The global electric tankless water heater market is segmented into application such as residential and commercial. Among these segments, residential segment is expected to occupy the top position in the market. Additionally, the rise of the residential segment is backed owing to swelled personal disposable income and high energy efficiency factor along with less maintenance complexities of electric tankless water heaters are rising the popularity of these water heaters among the consumers. Moreover, population living in developed regions is shifting towards electric tankless water heaters due to low running cost which is also fostering the growth of electric tankless water heater market.
Global electric tankless water heater market is expected to register a 6.19% CAGR over the forecast period. Moreover, the global electric tankless water heater market was valued at USD 4,890.0 Million in 2015. The market is expected to expand on the back of rapid expansion of corporates, hotels and residential sector across the globe.
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The indoor segment by setup location is believed to attain a notable CAGR of 5.91% over the forecast period i.e. 2016-2023. Further, compact size of electric tankless water heaters and space utilization concerns are encouraging the consumers to install indoor electric tankless water heaters which is likely intensify the growth of indoor electric tankless water heater market. On the other hand, various electric tankless water heater manufacturers introduced high quality outdoor electric tankless water heaters to meet the need of commercial sector which is also anticipated to flourish the growth of electric tankless water heater market.
Ease of availability through different distribution channels
The rapid expansion of e-commerce sector across the globe is showcasing the huge potential for electric tankless water heater manufacturers to sell their products through online channels. Moreover, ease of availability of electric tankless water heaters on the back of rising distribution channels for electronic goods is the major reason behind the spiked growth of electric tankless water heater market.
Rapid urbanization in growing economies such as U.S., China, Australia, and others further opening the opportunities for the home appliances industry players to fill the need of energy efficient and advanced home appliances. Furthermore, the hospitality sector including hotels, restaurants and hospitals are inclining towards electric tankless water heaters to minimize the operational cost of heating solutions. The requirement of hot water in various other industries such as manufacturing, oil & gas and others is augmenting the demand for electric tankless water heaters.
On the contrary, high cost of electric tankless water heaters and consumer behavior towards advanced technology appliances in undeveloped nations are some of the major challenges which are hindering the growth of electric tankless water heaters market.
The report titled “Global Electric Tankless Water Heater Market Analysis & Opportunity Outlook 2023”delivers detailed overview of the global electric tankless water heaters market in terms of market segmentation by application, by setup location, by features, by weight and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global electric tankless water heaters market which includes company profiling of Bosch, Noritz Corporation, Rinnai, A.O. Smith Corporation, Bradford White Corporation and Rheem Manufacturing Company. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electric tankless water heaters market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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