Electric Water Heater Market to hit US$ 27.8 billion by 2031 | DataM Intelligence

"Electric Water Heater Market reached US$ 16.01 billion in 2024 and is expected to reach US$ 27.8 billion by 2031, growing at a CAGR of 8.2% during the forecast period 2024-2031." As per DataM intelligence research report

The Electric Water Heater Market report by DataM Intelligence provides comprehensive insights and analysis on key market trends, growth opportunities, and emerging challenges. With a commitment to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. By combining qualitative and quantitative research methodologies, the firm delivers in-depth reports that help clients navigate complex market dynamics, drive strategic growth, and seize new opportunities in an ever-evolving global landscape.

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United States: Recent Developments

✅ In May 2025, innovative "thermal battery" systems like those from Harvest Thermal began gaining traction. These heat-pump-based water heaters store heat in large hot-water tanks and intelligently shift energy usage off-peak, cutting utility bills by up to 30% and emissions by up to 90%.

✅ In February 2025, hybrid heat pump water heaters started becoming the new standard. These units combine heat-pump efficiency with traditional electric backup, meeting upcoming federal efficiency mandates while ensuring consistent performance during high demand or cold conditions.

Japan: Recent Developments

✅ In August 2025, Panasonic ramped up production of its Eco Cute heat-pump water heaters boosting annual capacity by 50% to meet surging demand. New models tailored for colder climates are set to launch later this year.

✅ In early 2025, Smart electric water heaters with IoT integration gained popularity in Japan. These systems support remote control, automated scheduling, and improved energy efficiency, aligning with national decarbonization targets and smart home growth.

Electric Water Heater Market: Drivers

The electric water heater market is driven by rising urbanization, improving living standards, and increasing demand for convenient hot water solutions in households. Growing adoption of energy-efficient appliances is boosting the shift toward advanced electric water heaters with smart and eco-friendly features. Expanding residential construction and renovation activities in both developed and developing regions are fueling installations. Government initiatives promoting energy conservation and subsidies for efficient water heating systems are also supporting growth. Increasing consumer awareness about reducing carbon emissions is further accelerating market adoption.

Market expansion is also supported by technological advancements such as Wi-Fi-enabled, tankless, and hybrid electric water heaters that offer higher efficiency and cost savings. Rising demand from commercial establishments like hotels, hospitals, and offices is widening the application scope. Strategic collaborations and product innovations by manufacturers are driving competitive growth. Growing electricity access in rural and semi-urban areas is increasing penetration of electric water heaters. With sustainability and smart energy management becoming key priorities, the electric water heater market is set for steady long-term growth.

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Segment Covered in the Electric Water Heater Market:

➥ By Product Type: Storage, Non-Storage/Tankless

Electric Water Heater Market: Major Players

A.O Smith, Bosch Thermotechnology, Rinnai Corporation, Bradford White, State Industries. Other key players in the market include Saudi Ceramics, Rheem Manufacturing, Ferroli, Haier Electronics, Linuo Ritter, Whirlpool, Hubbell, Ariston Thermo, Kanch Water Heaters, Viessmann Group, and Vaillant Group.

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Top-down and bottom-up approach for regional analysis
➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.
➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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Regional Analysis:

⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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✅ Competitive Landscape
✅ Technology Roadmap Analysis
✅ Sustainability Impact Analysis
✅ KOL / Stakeholder Insights
✅ Consumer Behavior & Demand Analysis
✅ Import-Export Data Monitoring
✅ Live Market & Pricing Trends

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