficient appliances is driving the demand for electric water heaters.
  • Rapid urbanization and infrastructure development in emerging economies are creating a favorable market environment.
  • The rising adoption of smart homes and Internet of Things (IoT) technology is fueling the integration of electric water heaters with smart control systems.
  • Government initiatives promoting energy conservation and the use of renewable energy sources are further propelling market growth.
  • The availability of subsidies and tax incentives for installing energy-efficient appliances is encouraging consumers to switch to electric water heaters.

Market Drivers

  1. Energy Efficiency: Electric water heaters are known for their high energy efficiency, resulting in reduced electricity consumption and lower utility bills for consumers.
  2. Ease of Installation: Unlike gas or oil heaters, electric water heaters are easier to install and do not require complex venting systems.
  3. Environmental Friendliness: Electric water heaters produce zero emissions during operation, making them an environmentally friendly choice compared to fossil fuel-based alternatives.
  4. Safety and Convenience: Electric water heaters offer safer operation as they do not involve the combustion of fuels, eliminating the risk of gas leaks or carbon monoxide poisoning.
  5. Versatility: Electric water heaters are available in a wide range of sizes and configurations, catering to the diverse needs of residential, commercial, and industrial users.

Market Restraints

  1. Initial Cost: Electric water heaters may have a higher upfront cost compared to traditional heaters. However, the long-term energy savings offset the initial investment.
  2. Limited Hot Water Supply: Some electric water heaters have a finite storage capacity, leading to a temporary shortage of hot water during peak usage periods.
  3. Power Consumption: Electric water heaters rely on electricity, and in regions with unstable power supply or high electricity costs, this can be a concern for consumers.
  4. Longer Recovery Time: Compared to gas or oil heaters, electric water heaters may take longer to heat a new batch of water after the initial supply is depleted.

Market Opportunities

  1. Technological Advancements: Continued research and development in electric water heater technology present opportunities for enhanced energy efficiency, smart connectivity, and improved user experience.
  2. Growing Adoption of Renewable Energy: The integration of electric water heaters with solar power systems and other renewable energy sources provides opportunities for further reducing carbon emissions and promoting sustainable living.
  3. Expansion in Emerging Markets: Increasing urbanization and the rising standard of living in developing countries present a significant growth opportunity for electric water heater manufacturers to tap into untapped markets.
  4. Replacement Demand: As the lifespan of existing water heaters reaches its limit, there is a growing need for replacements, creating a steady market for electric water heater manufacturers.
  5. Smart Home Integration: The growing trend of smart homes and the demand for connected devices open avenues for electric water heaters to be integrated into comprehensive home automation systems.

Electric Water Heater Market Segmentation

Market Dynamics

The electric water heater market is characterized by intense competition among established players and continuous technological advancements. Manufacturers are investing in research and development activities to improve product performance, enhance energy efficiency, and incorporate smart features. The market is also witnessing collaborations between electric water heater manufacturers and technology companies to develop innovative solutions. Additionally, the industry is influenced by government regulations and policies promoting energy conservation and sustainability.

Regional Analysis

The electric water heater market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region has its own market dynamics influenced by factors such as population demographics, economic growth, infrastructure development, and government initiatives. Asia Pacific, particularly China and India, is a major consumer of electric water heaters due to its large population and rapid urbanization. North America and Europe are mature markets with a focus on energy efficiency and smart home integration.

Competitive Landscape

Leading companies in the Electric Water Heater Market:

  1. Rheem Manufacturing Company
  2. A.O. Smith Corporation
  3. Bradford White Corporation
  4. Bosch Thermotechnology Ltd.
  5. Rinnai Corporation
  6. Noritz Corporation
  7. Ferroli S.p.A.
  8. State Industries, Inc.
  9. Whirlpool Corporation
  10. Ariston Thermo SpA

Please note: This is a preliminary list; the final study will feature 18โ€“20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The electric water heater market can be segmented based on type, capacity, application, and distribution channel.

  1. By Type:
  • Storage Electric Water Heaters
  • Tankless Electric Water Heaters
  1. By Capacity:
  • Less than 30 Liters
  • 30-100 Liters
  • 100-250 Liters
  • Above 250 Liters
  1. By Application:
  • Residential
  • Commercial
  • Industrial
  1. By Distribution Channel:
  • Online
  • Offline (Retail Stores, Specialty Stores, Supermarkets)

Category-wise Insights

  1. Residential Segment: The residential segment holds a significant share in the electric water heater market. The increasing demand for energy-efficient and space-saving solutions in households drives the adoption of electric water heaters.
  2. Commercial Segment: The commercial segment includes hotels, hospitals, educational institutions, and other commercial establishments. The need for reliable and efficient hot water supply in these settings contributes to the growth of the electric water heater market.
  3. Industrial Segment: Industries such as food and beverage, chemical, and manufacturing require hot water for various processes. Electric water heaters are preferred in these applications due to their safety, ease of installation, and precise temperature control.

