Global electric water heaters market is expected to be valued at USD 29,322.4 million by 2022, as per a new research report by Radiant Insights, Inc. Escalating demand across extensive range of domestic applications is expected to drive demand. Evolving urban lifestyle, increasing income levels and growing disposable income stimulates customers to spend on consumer utilities like electric water heaters. In addition, enhanced standard of living and rise in consumer awareness pertaining to water heaters advantages may drive the global electric water heaters market demand substantially. High operating cost is likely to pose challenge to the industry participants.
Storage products led the electric water heater market, with revenue estimated at USD 10.45 billion in 2013, these are expected to witness significant gains, with estimates of USD over 18 billion, at a CAGR of 6.7% during the forecast period. They are majorly used in regions where electricity accessibility is limited, thus facilitates constant flow of hot water. This is expected to drive global demand growth.
Non-storage products were valued at USD 5.1 billion in 2013, and are expected to reach USD 10.8 billion by 2022, growing at an estimated CAGR of over 8.6% over the next few years.
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Key report insights suggest:
• Global electric water heaters market was valued USD 15,632.7 million in 2013 and is likely to reach USD 29,322.4 million by 2022 growing with an estimated CAGR of 7.4% from 2014 to 2022.
• Global demand in residential sector was USD 10,406.3 million in 2013 which is expected to reach USD 18,219.9 million by 2022, growing at a CAGR of 6.6% from 2014 to 2020. Increasing usage in applications such as cooking, bathing, cleaning and space heating for washing sinks due to low capacity requirements is expected to spur the industry growth. Commercial sector is expected t grow at a CAGR of 8.8% over the forecast period. Increasing commercial development such as restaurants, schools and hotels among others may drive electric water heaters market demand.
• Europe dominated the regional demand with an estimated market share of 40.08% in 2013. Asia Pacific region is expected to be the fastest growing region, growing at a CAGR of 10.5% up to 2022. The region is expected to grow at a higher rate owing to emerging industries in China and India. North America is predicted to reach USD 6,349.2 million by 2022, owing to increasing investments in residential and commercial construction.
• Top three manufacturers, in the highly competitive electric water heaters industry, accounted for close to 90% of the overall share. Key companies include AO Smith, Rheem, Lockheed Martin and Bradford White.
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Global Electric Water Heaters Product Overview (Revenue, USD Million, 2012 – 2022)
Global Electric Water Heaters Application Overview (Revenue, USD Million, 2012 – 2022)
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