The electrical water heater market is expected to be growing at a growth rate of 6.10% in the forecast period of 2022 to 2029 and would likely to reach an estimated value of 41.32 billion in 2029. Data Bridge Market Research analyses the factors responsible for fostering the growth of Electrical water heater market. Rapid urbanisation, an increase in disposable income and an increase in customer demand for premium and luxury electrical water heater are the key driving forces for the global market.
Electric water heaters are pieces of equipment that convert electricity into heat power by using heating elements to raise the temperature of water via conduction. Electric water heaters are used in both tank and tankless product types, and the market study provides a detailed overview of these segments. The market offers comprehensive information on the use of electric water heaters in residential, commercial, and industrial applications.
The rapid advancement of technology is a major factor driving the growth of the electric water heater market. Furthermore, rising demand for water heating systems, rising disposable income, increased government initiatives to promote the use of solar water heaters, and rapid growth in the construction and business industries are expected to drive the growth of the electric water heater market.
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Global Electrical Water Heater Market Scope and Market Size
The electrical water heater market is segmented on the basis of product, capacity, application and storage type. The growth amongst these segments will help you analyze mearge growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of product, the electrical water heater market is segmented into instant and storage.
- Capacity segment of the electrical water heater market is divided into < 30 liters, 30-100 liters, 100-250 liters, 250-400 liters and > 400 liters.
- Based on application, the electrical water heater market is divided into residential and commercial. Commercial segment is divided into college/university, office and government/military.
Electrical Water Heater Market Country Level Analysis
The electrical water heater market is segmented on the basis of product, capacity, application and storage type.
The countries covered in the electrical water heater market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Asia-Pacific held the largest share of the electric water heater market and is expected to maintain its dominance throughout the forecast period. This is due to the presence of key players as well as a large consumer base in the region. Furthermore, electric water heaters are gaining popularity as a result of rising electrification rates, rising disposable income in Asian economies, and rapid urbanisation, all of which are expected to boost market growth during the forecast period.
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