Key Benefits for Industry Participants and Stakeholders

  1. Manufacturers: The electric water heater market presents manufacturers with opportunities for revenue growth, market expansion, and technological advancements.
  2. Distributors and Retailers: Distributors and retailers benefit from the increasing demand for electric water heaters by ensuring product availability and offering a wide range of options to consumers.
  3. Consumers: Consumers benefit from energy-efficient and cost-effective water heating solutions, leading to reduced utility bills and a positive environmental impact.
  4. Government and Regulatory Bodies: Government bodies promoting energy conservation and sustainability benefit from the widespread adoption of electric water heaters, reducing carbon emissions and enhancing energy efficiency.

SWOT Analysis

Strengths:

  • Energy-efficient heating solutions
  • Wide range of capacities and configurations
  • Ease of installation and operation
  • Safety features and environmental friendliness

Weaknesses:

  • Higher initial cost compared to traditional heaters
  • Limited hot water supply in some models
  • Power consumption concerns in regions with unstable electricity supply

Opportunities:

  • Technological advancements and smart home integration
  • Growing adoption of renewable energy sources
  • Expansion in emerging markets

Threats:

  • Intense market competition
  • Shifting consumer preferences and new market entrants
  • Government regulations and policies impacting product development and sales

Market Key Trends

  1. Energy Efficiency: The demand for energy-efficient electric water heaters continues to rise as consumers prioritize sustainability and cost savings.
  2. Smart Connectivity: Integration with smart home systems and IoT technology allows users to control and monitor their water heaters remotely, enhancing convenience and energy management.
  3. Demand for Tankless Systems: Tankless electric water heaters are gaining popularity due to their compact design, continuous hot water supply, and energy-saving benefits.
  4. Emphasis on Design and Aesthetics: Manufacturers are focusing on aesthetically pleasing designs to complement modern interior aesthetics, making electric water heaters more visually appealing.

Covid-19 Impact

The Covid-19 pandemic has had a mixed impact on the electric water heater market. On one hand, the temporary closure of manufacturing facilities and disruptions in the supply chain led to a slowdown in production and distribution. On the other hand, the increased focus on hygiene and cleanliness resulted in higher demand for hot water in residential and healthcare settings. As the situation improves and economies recover, the electric water heater market is expected to rebound and witness steady growth.

Key Industry Developments

  1. Introduction of Energy Efficiency Standards: Governments worldwide are implementing energy efficiency standards for electric water heaters to reduce energy consumption and carbon emissions.
  2. Integration with Renewable Energy Sources: Manufacturers are exploring ways to integrate electric water heaters with solar power systems and other renewable energy sources, promoting sustainable and eco-friendly heating solutions.
  3. Advancements in Smart Technology: Electric water heaters are becoming smarter with features such as Wi-Fi connectivity, mobile app control, and voice assistant integration, enhancing user experience and energy management capabilities.

Analyst Suggestions

  1. Focus on Energy Efficiency: Manufacturers should continue to invest in research and development to improve the energy efficiency of electric water heaters, meeting the evolving consumer expectations and regulatory requirements.
  2. Embrace Smart Connectivity: Integrating electric water heaters with smart home systems and IoT technology offers opportunities for differentiation and enhanced customer experience.
  3. Strategic Partnerships: Collaborating with technology companies or renewable energy solution providers can accelerate innovation and expand market reach.
  4. Customer Education: Educating consumers about the benefits of electric water heaters, including energy savings, environmental impact, and long-term cost-effectiveness, can drive adoption.

Future Outlook

The electric water heater market is poised for steady growth in the coming years. The increasing focus on energy efficiency, environmental sustainability, and technological advancements will drive market expansion. The adoption of smart home systems and renewable energy integration will further enhance the market’s growth potential. With continuous innovation and strategic partnerships, manufacturers can capitalize on the growing demand for electric water heaters and cater to the evolving needs of consumers worldwide.

Conclusion

The electric water heater market is witnessing significant growth driven by the demand for energy-efficient and cost-effective heating solutions. With the advantages of convenience, safety, and environmental friendliness, electric water heaters have become a preferred choice for residential, commercial, and industrial applications. The market offers opportunities for manufacturers, distributors, and consumers alike. Embracing technological advancements, energy efficiency, and sustainability will be key to staying competitive in this evolving market.

What is Electric Water Heater?

Electric water heaters are appliances that use electricity to heat water for various applications, including residential and commercial use. They are commonly used for domestic hot water needs, such as bathing, cooking, and cleaning.

What are the key players in the Electric Water Heater Market?

Key players in the Electric Water Heater Market include companies like Rheem Manufacturing Company, A. O. Smith Corporation, and Bosch Thermotechnology, among others. These companies are known for their innovative products and extensive distribution networks.

What are the main drivers of the Electric Water Heater Market?

The main drivers of the Electric Water Heater Market include the increasing demand for energy-efficient appliances, the growth of the construction industry, and rising consumer awareness regarding water heating technologies. Additionally, the shift towards renewable energy sources is also influencing market growth.

What challenges does the Electric Water Heater Market face?

