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Global Water Heaters Market: Insights into Future Trends, Key Players, and Growth Drivers for 2025-2034
Water Heaters Market
What Is The Projected Market Size Of The Global Water Heaters Market And Its Growth Rate?
• Water heaters market witnessed robust growth from $64.74 billion in 2024 to $70.48 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.9%.
• Growth factors include a rise in disposable income, high investments, adoption of the Internet of Things (IoT), and new product launches with advanced features.
• Projected to maintain strong momentum, the market is expected to reach $96.03 billion in 2029 at a CAGR of 8.0%.
What Is Driving The Growth In The Water Heaters Market?
Rapid urbanization is anticipated to drive the water heaters market in the coming years. As per the Independent Commission for Aid Impact (ICAI), by 2050, over two-thirds (approximately 67%) of the global population will live in urban areas. Additionally, World Bank data reveals that 56% of the world population or 4.4 billion inhabitants lived in urban areas in 2023, and this number is projected to more than double by 2050. The rise in urban population, disposable income, and increased affordability among city residents will fuel the demand for water heaters.
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Who Are the Key Players Driving Water Heaters Market Growth?
• 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
What Are The Key Trends In The Water Heaters Market?
• Production of smart water heaters for energy conservation and efficiency enhancement.
• Technological advancements in hybrid water heaters or systems.
• Heavy investments in energy-efficient technologies in water heaters
• Fostering of associations with government bodies for renewable energy and decarbonization initiatives.
• Increased partnerships for technology investments to expand market presence.
What Are The Segments Of The Global Water Heaters Market?
• By Product Type: Solar Heaters, Electric Heaters, Gas and Propane Heaters, Geothermal Heaters.
• By Distribution Channel: Supermarket/Hypermarket, Specialty Stores, E-Commerce, Other Distribution Channels.
• By End User: Residential, Commercial, Industrial.
Which Region Leads The Water Heaters Market?
Asia-Pacific led the water heaters market in 2024, followed closely by Western Europe. The water heaters market covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Water Heaters Market Global Market Report?
- Market Size Analysis: Analyze the Water Heaters Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Water Heaters Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Water Heaters Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Water Heaters Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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