High preference for energy-efficient electric water heaters is one of the major trends being witnessed in the global electric water heater market 2018-2022. Vendors are willing to introduce and offer energy-efficient tankless electric water heaters. Hence, government directives and regulatory agencies in Europe and the Americas have mandated energy rating norms, which should be followed by the vendors while manufacturing tankless electric water heaters.
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According to Technavio analysts, one of the key factors contributing to the growth of the global electric water heater market is the technological innovation leading to product premiumization:
Global electric water heater market: Technological innovation leading to product premiumization
Vendors invest in R&D and innovation due to growing competition and demand for innovative and efficient products that offer optimal use. This further leads to the introduction of electric water heaters that are innovative in terms of design and efficiency. The increased sales of electric water heaters in residential and commercial establishments have influenced vendors to launch products that meet customer’s preferences.
According to a senior analyst at Technavio for research on home, kitchen, and large appliances, “Vendors are incorporating technological advances, new features for easy installation, operation, and maintenance in electric water heaters. For instance, Rheem Manufacturing introduced Performance Platinum electric EcoNet enabled hybrid electric water heater, which is a premium model in a new line of electric water heaters. It is an energy efficient domestic electric water heater, equipped with an LCD screen, built-in water sensor alert, audible alarm, and Wi-Fi enabled control system.”
Global electric water heater market: Segmentation analysis
The global electric water heater market research report provides market segmentation by product (storage electric water heater and tankless electric water heater), by distribution channel (offline and online), by end-user (residential and commercial) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the storage electric water heater segment held the largest market share in 2017, contributing to over 79% of the market. The growth of this product segment can be due to the low price and installation costs of tankless electric water heaters.
The APAC region held the largest share of the market in 2017, accounting for more than 49% share. It was followed by EMEA and the Americas respectively. The growth of the market in APAC is fueled by the adoption and use of electric water heaters by commercial users such as hotels, resorts, and restaurants.
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Five Forces Analysis
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