Water Heater Market Growth Analysis | 2023-2028

Market Insights

The water heater market was estimated at USD 28.47 billion in 2022 and is likely to grow at a CAGR of 4.48% during 2023-2028 to reach USD 37.13 billion in 2028.

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The prime factor contributing to the demand for water heaters is the growing residential and commercial construction market.

What is a water heater?

An appliance consisting of a gas or electric heating unit under a tank in which water is heated is called a water heater. One of the most important components in water heaters is the inner container [tank]. By housing the heating element, it stores the hot water. In a way, the inner container [tank] is the heart of the water heater and if the inner container [tank] leaks or corrodes, generally the entire unit needs to be replaced.

Segment Analysis

By Capacity Type

Based on the capacity type, the market is segmented as <30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and >400 liters. The 30-100 liters segment is expected to maintain its dominance over the forecast period, owing to the high demand from residential as well as commercial establishments, such as hotels, shopping complexes, theatres, and government institutions.

By Product Type

Based on the product type, the market is segmented as instant and storage. The storage segment accounted for the larger share of the market in 2022 and is expected to maintain its command, bolstered by its high energy conversion potential and low maintenance, during the forecast period.

By Fuel Type

Based on the fuel type, the market is segmented as electric and gas. The electric segment captured the larger share of the market in 2022 and is expected to lead the market, supported by growing accessibility to electricity, especially in the Asia-Pacific and African economies, over the forecast period.

By Application Type

Based on the application type, the market is segmented as residential and commercial. The residential segment held the larger share of the pie in 2022 and is likely to remain the vanguard, during the forecast period. The segment’s growth is attributed to the growing residential construction activities across the globe coupled with increasing disposable income.

Regional Insights

In terms of regions, Asia-Pacific is estimated to be the largest market for water heaters during the forecast period. The region’s market growth is due to increasing electrification, expanding piped gas networks, rapid residential and commercial constructions, and growing disposable income of the population. China and India are the growth engines of the region. North America and Europe are also expected to offer promising growth opportunities during the forecast period.

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Market Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Capacity Type

• <30 liters
• 30-100 liters
• 100-250 liters
• 250-400 liters
• >400 liters

By Product Type

• Instant
• Storage

By Fuel Type

• Electric
• Gas

By Application Type

• Residential
• Commercial

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major players in the market are-

• Robert Bosch LLC
• Ariston Thermo SpA
• Rheem Manufacturing Company
• Rinnai Corporation
• Bradford White Corporation
• NORITZ Corporation
• Whirlpool Corporation
• Haier Inc.
• Lennox International Inc.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by capacity type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.