Electric Water Heater Market Size, Share & Trends Analysis growing at a CAGR of 8.5% from 2024 to 2030
The global electric water heater market size was valued at USD 14.67 billion in 2023 and is expected to expand at a CAGR of 8.5% from 2024 to 2030.The global electric water heater market is expected to witness significant growth due to urbanization and rising living standards, which are increasing the demand for hot water in modern residential and commercial buildings. In addition, the growing demand for energy efficiency and sustainability is leading consumers to choose electric water heaters as a cleaner and more convenient alternative to traditional options.
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Demand for hot water is increasing rapidly due to population growth, urbanization and lifestyle changes. Consumers are increasingly aware of the environmental impact of traditional water heaters and are choosing more efficient and sustainable options. Technological advancements and innovative product offerings are also contributing to the growth of the market.
Product Insights
Storage segment dominated the market and accounted for a share of 60.3% in 2023. This is attributable to constant supply of hot water in storage heaters, which is very important for homes and businesses that need hot water at all times. Additionally, the low initial cost compared to tankless models makes it a good choice for many buyers.
The non-storage segment is expected to register the fastest CAGR during the forecast period.The segment growth is owing to space-saving designs, improved energy efficiency through on-demand heating, and lower standby power loss in storage models.
