Industry Overview
Global electric water heaters market size is anticipated to reach USD 29 billion by 2022, growing at 7.4%
over the forecast period. Growing commercial and residential projects coupled with increasing
disposable income is expected to drive demand growth over the next few years.
Escalating demand across extensive range of domestic applications such as cooking, space heating,
cleaning and bathing may spur demand extensively. Rising adoption in commercial sector is another key
factor spurring demand growth. Increasing growth in construction sectors owing to replacement of
outdated water heaters with escalating disposable income could propel industry growth in the near
future. According to the U.S., home construction in April 2015 rose 20.2% over March, the biggest
percentage jump in almost 24 years. These factors might significantly contribute to the electric water
heaters market growth. China region accounted for 12 million units in 2013, and is expected to reach 27
million units by 2022, growing at a CAGR of over 9%.
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