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Electric Water Heater Market Size

  • Report ID: GMI680
  • Published Date: Oct 2023
  • Report Format: PDF

Electric Water Heater Market Size

Electric Water Heater Market was valued at USD 22.1 billion in 2022 and is anticipated to grow at a CAGR of over 4.4% from 2023 to 2032.  Pleasing designs and compact footprints along with efforts by various manufacturers to enhance the insulation of electric water heater tanks, reducing standby heat loss and improving overall energy efficiency will drive the business trends.


Electric Water Heater Market

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Growing population and urbanization coupled with strategic mergers & acquisitions by various industry players will influence the market expansion. For instance, in November 2019, Viessmann acquired Kospel S.A., a manufacturer of instantaneous & electric water heaters in Poland. It will support the company to expand its product portfolio, expertise, and workforce in the field of innovative electrical systems, thereby maintaining a strong base across the European region.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of electric water heater was exceeded USD 22.1 billion in 2022 and is anticipated to cross over USD 33.8 billion by 2032, driven by rising adoption to heat water for various domestic purposes, primarily for bathing, washing, and cleaning.

Demand for storage electric water heaters reached USD 12.4 billion in 2022, proplled by the surge in the number of multi-family & single-family apartments.

residential electric water heater market valuation is projected to surpass USD 23.9 billion by 2032, due to the rapid expansion of the existing grid networks.

Asia Pacific market for electric water heater is expected to witness more than 5.5% from 2023 to 2032, due to the increasing investments toward infrastructure development along with ongoing government mandates to reduce the carbon emissions.

Electric Water Heater Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 27
  • Tables & Figures: 1411
  • Countries covered: 50
  • Pages: 900
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