Rising demand for hot water for household activities like bathing, washing, cleaning, and cooking is expected to drive Water Heaters market expansion in the near future at a CAGR of 4.80% during 2023 to 2032.

Market Research Future (MRFR) has published a cooked research report on the “Global Water Heaters Market” that contains information from 2018 to 2032. The water heaters market is estimated to register a CAGR of 4.80% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global water heaters market - A.O. Smith; Robert Bosch LLC; Ariston Thermo SpA; Rinnai Corporation; Bradford White Corporation; NORITZ Corporation; Whirlpool Corporation, Bajaj Electricals Ltd; Rheem Manufacturing Company; Haier Inc.; Havells India Ltd; Lennox International Inc.; FERROLI S.p.A; and Kenmore.

Market Highlights

The global water heaters market is accounted to register a CAGR of 4.80% during the forecast period and is estimated to reach USD 42.54 billion by 2032.

The main element fueling the growth of the water heater market is the quickening of technological development. The market for water heaters is also anticipated to increase as a result of factors including increasing demand for water heating systems, rising disposable income, expanding government programs to promote the use of solar water heaters, and rapid expansion in the construction and business sectors. However, high electricity costs and high installation costs may limit the market's expansion for water heaters, while issues with product quality and energy efficiency may impede it.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Water Heaters global Trends

Segment Analysis

The global water heaters market has been segmented into Product, Technology, Application, and Capacity.

On the basis of product, the market is segmented into Electric, Solar and Gas. The electric segment was attributed to holding the largest market share in 2022 as a result of growing electrification rates and increased consumer accessibility were significant drivers, particularly in the countries of the Asia Pacific and Africa. During the forecast period, temperature control and enhanced energy efficiency are expected to be the primary factors driving product demand.

Based on technology, the global water heaters market has been segmented into Tankless, Storage and Hybrid. The storage segment was expected to hold the largest market share in 2022. Numerous advantages of storage water heaters include energy savings, ease of installation, cutting-edge technology, affordability, and others. These are the main advantages that are fueling the expansion of the storage water heater market on a global scale.

Based on application, the global market has been segmented into Residential, Commercial and Industrial. The residential segment was expected to hold the largest market share in 2022. The primary driver of the residential segment's growth in the global market during the forecast period is an increasing demand for water heaters in homes due to the expansion of residential infrastructure.

Based on capacity, the global water heaters market has been segmented into Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters and Above 400 Liters. The 30-100 liters segment was expected to hold the largest market share in 2022 due to the strong demand from both commercial and residential businesses, including hotels, shopping centers, theaters, and governmental buildings.

Regional Analysis

The global water heaters market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe water heaters market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The water heaters market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World water heaters market comprises of Middle East, Africa, and Latin America.

The largest market share for water heaters was maintained by the North American regional sector. The market for water heaters will increase due to rising consumer demand for energy-efficient systems and recent technological developments that address environmental concerns. The tourist and hospitality sectors are receiving more attention, which is fueling the expansion of the water heater market.

Moreover, the Europe market has been persistently growing over the forecast period. The reasons propelling the market's expansion are expanding disposable income, a sizable solar energy production potential, and rising solar water heater use in the area. Additionally, encouraging government programs for the use of solar water heaters in the area further generate a plethora of opportunities for market expansion.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. Increased electrification, growing piped gas networks, quick residential and commercial construction, and rising disposable income of the populace are all contributing factors to the market expansion in the region. The region's two main development drivers are China and India.

Furthermore, the rest of the world's water heaters market is divided into the Middle East, Africa, and Latin America. The global water heater market has grown significantly as a result of the rising demand for energy-efficient systems and the developments being made to address environmental concerns.

Key Findings of the Study

• The global water heaters market is expected to reach USD 42.54 billion by 2032, at a CAGR of 4.80% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market. The region's market is expanding as a result of increased electrification, expanding piped gas networks, rapid residential and commercial building, and rising disposable income of the inhabitants.


• Based on application, the residential segment was attributed to holding the largest market in 2022, with an approximate market share of 45–65%.


• O. Smith; Robert Bosch LLC; Ariston Thermo SpA; Rheem Manufacturing Company; Rinnai Corporation; Bradford White Corporation; NORITZ Corporation; Whirlpool Corporation, Bajaj Electricals Ltd; Haier Inc.; Havells India Ltd; Lennox International Inc.; FERROLI S.p.A; Kenmore.