Latin America Electric Water Heater Market Analysis

Latin America Electric Water Heater Market Analysis

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Based on product, the storage electric water heater market accounted for USD 1.2 billion in 2022. Ongoing development of smart cities in line with the advancement of low-emission buildings will positively impact the business landscape. In addition, integration of advanced features including multiple contact options, leak detection systems and mobile remote monitoring software will propel the product penetration.
 

<30 liters market is estimated to register at a 3% CAGR through 2032, owing to its low standby losses, desired temperature, and cost effectiveness in line with the rising preference for demand-oriented heating systems will boost the industry landscape. In addition, stringent government policies and mandates toward adoption of highly efficient heating appliances coupled with rising consumer awareness toward reducing the carbon footprint will drive the business scenario.
 

Based on application, the residential electric water heater market will surpass USD 8.7 billion by 2032. Low maintenance and installation cost are some of the major drivers across the residential establishments. Moreover, the heating systems can be integrated with the existing electrical network eliminating the need for upgradation, associated with the advanced systems, thereby augmenting the business growth.
 

Brazil electric water heater market will exhibit a growth rate of over 2.5% from 2023 to 2032. Increasing consumer awareness toward the development of energy-efficient units in line with ongoing government investments in expanding the large manufacturing facilities will accelerate the industry landscape. Additionally, rising disposable incomes, increasing urbanization and shifting consumer trends toward improved living standards will propel the business potential.