The Electric Water Heater Market faces challenges such as fluctuating raw material prices and stringent government regulations regarding energy efficiency. Additionally, competition from alternative heating solutions, like solar water heaters, poses a challenge to traditional electric models.

What opportunities exist in the Electric Water Heater Market?

Opportunities in the Electric Water Heater Market include the development of smart water heaters that integrate with home automation systems and the expansion of electric water heater usage in emerging markets. Furthermore, advancements in technology can lead to more efficient and environmentally friendly products.

What trends are shaping the Electric Water Heater Market?

Trends shaping the Electric Water Heater Market include the increasing adoption of tankless water heaters, which provide on-demand hot water, and the growing focus on sustainability and energy efficiency. Additionally, the integration of IoT technology in water heaters is becoming more prevalent.

Electric Water Heater Market

Segmentation Details
Capacity < 30 Liters, 30-100 Liters, > 100 Liters
Energy Source Electric, Solar, Others
Application Residential, Commercial, Industrial
Region North America, Europe, Asia Pacific, etc.

Please note: The segmentation can be entirely customized to align with our client’s needs.

Leading companies in the Electric Water Heater Market:

  1. Rheem Manufacturing Company
  2. A.O. Smith Corporation
  3. Bradford White Corporation
  4. Bosch Thermotechnology Ltd.
  5. Rinnai Corporation
  6. Noritz Corporation
  7. Ferroli S.p.A.
  8. State Industries, Inc.
  9. Whirlpool Corporation
  10. Ariston Thermo SpA

Please note: This is a preliminary list; the final study will feature 18โ€“20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

North America
o US
o Canada
o Mexico

Europe
o Germany
o Italy
o France
o UK
o Spain
o Denmark
o Sweden
o Austria
o Belgium
o Finland
o Turkey
o Poland
o Russia
o Greece
o Switzerland
o Netherlands
o Norway
o Portugal
o Rest of Europe

Asia Pacific
o China
o Japan
o India
o South Korea
o Indonesia
o Malaysia
o Kazakhstan
o Taiwan
o Vietnam
o Thailand
o Philippines
o Singapore
o Australia
o New Zealand
o Rest of Asia Pacific

South America
o Brazil
o Argentina
o Colombia
o Chile
o Peru
o Rest of South America

The Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Israel
o Kuwait
o Oman
o North Africa
o West Africa
o Rest of MEA

What This Study Covers

  • โœ” Which are the key companies currently operating in the market?
  • โœ” Which company currently holds the largest share of the market?
  • โœ” What are the major factors driving market growth?
  • โœ” What challenges and restraints are limiting the market?
  • โœ” What opportunities are available for existing players and new entrants?
  • โœ” What are the latest trends and innovations shaping the market?
  • โœ” What is the current market size and what are the projected growth rates?
  • โœ” How is the market segmented, and what are the growth prospects of each segment?
  • โœ” Which regions are leading the market, and which are expected to grow fastest?
  • โœ” What is the forecast outlook of the market over the next few years?
  • โœ” How is customer demand evolving within the market?
  • โœ” What role do technological advancements and product innovations play in this industry?
  • โœ” What strategic initiatives are key players adopting to stay competitive?
  • โœ” How has the competitive landscape evolved in recent years?
  • โœ” What are the critical success factors for companies to sustain in this market?

Why Choose MWR ?

Trusted by Global Leaders
Fortune 500 companies, SMEs, and top institutions rely on MWRโ€™s insights to make informed decisions and drive growth.

ISO & IAF Certified
Our certifications reflect a commitment to accuracy, reliability, and high-quality market intelligence trusted worldwide.

Customized Insights
Every report is tailored to your business, offering actionable recommendations to boost growth and competitiveness.

Multi-Language Support
Final reports are delivered in English and major global languages including French, German, Spanish, Italian, Portuguese, Chinese, Japanese, Korean, Arabic, Russian, and more.

Unlimited User Access
Corporate License offers unrestricted access for your entire organization at no extra cost.

Free Company Inclusion
We add 3โ€“4 extra companies of your choice for more relevant competitive analysis โ€” free of charge.

Post-Sale Assistance
Dedicated account managers provide unlimited support, handling queries and customization even after delivery.

Client Associated with us

QUICK connect

GET A FREE SAMPLE REPORT

This free sample study provides a complete overview of the report, including executive summary, market segments, competitive analysis, country level analysis and more.

ISO AND IAF CERTIFIED

Client Testimonials

GET A FREE SAMPLE REPORT

This free sample study provides a complete overview of the report, including executive summary, market segments, competitive analysis, country level analysis and more.

ISO AND IAF CERTIFIED

error: Content is protected !!
Scroll to Top

444 Alaska Avenue

Suite #BAA205 Torrance, CA 90503 USA

+1 424 360 2221

24/7 Customer Support

Download Free Sample PDF
This website is safe and your personal information will be secured. Privacy Policy
Customize This Study
This website is safe and your personal information will be secured. Privacy Policy
Speak to Analyst
This website is safe and your personal information will be secured. Privacy Policy

Download Free Sample PDF