Rapid Urbanization: A Key Driver Transforming the Water Heaters Market 2024

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What significant trend has been observed in the global water heaters market?
The water heaters market size has significantly grown in recent years. Valued at $37.29 billion in 2023, it is expected to expand to $40.94 billion in 2024 at an impressive compound annual growth rate CAGR of 9.8%. Growth in the historic period was propelled by rising disposable income, high investments, the adaptation of the internet of things IoT, and the launch of new products featuring advanced capabilities.

How much more growth can we expect from the water heaters market?
The water heaters market is projected to witness robust growth over the next few years. Anticipated to reach $58.09 billion in 2028, it will exhibit a CAGR of 9.1%. Future growth can be attributed to increased internet penetration, a rise in merger and acquisition activities, and a growing demand for instant heating units.

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What are the major trends influencing growth in the water heaters market?
Major trends expected to drive growth during the forecast period revolve around smart water heaters, designed to conserve energy and increase water heater efficiency. There's also a focus on advancements in hybrid water heaters or systems, aimed at meeting rising demand and spurring revenue growth. Companies in this sector are urged to aid in the development of technologies for performance improvement, invest in the introduction of energy-efficient technologies in water heaters to reduce the overall consumption of energy during the water heating process, and collaborate with government associations for maintaining renewable energy sources and decarbonization.

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Who are the key players in the water heaters market?
Major companies in the water heaters market include the likes of A. O. Smith Corporation, Rinnai Corporation, Vaillant Group, Ariston Thermo Group, Rheem Manufacturing Company, Viessmann Group, Haier Smart Home Co., Ltd., Bradford White Corporation, Robert Bosch GmbH, Bajaj Electricals Ltd, and Crompton Greaves Consumer Electricals Ltd., among others.

What is the current market segmentation of the water heaters industry?
The water heaters market has been segmented in the report as follows -
1 By Product Type: Solar Heaters, Electric Heaters, Gas and Propane Heaters, Geothermal Heaters
2 By Distribution channel: Supermarket/Hypermarket, Specialty Stores, E-Commerce, Other Distribution Channels
3 By End User: Residential, Commercial, Industrial

Which region is leading the growth of the water heaters market?
Asia-Pacific was the largest region in the water heaters market in 2023, with Western Europe being the second-largest region.

What's driving the growth of the water heaters market?
Rapid Urbanization is shaping the water heaters market. With urban populations comprising the highest share in Northern American countries, with 83.6% of residents living in cities and 56.2% of the global population being urban, according to the World Economic Forum WEF 2020, the rising urban population, coupled with an increase in disposable incomes and affordability, is driving demand for the water heaters market.

What are the emerging trends in the market?
Emerging trends include the production of energy-efficient water heaters by manufacturers looking to reduce carbon footprint and enable savings for consumers. This surge in energy-efficient appliances can be attributed to strict government regulation regarding electric home appliances and advances in technology. Over 80 countries currently have standards and labels for energy-efficient appliances.

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