Global Electric Tankless Water Heater Market Will Multiply At An Impressive CAGR Of 6.19% By 2023 & Top Key Players Rinnai Corporation, Noritz Corporation, Bosch GmbH, A.O. Smith Corporation, Hotter Electric (A subsidiary of Zriha Hlavin Industries Ltd.), Atmor & Eemax Inc.
The Global market for electric tankless water heater is expected to reach USD 1.414 Million by the end of 2023 from USD 880 Million in 2015, expanding at a CAGR of 6.19% over the period 2016-2023. Rising demand for energy saving and advanced home appliances is one of the major factors that are driving the growth of Electric Tankless Water Heater Market across the globe. On the other hand, in order to promote energy efficient systems, governments across various countries are promoting tankless water heaters through various policies, subsidies and rebates, which are further driving the demand for tankless water heaters.
In the regional segment, Asia Pacific market is expected to showcase a tremendous growth over the forecast period by registering a CAGR of 6.69%. The market is anticipated to reach USD 462.3 Million by the end of 2023 as compared to USD 276.3 Million in 2015 owing to rapid pace development in residential sector along with the growing popularity of tankless water heaters in the region. Further, China and Japan are the two major countries which are creating huge demand for electric tankless water heaters in the Asia Pacific region. Factors such as rising adoption of advanced functionality appliances and presence of large number of electric appliance manufacturers among others are envisioned to boost the demand for electric tankless water heaters in upcoming years.
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Rapid Urbanization to Boom the Market
Population in urban nations are shifting towards state of the art home appliances. This shift is believed to supplement the growth of electric tankless water heaters. Rapid pace of urbanization in growing economies such as U.S, China, Australia and others are further opening the opportunities for home appliances industry players to fill the need of energy efficient and advanced home appliances. These factors are envisioned to drive the growth of electric tankless water heater market around the globe. However, high cost and lack of awareness about the benefits of electric tankless water heaters among the population is estimated to hamper the growth of market.
The report titled “Global Electric Tankless Water Heater Market Analysis & Opportunity Outlook 2023” delivers detailed overview of the global electric tankless water heater market in terms of market segmentation by application, by setup location, by features and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global electric tankless water heater market which includes company profiling of Rinnai Corporation, Noritz Corporation, Bosch GmbH, A.O. Smith Corporation, Hotter Electric (A subsidiary of Zriha Hlavin Industries Ltd.), Atmor & Eemax Inc., Stiebel Eltron and Alpha Electric Co. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electric tankless water heater market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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