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Residential Water Heater Market Trends

Report ID: GMI4667
Published Date: Jun 2023
Report Format: PDF

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Residential Water Heater Industry Trends

Rising hot water demand among diverse single and multifamily buildings, along with expanding customer awareness towards the perks of smart water heating appliances is expected to drive product adoption. Increasing affordability of the product owing to advancements in technology and manufacturing processes in conjunction with introduction of several policies and programs to encourage the adoption of energy-efficient appliances, including water heaters, will sway the market development.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of residential water heater crossed a valuation of USD 24.35 billion in 2023 and is likely to register 4.8% CAGR from 2024 to 2032, owing to the surging demand for energy-efficient heating appliances coupled with increased use of smart home equipment.

100-250 liters residential water heater industry is poised to attain 4.6% gains during 2023-2032 owing to advantages such as ease of maintenance and repair, and affordable installation expenses.

Asia Pacific industry is set to showcase 5.1% growth rate till 2032 due to rising deployment in households for multiple applications such as cleaning, cooking, and personal hygiene among others.

Some of the key residential water heater industry players include A. O. Smith India Water Products Pvt. Ltd., Ariston Holding N.V., Bosch Thermotechnology Corp., Bradford White Corporation, USA, GE Appliances, Haier Inc., Racold, Rheem Manufacturing Company, and State Industries