Electric wall heater market in terms of value is estimated to register 5.66% CAGR during the forecast period.
The electric wall heater global market is expected to witness rapid growth during the forecast period. North America is expected to be the dominating region in the global market owing to the presence of leading global electric wall heater manufacturers, such as Marley Engineered Products, Stiebel Eltron Inc., Markel Products Company, and Broan, Inc. These companies are offering low cost and technologically advanced electric wall heaters for increasing their market share, which is contributing to the increasing use of electric wall heaters, throughout the region.
In 2018, Europe held the second largest market share in the electric wall heater global market. The European Union (EU) and Europe Energy Efficiency have set several standards and ratings for electronic appliances in this region. The standards have compelled the electric wall heater manufacturers to produce energy efficient products and cost-effective products. Along with this, the global electric wall heater manufacturers are expanding their footprints in Europe, as the region is among the prime markets due to the stringent government energy regulations, temperature fluctuations, high purchasing power of consumers, and increase in single family users. Thus, it is expected to increase the demand for electric wall heaters in this region.
The key players of the global electric wall heater market are Marley Engineered Products, Stiebel Eltron Inc., Markel Products Company, Trane, Broan, Inc., WarmlyYours.com, Inc., King Electric, Indeeco, Glen Dimplex Group, and Radiant Systems.
The electric wall heater global market is segmented based on application and power. On the basis of application the global market is divided into residential and non-residential. The residential segment held the larger market share in 2018 as this segment has been witnessing significant growth in the demand for electric wall heaters owing to growing urbanization, rapidly changing lifestyle, and an increase in demand for comfort features in homes.
On the basis of power, the global market is segmented into <1000 Watt, 1000 to 1600 Watt, 1600 to 2000 Watt, and > 2000 Watt. The 1000 to 1600-Watt segment is expected to hold the maximum market share, due to the need for energy efficient high capacity heaters and heating solutions in residential and commercial applications. This is expected to increase the demand of 1000 to 1600-Watt in electric wall heaters during the forecast period.
On the basis of region, the global electric wall heater market is segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the world.
Global Market of Electric Wall Heater, by Region, 2018
Source: MRFR Analysis
North America is expected to witness an excellent growth in the electric wall heater market, owing to rapid urbanization, increase in demand for comfort and convenience in homes, and rapidly changing lifestyle. The market in this region is characterized by improving government standards and stringent polices from Industrial Heating Equipment Association (IHEA) to provide better heating solutions to workers. This is expected to create opportunities for the manufacturers to invest in the local market in the coming years.
The US is one of the major producers of electric wall heaters in North America. The electric wall heater industry in the US is deep-rooted and has been growing at a significant pace in the past few years. The other prominent factors leading to the growth of the market in the US are the increase in manufacturing companies, rising government regulations towards energy efficient products, and extreme climatic conditions.
The global electric wall heater market has been segmented on the basis of application and power. On the basis of application, the global market is segmented into residential and non-residential. The residential segment is expected to dominate the market, due to growing requirement of comfort features in homes.
|Market Size||2030: Significant Value|
|CAGR||5.66% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Power|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Marley Engineered Products, Stiebel Eltron Inc., Markel Products Company, Trane, Broan, Inc., WarmlyYours.com, Inc., King Electric, Indeeco, Glen Dimplex Group, and Radiant Systems|
|Key Market Opportunities||Smart Electric Wall Heater Technologies|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The incidence of top electric wall heater manufacturers is estimated to shape the development of the market in the coming years.
A 5.66% CAGR is estimated to guide the development of the market in the impending period.
The North American region is estimated to boost the market in the forthcoming period.
The dual segments of application and power are motivating the market extensively.
The contenders existing in the market are Stiebel Eltron Inc., Trane, Broan, Inc., Marley Engineered Products, WarmlyYours.com, Inc. and Markel Products Company.