Mexico - North America Water Heater Market Size & Outlook
Global Market
Related Markets
Mexico water heater market highlights
- The Mexico water heater market generated a revenue of USD 630.7 million in 2025 and is expected to reach USD 896.1 million by 2033.
- The Mexico market is expected to grow at a CAGR of 4.5% from 2026 to 2033.
- In terms of segment, gas was the largest revenue generating product in 2025.
- Solar is the most lucrative product segment registering the fastest growth during the forecast period.
Water heater market data book summary
| Market revenue in 2025 | USD 630.7 million |
| Market revenue in 2033 | USD 896.1 million |
| Growth rate | 4.5% (CAGR from 2026 to 2033) |
| Largest segment | Gas |
| Fastest growing segment | Solar |
| Historical data | 2021 - 2024 |
| Base year | 2025 |
| Forecast period | 2026 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electric, Solar, Gas |
| Key market players worldwide | A.O. Smith Corp, Robert Bosch Engineering & Business Solutions, Rinnai Corp, Noritz Corp, Whirlpool Corp, WESCO International Inc, Haier, Lennox International Inc |
Other key industry trends
- In terms of revenue, Mexico accounted for 2.0% of the global water heater market in 2025.
- Country-wise, China is expected to lead the global market in terms of revenue in 2033.
- In North America, U.S. water heater market is projected to lead the regional market in terms of revenue in 2033.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,709.6 million by 2033.
According to the OECD statistics, Mexico is among the top crude oil producers in the world. However, with the ongoing pandemic, frequent lockdowns and limited mobility have caused a huge dip in oil prices. Mexico is majorly reliant on the oil & gas industry, which is expected to suffer as the Petróleos Mexicanos (Pemex), the country’s state oil company reported a loss of USD 23 billion in 2020.
However, as vaccine deployment continues, OPEC is expecting Mexico to register an average production of 1.94 million b/d in the second half of 2021, which is up by 40,000 b/d from H1 2021 production. The oil & gas industry is one of the major consumers of water heaters in industrial applications.
With an expected increase in natural gas production, the demand for gas water heaters is likely to go up over the forecast period. As per USDA (United States Department of Agriculture), Mexico's food processing sector is the world's ninth largest and the third largest in Latin America, behind the U.S. and Brazil.
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Publish Date: Aug 26, 2025
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Whirlpool Corp | View profile | 59,000 | 2000 North M-63, Benton Harbor, MI, United States, 49022-2692 | www.whirlpoolcorp.com |
| Robert Bosch Engineering & Business Solutions | View profile | 10001+ | Bangalore, Karnataka, India, Asia | www.bosch-india-software.com |
| Haier | View profile | 10001+ | Qingdao Shi, Shandong, China, Asia | haier.com/in |
| Lennox International Inc | View profile | 12,600 | 2140 Lake Park Boulevard, Richardson, TX, United States, 75080 | www.lennox.com |
| A.O. Smith Corp | View profile | 12,000 | 11270 West Park Place, P. O. Box 245008, Suite 170, Milwaukee, WI, United States, 53224-9508 | www.aosmith.com |
| WESCO International Inc | View profile | 20,000 | 225 West Station Square Drive, Suite 700, Pittsburgh, PA, United States, 15219 | www.wesco.com |
| Rinnai Corp | View profile | 12,731 | 2-26, Fukuzumi-cho, Nakagawa-ku, Nagoya, Japan, 454-0802 | www.rinnai.co.jp |
| Noritz Corp | View profile | 7,174 | 93 Edo-machi, Chuo-ku, Kobe, Japan, 650-0033 | www.noritz.co.jp |
Mexico - North America Water Heater Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Water Heater Market Outlook will help companies and investors design strategic landscapes.
Gas was the largest segment with a revenue share of 67.88% in 2025.
Horizon Databook has segmented the Mexico - North America water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2021 to 2033.
According to the OECD statistics, Mexico is among the top crude oil producers in the world. However, with the ongoing pandemic, frequent lockdowns and limited mobility have caused a huge dip in oil prices. Mexico is majorly reliant on the oil & gas industry, which is expected to suffer as the Petróleos Mexicanos (Pemex), the country’s state oil company reported a loss of USD 23 billion in 2020.
However, as vaccine deployment continues, OPEC is expecting Mexico to register an average production of 1.94 million b/d in the second half of 2021, which is up by 40,000 b/d from H1 2021 production. The oil & gas industry is one of the major consumers of water heaters in industrial applications.
With an expected increase in natural gas production, the demand for gas water heaters is likely to go up over the forecast period. As per USDA (United States Department of Agriculture), Mexico's food processing sector is the world's ninth largest and the third largest in Latin America, behind the U.S. and Brazil.
- Mexico - North America Water Heater Market Product Outlook (Revenue, USD Million , 2021-2033)
- Electric
- Solar
- Gas
- Mexico - North America Water Heater Market Technology Outlook (Revenue, USD Million , 2021-2033)
- Tankless
- Storage Tank
- Hybrid
- Mexico - North America Water Heater Market Application Outlook (Revenue, USD Million , 2021-2033)
- Residential
- Commercial
- Industrial
- Mexico - North America Water Heater Market Capacity Outlook (Revenue, USD Million , 2021-2033)
- Below 30 Liters
- 30 - 100 Liters
- 100 - 250 Liters
- 250 - 400 Liters
- Above 400 Liters
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Horizon Databook provides a detailed overview of country-level data and insights on the Mexico - North America Water Heater Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into Mexico - North America Water Heater Market Outlook from 2021 to 2033, including revenue numbers, major trends, and company profiles.
Mexico - North America Water Heater Market, 2021-2033 (US$M)
Mexico water heater market statistics, by product, 2021-2033 (US$M)
