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Electric Water Heaters Market Analysis, Share, Regional


Outlook, Industry Trends, Competitive Strategies And
Segment Forecast, 2012 To 2022

Industry Overview
Global electric water heaters market size is anticipated to reach USD 29 billion by 2022, growing at 7.4%
over the forecast period. Growing commercial and residential projects coupled with increasing
disposable income is expected to drive demand growth over the next few years.
Escalating demand across extensive range of domestic applications such as cooking, space heating,
cleaning and bathing may spur demand extensively. Rising adoption in commercial sector is another key
factor spurring demand growth. Increasing growth in construction sectors owing to replacement of
outdated water heaters with escalating disposable income could propel industry growth in the near
future. According to the U.S., home construction in April 2015 rose 20.2% over March, the biggest
percentage jump in almost 24 years. These factors might significantly contribute to the electric water
heaters market growth. China region accounted for 12 million units in 2013, and is expected to reach 27
million units by 2022, growing at a CAGR of over 9%.
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Evolving urban lifestyle, increasing income levels and growing disposable income stimulates customers
to spend on consumer utilities like electric water heaters. Additionally, enhanced standard of living and
upsurge in consumer awareness pertaining to water heaters benefits may drive the global demand
substantially. Technological advancements and innovations are making provisions for efficient & cheap
water heaters, subsequently driving market demand extensively. Changing trends towards safety safe is
a key force driving the industry demand. Changing consumer preference paired with energy efficiency &
quality standards may open avenues for the water heaters market.
High operating cost as compared to gas-fired water heaters is expected to obstruct industry growth over
the forecast period. Energy required for heating water is the only major component of the whole cost of
purchasing and using a water heating system. However, it offer cost benefits over fuel-fired systems
pertaining to maintenance, design, service life, installation and impact on space conditioning loads. This
cost difference is generally viewed as a little price to pay in order to avoid the potential safety hazards
and inconveniences caused due to fuel-fired water heaters.
Product Overview
Storage was the leading electric water heaters market product segment and was valued over USD
10,000.0 million in 2013. It is anticipated to observe significant gains, with forecast of USD 18,000.0
million at a CAGR of 6% from 2014 to 2022. It is majorly used in regions where electricity accessibility is
limited, thus facilitates constant flow of hot water.
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Non-storage makes use of flow activated switch so as to switch on the heating device consisting of heat
exchanger. It is likely to gain significant industry shares owing to stringent energy efficiency regulations
and increasing operating cost occurred in storage segment.
Application Overview
Residential sector accounted for more than 60% of the industry share in 2014, with gains estimated at
over 6% from 2014 to 2022. Increasing usage in applications such as cooking, bathing, cleaning and
space heating for washing sinks due to low capacity requirements is expected to spur the industry
growth.

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Commercial sector hold the second largest share in the industry, growing at a CAGR of over 8% over the
forecast period. Increasing commercial development such as restaurants, schools and hotels among
others may drive electric water heaters market demand.
Regional Overview
Europe electric water heaters market was valued over USD 6,000.0 million in 2013. It is expected to
reach 12,000.0 million by 2022 at a CAGR of 7% during the forecast period. North America is predicted
to reach USD 6,000.0 million by 2022, owing to increasing investments in residential and commercial
construction.
Asia Pacific was valued over USD 1,000.0 million in 2013 and is likely to attain USD 3,000.0 million by
2022. The region is expected to grow at a higher rate owing to emerging industries in China and India.
Competitive Market Share
The global electric water heaters market share is highly competitive, with the top three key players
accounting for more than 90% of the total demand in 2013. AO Smith dominated the North American
region, with approximately 48% of the industry share in 2014. Rheem accounted for 36% of the regional
share in the same year. Bradford White, focuses on wholesale trade and has essentially no retail
presence, focusing its sales efforts on wholesalers and contractors.
Asia Pacific is expected to grow at a considerable rate over the forecast period. Haier Appliances is
expected to be the key player in China followed by AO Smith Corporation. Midea Group is also having
significant share in China. In India, Racold is expected to be the key player followed closely by Bajaj, AO
Smith, Venus, Haier, and Havells.
Table of Contents
Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 Research scope and assumptions
1.3 List of data sources
Chapter 2 Executive Summary
2.1 Electric water heaters - Industry snapshot and key buying criteria, 2012 - 2022

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Chapter 3 Electric Water Heaters Industry Overview
3.1 Market segmentation
3.2 Market size and growth prospects
3.3 Electric water heater value chain analysis
3.4 Customization
3.5 Electric water heaters market dynamics
3.6 Key opportunities - Prioritized
3.7 Industry analysis - Porters
3.8 Electric water heaters company market share, 2014
3.9 Electric water heaters PESTEL analysis
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Chapter 4 Electric Water Heaters Product Overview
4.1 Electric water heaters market volume share by product, 2014 & 2022
4.2 Storage
4.3 Non-storage
Chapter 5 Electric Water Heaters Application Overview
5.1 Electric water heaters market volume share by application, 2014 & 2022
5.2 Residential
5.3 Commercial
Chapter 6 Electric Water Heaters Regional Overview
6.1 Electric water heaters market volume share by region, 2014 & 2022
6.2 North America
6.3 Europe
6.4 Asia Pacific
6.5 Latin America
6.6 MEA
Chapter 7 Competitive Landscape
7.1 A.O. Smith
7.2 AquaMAX Pty. Ltd
7.3 Ariston Thermo
7.4 Atwood Mobile Products

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7.5 Bosch Thermotechnology
7.6 Bradford White Corporation
7.7 Eemax
7.8 General Electric (GE)
7.9 Haier Electronics
7.10 Havells
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