GVR Report cover Electric Water Heaters Market Report

Electric Water Heaters Market Analysis By Product (Storage, Non-storage/Tankless), By Application (Commercial, Residential) And Segment Forecasts To 2022

  • Report ID: 978-1-68038-465-9
  • Number of Pages: 150
  • Format: Electronic (PDF)

Report Overview

The global electric water heaters market is anticipated to witness growth owing to increasing number of residential housing projects worldwide. Growing demand for tankless water heaters and rising disposable income is anticipated to drive the market. Factors such as energy efficiency, improved environment sustainability, and temperature control over longer duration are anticipated to drive demand for these products.

Global electric water heaters market by application, 2012 - 2022 (USD Billion)


Increasing demand across wide domestic applications such as cooking, cleaning, and bathing, as well as from commercial areas such as hospital and hotels may propel electric water heaters market growth. Improved infrastructure in rural areas is anticipated to open a new opportunity for market players. The electric water heaters industry is characterized by increased safety awareness, quality standards, and energy efficiency.

Electricity shortages and fluctuation may hinder market growth. The popularity of alternate fuels such as solar power and adoption of hybrid products may restrain market growth over the next seven years. Hybrid water heater operated on more than two energy sources thereby providing switching option to consumers. Rising electricity prices, changes in government regulations, and volatile raw material prices are estimated to hamper demand.

Application Insights

Residential applications include cooking, bathing, space heating, and cleaning. The residential market segment is anticipated to remain a key application over the forecast period. This segment includes products within 120V to 240V range. Single phase 120V with a capacity of 2.7 gallons is used widely as under sink attachments for washing sinks due to low capacity requirements. Commercial water heaters are used in places of business, apartment houses, commercial buildings, hotels, and hospitals. Increasing commercial development such as restaurants, schools, hotels, etc. may drive electric water heaters market demand.

Product Insights

The global electric water heaters market is gradually shifting from storage to tankless products. However, storage is still expected to be the key product segment over the forecast period. Electric storage water heaters are increasingly being used in regions wherein electricity availability is limited, which enables continuous availability of hot water in such areas.

Tankless products do not have any storage tanks; they provide hot water by heating water on demand. These tanks utilize attached flow activated switch that turns on the heating mechanism consisting of the heat exchanger. The heat exchanger is usually made up of an electric heating coil. These devices can be attached at the point of use i.e. at the sink or bathroom taps and are activated instantly. The efficiency of these products is measured in terms of a number of hot water supplied per minute. According to the U.S. Department of Energy (DOE), heaters are rated by the maximum temperature rise possible at a given flow rate.

Regional Insights

Asia Pacific is expected to be the key regional market over the forecast period owing to emerging markets such as China and India. The North American electric water heaters market is anticipated to witness growth primarily due to growing replacement demand. An amendment to the National Energy Conservation Act in April 2015 may hinder market growth in North America owing to strict energy efficiency standards. New compliant product may be expensive to manufacture and companies may face operational inefficiency.

Key Companies & Market Share Insights

A. O. Smith Corp, Rheem Manufacturing Co., GE Co., and Siemens AG dominated electric water heaters market share in 2014. Material loss, reduction, cancellation or delay in the purchase by large customers may affect their growth over the forecast period. Competition from the unorganized sector is anticipated to lower owing to rising awareness among people for safety. Market players focus on providing cost-effective and energy-efficient products technological development and innovation.

Electric Water Heaters Market Report Scope

Report Attribute


Market size value in 2020

USD 25.3 billion

Revenue forecast in 2022

USD 29.3 billion

Growth Rate

CAGR of 7.4% from 2016 to 2022

Base year for estimation


Historical data

2013 - 2015

Forecast period

2016 - 2022

Quantitative units

Revenue in USD billion and CAGR from 2016 to 2022

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, and region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; UK; Germany; France; India; Japan; China; Brazil; and Mexico

Key companies profiled

A.O. Smith Corp.; Rheem Manufacturing Co.; GE Co.; Eemax; Bradford White Corporation; Haier Electronics; Havells India Ltd.; Racold; and Siemens AG.

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