Throughout the forecast period, the Electric Water Heater Market is expected to hold the worldwide market at a moderate CAGR of 5.2%. The global market is expected to generate US$ 24.4 billion in sales in 2022 and US$ 38.52 billion by the end of 2032.
According to a recent survey published by FMI, the global Electric Water Heater market is expected to grow at a healthy CAGR during the forecast period between 2022 and 2032. The objective of the report is to uncover micro and macro-economic factors accelerating the sales of Electric Water Heater over the coming decade.
Advent of Industry 4.0 Technology to Create New Growth Avenues for the Electric Water Heater Market
The industrial sector is undergoing a change as firms throughout the world place a strong emphasis on using advanced automation. This is usually referred to as Industry 4.0.
With the advent of Industry 4.0, manufacturing facilities are prioritising the use of novel technologies such as artificial intelligence, smart manufacturing, the internet of things (IoT), and machine learning, among others. In the Electric Water Heater market, this is anticipated to generate profitable growth prospects.
Additionally, increasing government emphasis building a better manufacturing sector and integration of augmented and virtual reality using smart equipment to enhance the output is estimated to propel the demand in the market for coming years.
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Key Electric Water Heater Market Takeaways and Projections
- The U.S. is estimated dominate the Electric Water Heater market in North America, accounting for the largest share in the region through 2022.
- Germany is projected to account for a significant share in the Europe market over the assessment period.
- China is forecast to hold the lion’s share the East Asia market, projecting the fastest growth in the region between 2022 and 2032
- India is anticipated to emerge as a highly remunerative market in South Asia, accounting for the largest sales during the forecast period.
Report Benefits & Key Questions Answered
- Electric Water Heater Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities and challenges. It studies their impact on the market over the previous assessment period 2016-2020. The report provides crucial insights to market players to capitalize on opportunities and counter challenges.
- Electric Water Heater Demand-Supply Assessment: A latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Electric Water Heater As per the survey, Electric Water Heater sales will project steady growth over the forecast period.
- Electric Water Heater Consumption by Demographics: The report published by FMI provides consumption by demographics analysis to assist the market players in formulating their marketing strategies on the basis of purchasing power of the customers. It examines changes in consumer behavior and also studies its effect on the demand for Electric Water Heater.
- Electric Water Heater Market Trend Analysis: FMI’s market trend analysis provide detailed insights into current and upcoming trends in the industrial automation industries. It also assist the industry players to identify potentials trends to capitalize on them.
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Competitive Landscape
Some key players in the Electric Water Heater market are Whirlpool, General Electric Co., Rheem Manufacturing Company, A.O. Smith Corp, Bradford White, Bajaj Electricals, Goodman, Midea Group, Siemens AG, and others
- Bajaj Electricals, a well-known electrical appliance company has launches new water heater models called ‘Campagno’ and ‘Caldia NXG’ in November 2021, with safety features as child safety mode and auto shut off technology. The child safety mode allows the user to regulate the temperature to certain limit, avoiding the water burns, and auto shut off technology, shuts off the heater after 90 minutes of inaction.
- A.O. Smith has launched a compact, instant water heater with 3-liter capacity in 2020. The heating component used in this heater is covered with glass, protecting it from scale formations and helping it to work efficiently. The design of this heater is compact and modern, suitable for any type bathroom, giving it an elegant look.
Key Segments Profiled In The Electrical Water Heaters Market
By Product Type:
- With Tank
- Tank less
By Capacity:
- Small
- Medium
- Large
By End User:
- Residential
- Commercial
- Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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About Us :
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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