Market Size of North America Residential Water Heaters Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Residential Water Heater Market Analysis
COVID - 19 had a negative impact on North America Water Heaters Market due to the discontinuities in the manufacturing activities and drop in the volume of residential constructions. Also the supply chain was disrupted due to the imposition of stringent regulations.
Water Heaters are considered to be important amenities in North American region due to the lower temperatures. Additionally, Southern oscillations have a major impact on climate patterns in various parts of the North American region, which results in unpredictable weather, flooding, and harsh wet winter which is inturn triggering the demand for heating appliances. And majority of the urban areas have Water Heating facility. As per the World Economic Forum (WEF) (2020), urban populations constituted the largest percentage in Northern American countries, with 83.6% of people living in cities. The expansion in the urban population, combined with rising disposable incomes and affordability among urban people, is another major factor projected to fuel the Water Heaters market. The leading market players like A.O. Smith and Bradford White are forming technological partnerships to build and develop innovative product lines in order to broaden their consumer base.
Key manufacturers are investing in the development of new products and technology that will enhance the consumer experience while cutting down the maintenance expenses. The advent of products with features like corrosion resistance, remote control, water filtration, and monitoring is expected to propel the North America Water Heaters market. Rapid domestic and international migration in North America has resulted in generating demand for housing, which has led to an increase in residential development. Furthermore, the region's well-established industrial infrastructure is likely to boost demand for water heaters, consequently increasing regional market growth. In addition to this, factors such as evolving customer preferences combined with quality requirements and energy efficiency are projected to bring up new opportunities for market players in the coming years.
