Electric Water Heater Market Opportunities, Trends & Projections, 2022-2030
Global electric water heater market forecast revolves around the upcoming demand from an ever-expanding number of homeowners throughout the globe.
Global electric water heater market forecast revolves around the upcoming demand from an ever-expanding number of homeowners throughout the globe. Over the last couple of years, anxieties about personal hygiene, cleanliness, and overall well-being have urged more individuals to install technologically advanced electric water heaters. These products, particularly point-of-use (POU) units, are gaining popularity due to their high efficiency, comfort, and convenience.
Global electric water heater market is expected to register an annual deployment of more than 147 million units through 2030, as per the estimates by Global Market Insights Inc.
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Governments of countries such as the U.S. have been contributing toward increased product use, thanks to the changing regulatory scenarios. Recently, in April 2022, the U.S. State Building Code Council revised an energy code that mandates the use of heat-pumped hot water heaters for both residential and commercial buildings.
American notions of luxury and comfort: Rising number of bathrooms per person
Increasing investments in bathroom refurbishment have been influencing U.S. electric water heater industry outlook. Backed by abundance of space and money, the U.S. has been eagerly developing urban and suburban dwellings, which have more space to wash up than before.
According to some experts from the real estate industry, the last fifty years or so have witnessed a double-fold increase in the number of bathrooms per person in the United States. Even as more families in the U.S. and Canada are getting smaller, private space, including restrooms will continue to grow, increasing product sales in North America.
Global manufacturers foray into North American market
Glen Dimplex Americas, an Irish electric water heater manufacturer, has recently announced that it will open a new manufacturing facility at London. The company already has another plant in Vancouver, Washington and had been planning to establish a firmer foothold on the east coast of North America.
While the London plant has received an investment of over $7 million, the government of Ontario is contributing another $6.5 million toward the business. A 160,000 -square-feet facility will be located at Wilton Grove Road in London by the end of June 2022. Dimplex has a strong presence in over 14 countries, a legacy of 70 years, and a portfolio of about 700 air treatment and heating products.
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Thriving hospitality industry in APAC
Asia Pacific electric water heater market share from the commercial segment will grow at a steady pace through 2030. Recently, the Indian hotel industry requested the central government to grant an infrastructure status to smaller players worth around INR 10 crore (over USD 1.28 million). This will encourage the budget hotel economy across smaller towns and cities to invest in upgraded customer experience, bringing in small investments and employment opportunities as well.
The industry has also appealed to the center for reducing the Good & Service Tax (GST) on stay-hotels for making them more affordable. These, among other developments, will enhance tourism throughout the nation, boosting product uptake.
Despite price hikes, buyer confidence in real estate intact
Even though the ready-to-move properties across some cities in emerging economies have seen an uptick in prices, the residential housing industry has been recording promising growth. For example, in India, government support for smart cities will strengthen product sales, as more homeowners have been demanding automatic products that deliver hot water instantaneously.
According to a recent report by Magicbricks, a leading real estate firm, 13 Indian cities saw steady recovery from COVID-19 slack, recording 4.6% rise in quarter-on-quarter (QoQ) demand during January-March 2022. Prominent tier 1 cities might emerge as key contributors toward India tankless electric instant water heater market over the next few years.
A.O Smith, Bradford White Corporation, Rinnai Corporation, Rheem Manufacturing Company, and Bosch Thermotechnology Corp. are some top electric water heater manufacturers in the global space. These companies have been developing energy-efficient products for staying ahead of the curve.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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