A report by DataM Intelligence estimates the Global Electric Water Heater market to grow at a CAGR of 5.9% during the forecast period 2024-2031.

An electric water heater is a household appliance that uses one or more electrical heating elements to heat and store water in an insulated tank or to heat water on demand (tankless). It functions by converting electrical energy into heat to raise the water temperature to a user-defined level, which is then maintained by a thermostat. Electric water heaters are widely used in both residential and commercial settings due to their reliability, simple installation, and compatibility with standard electrical systems.

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Recent Global News 

New Product Releases: Companies are launching new, more efficient products. For example, Bosch Home Comfort introduced its new hybrid electric water heater, the GreenTronic 7000 T, which uses heat pump technology to reduce energy costs and qualifies for federal tax credits.

Partnerships and Acquisitions: Major players are continuing to consolidate their market position. The acquisition of Level Lock Inc. by ASSA ABLOY, for example, illustrates a trend of larger companies acquiring innovative firms to expand their product portfolios and technologies. (Note: While this specific acquisition is in the smart lock space, it reflects the broader trend of M&A activity in the smart home appliance market).

Regulatory Updates: New government regulations are continuing to shape the industry. The U.S. Department of Energy (DOE) has introduced new standards for residential and commercial water heaters that will likely necessitate the use of more efficient technologies, such as heat pumps, for certain products.

Company News: A. O. Smith has made headlines with its quarterly dividend reports and the grand opening of its new Product Development Center, which highlights a continued focus on R&D and innovation in the water heating and treatment space.

Segmentation

  • By Product Type: Storage, Non-Storage/ Tankless.

Leading Companies 

  • A.O Smith

  • Bosch Thermotechnology 

  • Rinnai Corporation

  • Bradford White

  • State Industries 

  • Saudi Ceramics 

  • Rheem Manufacturing  

  • Ferroli

  • Haier Electronics

  • Linuo Ritter

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Market Trends 

Shift to Energy-Efficient Models: There is a strong global trend towards more energy-efficient models, particularly heat pump water heaters (HPWHs) and tankless electric water heaters. These technologies offer significant energy savings compared to traditional electric storage tanks, reducing long-term utility costs for consumers.

Smart and IoT Integration: Manufacturers are increasingly integrating smart technology, including Wi-Fi connectivity, mobile app control, and AI-powered energy management. These features allow for remote monitoring, customized heating schedules, and real-time energy consumption tracking.

Business Opportunities:

Installation and Maintenance Services: The complexity of new, high-efficiency models like heat pump and smart water heaters creates a growing demand for specialized installation and maintenance services.

Smart Home Ecosystem Integration: Businesses can focus on providing consulting and integration services to help consumers and commercial clients connect their electric water heaters with a broader smart home or building management system for a seamless and energy-optimized environment.

Investment Analysis

Positive Growth Trajectory: The electric water heater market is a high-growth sector with a stable outlook, driven by increasing demand for hot water, a push for energy efficiency, and supportive government policies. Investments are considered promising due to the essential nature of the product and its integration into the growing smart home and sustainability sectors.

Competitive and Fragmented Market: The market is moderately concentrated but also includes numerous regional and local players, creating a competitive environment. Major players like A.O. Smith, Rheem, and Bosch are focusing on strategic acquisitions and continuous innovation to maintain their market leadership.

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Summary

The electric water heater market is experiencing stable growth driven by a global shift towards energy-efficient and technologically advanced products. This expansion is fueled by increasing urbanization and supportive government regulations that encourage the adoption of more sustainable heating solutions. The market is also seeing a rise in smart, connected models that offer enhanced convenience and energy management capabilities for consumers.



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DataM Intelligence

4Market Research LLP offers real-time competitive intelligence in rare

diseases, respiratory health, and genetic therapies. We track pipeline trends,

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