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Latin America Electric Water Heater Market Size

Report ID: GMI7257
Published Date: Nov 2023
Report Format: PDF

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Latin America Electric Water Heater Market Size

Latin America Electric Water Heater Market was valued at USD 7.5 billion in 2022 and is anticipated to at a CAGR of over 3% CAGR from 2023 to 2032. An electric water heater is a household appliance designed to heat and store water for various domestic uses, such as bathing, cleaning, cooking, and space heating. It operates by using electric resistance heating elements to heat the water in a tank, which is then distributed to faucets and fixtures as needed. Growing emphasis on development of models that meet or exceed energy efficiency standards, helping consumers save on electricity costs and reduce their carbon footprint will augment the business statistics.

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Ongoing introduction of energy efficient devices delivering convenient solutions across end users will drive the industry scenario. For instance, in August 2020, Bosch Thermotechnology Corp. introduced the Bosch Tronic 3000, a range of electric instantaneous water heaters. The heaters were designed to minimize the wait time with 360-degree easy installation and to conserve energy for residential & commercial uses. Moreover, ongoing development of advanced products across major players will enhance the product demand.

Latin America Electric Water Heater Market Report Attributes
Report Attribute	Details
Base Year:	2022
Latin America Electric Water Heater Market Size in 2022:	USD 7.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	3%
2032 Value Projection:	USD 10.3 Billion
Historical Data for:	2019 to 2021
No. of Pages:	350
Tables, Charts & Figures:	229
Segments covered:	Product, Capacity, Application
Growth Drivers:	Substitution of conventional water heating technology Increasing demand for water heaters with low energy consumption. Rigorous standards for energy efficiency Accelerating urbanization and growing advancement of products.
Pitfalls & Challenges:	High installation cost Availability of counterparts

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of Latin America electric water heater was exceeded USD 7.5 billion in 2022 and will reach more than USD 10.3 billion by 2032, due to the surging need to heat and store water for various domestic uses, such as bathing, cleaning, cooking, and space heating.

Latin America storage electric water heater market size was worth USD 1.2 billion in 2022, driven by the ongoing development of smart cities in line with the higher advancement of low-emission buildings.

Brazil electric water heater industry will witness more than 2.5% CAGR from 2023 to 2032, due to the increasing consumer awareness toward the development of energy-efficient units along with the ongoing government investments in expanding the large manufacturing facilities.

Some of the eminent electric water heater providers in the Latin America are A. O. Smith, Bosch Thermotechnology Corp., Bradford White Corporation, GE Appliances, Midea, Rheem Manufacturing Company, Whirlpool Corporation, and Viessmann.