Global Residential Water Heaters Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Global Residential Water Heaters Market is segmented By Product Type(Storage Water Heaters, Non-Storage Water Heaters and Hybrid Water Heaters), By Energy Source Type(Electric, Gas, Solar and Others), By Capacity(Small Water Heater, Medium Water Heater and Large Water Heater), By Distribution Channel (Multi-Branded Stores, Exclusive Stores, Online Stores and Other Distribution Channels) and By Geography (North America, Asia-Pacific, Europe, South America, Middle-East and Africa)

Residential Water Heaters Market Size

Residential Water Heaters Market Size
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Study Period 2019 - 2028
Base Year For Estimation 2022
CAGR > 4.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Residential Water Heaters Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Need a report that reflects how COVID-19 has impacted this market and its growth?

Residential Water Heaters Market Analysis

COVID - 19 had a slightly negative impact on the Global Residential Water Heaters Market. The supply chain was disrupted due to the imposition of lockdown by majority of the regions across the globe. Also the production rate has slowed down in the years 2020 and 2021. Although, the hygiene factors are expected to push the market in the coming years.

The rise of the real estate and a subsequent demand for modern amenities which include Water Heating is one of the factor influencing the growth of the Residential Water Heaters Market. The nuances and product enhancements will also have a profound effect on the overall market. In addition to this, the increase in the urban regions across the globe and a need for better facilities in the urban houses will also fuel the growth rate. Enhanced adoption of the instant heating units owing to low power consumption coupled with simple and compact designs is set to boost the Residential Water Heaters Market. Introduction of smart innovative models, that have high energy efficiency and cost effeciency will possibly strengthen the overall demand of the Water Heaters. 

Availability of multiple capacity ranges which can be used for a wide variety of applications along with constant supply of pressurized water will complement the storage-based Residential Water Heaters Market. The adoption to the Water Heaters is encouraged by factors such as low deployment costs, easy maintenance and aesthetically sound as well as simple designs. The trend of Gas-based Residential Water Heaters will sustain on account of numerous factors including development of the gas pipeline network, ability to provide hot water for longer duration along with its usability in wide applications. Growing investments toward the manufacturing, development, and design of smart heating equipment, increasing demand for space heating along with growing installation of central heating systems will strengthen the market share.

Residential Water Heaters Market Trends

This section covers the major market trends shaping the Residential Water Heaters Market according to our research experts:

Growing Preference for Gas and Electric Water Heaters

There has been a standard growing preference for Electric and Gas Water Heaters over others. In the Asia Pacific region, Electric Water Heaters are widely used across the major countries like China, India and Japan. This is due to the fact that Electric Water Heaters are simple to use. Advanced technologies are triggering the wave of transformation in the Global Electric Water Heaters Market, as the manufacturers are introducing innovative features driven by technologies. The major reason for not prefering Electric Water Heaters in other regions like North America due to relatively high electricity bills compared to other regions. This has led people in regions like North America to prefer Gas Electric Heaters over Electric Water Heaters. Majority of Gas Water Heaters are operated with Natural Gas. Although there has been a push from the governments of different countries to promote Solar Water Heaters, they are used by only a minority of the people across the globe.

Residential Water Heaters Market Trends

Asia-Pacific occupying majority of the market share

In terms of market share, Asia-Pacific markt have dominated the Residential Water Heaters Market. Also there is a huge potential for growth of the market in Asia-Pacific region due to the fact that majority of the countries in Asia- Pacific region fall under the category of developing countries. These developing countries are expected to grow with a significant rise of the urban regions. Also the residential sector of the urban regions are equipped with all the modern equipment which includes Water Heaters as there is growing adoption of Electric Water Heaters is further amplified with the increasing need for convenience among end users. 

Residential Water Heaters Market Forecast

Residential Water Heaters Industry Overview

The report includes an overview of the top players in the Residential Water Heaters Market operating across the globe. The Global Residential Water Heaters Market is characterized by moderately consolidated players along with some other local players as the market is spread across the globe. Few players like Bosch and Haier dominate the Asia Pacific and GE Appliances dominate the North American Region. On a global basis, the market is moderately consolidated.

Residential Water Heaters Market Leaders

  1. A.O. Smith

  2. Ariston Thermo SpA

  3. Bosch

  4. GE Appliances

  5. Haier

*Disclaimer: Major Players sorted in no particular order

A.O. Smith, Ariston Thermo SpA, Bosch, GE Appliances Haier

Residential Water Heaters Market News

  • On January 2022, Haier Smart Home has rolled out two core platforms namely Three Winged Bird Experience Cloud and Smart Home Brain, four scenarios including smart kitchen, smart air supply, smart water supply and whole-house intelligence and other digital technologies to provide consumers a user-friendly home appliance experience.
  • On September 2021, Bosch Connected Industry has collaborated with Capgemini to expand their Strategic Operations for Industry 4.0 and it was intended with a focus on strengthening production and client activities.

Residential Water Heaters Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. INDUSTRY DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain / Supply Chain Analysis

    5. 4.5 Industry Attractiveness - Porters 5 Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insights of Technology Innovations in the Market

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Storage Water Heaters

      2. 5.1.2 Non-Storage Water Heaters

      3. 5.1.3 Hybrid Water Heaters

    2. 5.2 By Energy Source

      1. 5.2.1 Electric

      2. 5.2.2 Gas

      3. 5.2.3 Solar

      4. 5.2.4 Others

    3. 5.3 By Capacity

      1. 5.3.1 Small Water Heater

      2. 5.3.2 Medium Water Heater

      3. 5.3.3 Large Water Heater

    4. 5.4 By Distribution Channel

      1. 5.4.1 Multi-Branded Stores

      2. 5.4.2 Exclusive Stores

      3. 5.4.3 Online Stores

      4. 5.4.4 Other Distribution Channels

    5. 5.5 By Geography

      1. 5.5.1 North America

      2. 5.5.2 Asia Pacifc

      3. 5.5.3 Europe

      4. 5.5.4 South America

      5. 5.5.5 Middle East

      6. 5.5.6 Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Competition Overview

    2. 6.2 Company Profiles

      1. 6.2.1 A.O. Smith

      2. 6.2.2 Ariston Thermo SpA

      3. 6.2.3 Bosch

      4. 6.2.4 GE Appliances

      5. 6.2.5 Haier

      6. 6.2.6 Bajaj

      7. 6.2.7 Havelss

      8. 6.2.8 Crompton

      9. 6.2.9 Rheem

      10. 6.2.10 Bradford White*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

Residential Water Heaters Industry Segmentation

Hot water heaters are appliances used to heat water and to keep it at a more or less constant elevated temperature. A complete background analysis of the Global Residential Water Heaters Market, which includes an assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and logistics spending by the end-user industries, is covered in the report. Global Residential Water Heaters Market is segmented By Product Type(Storage Water Heaters, Non-Storage Water Heaters and Hybrid Water Heaters), By Energy Source Type(Electric, Gas, Solar and Others), By Capacity(Small Water Heater, Medium Water Heater and Large Water Heater), By Distribution Channel (Multi-Branded Stores, Exclusive Stores, Online Stores and Other Distribution Channels) and By Geography (North America, Asia-Pacific, Europe, South America, Middle-East and Africa)

By Product Type
Storage Water Heaters
Non-Storage Water Heaters
Hybrid Water Heaters
By Energy Source
Electric
Gas
Solar
Others
By Capacity
Small Water Heater
Medium Water Heater
Large Water Heater
By Distribution Channel
Multi-Branded Stores
Exclusive Stores
Online Stores
Other Distribution Channels
By Geography
North America
Asia Pacifc
Europe
South America
Middle East
Africa

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Residential Water Heaters Market Research FAQs

The Global Residential Water Heaters Market is projected to register a CAGR of greater than 4% during the forecast period (2023-2028).

A.O. Smith, Ariston Thermo SpA, Bosch, GE Appliances and Haier are the major companies operating in the Global Residential Water Heaters Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the Asia-Pacific accounts for the largest market share in the Global Residential Water Heaters Market.

Global Residential Water Heaters Industry Report

Statistics for the 2023 Global Residential Water Heaters market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Residential Water Heaters analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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