The European electric water heater market was valued at US$ 3,112.6 million in 2018 and is projected to reach US$ 4,249.7 million by 2027; it is expected to grow at a CAGR of 3.5% during 2019–2027. The rising residential infrastructure worldwide is enabling the market players to operate in the electric water heater market in order to enhance their respective product range to attract a wide range of customers. The awareness of benefits and applications of electric water heaters is peaking among the urban population, owing to this; the adoption of the same is continuously growing, which in turn is furnishing the revenue size of the electric water heaters market. Moreover, the escalating migration from rural areas to urban areas in different countries, the demand for electric water heaters in the residential sector would soar in the coming years. Therefore, the urban immigration is a key influential factor for the growth of electric water heater market during the forecast period.
Based on product type, the European electric water heater market was led by a storage segment in 2018 with a decent share and is expected to continue its dominance during the forecast period. However, the non-storage segment in the electric water heater market is expected to grow at a high rate. The electric non-storage water heaters, also known as instantaneous water heaters, provide hot water instantaneously as water flows through the water heater. These water heaters do not incur the standby energy losses like storage water heaters (as, it consumes some energy when left on standby mode or even switched off), which saves the money. The non-storage water heaters can heat the water directly without the use of a storage tank. When a hot water tap is on, the cold water enters the system through a pipe and gets heated by either electric or a gas burner. The growing demand for instant water heater in the residential segment is expected to drive the growth of electric water heater market.
The overall size of the European electric water heater market has been derived using both primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the European electric water heater market. It also provides an overview and forecast for the electric water heater based on all segmentation provided with respect to the European region. Also, primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the electric water heater industry. AO Smith Corporation, Ariston Thermo S.p.A, Bradford White Corp., Whirlpool Corporation, Haier Inc., Midea Group, Bosch Thermotechnology, Siemens AG, and Viesmann Group are among the key players present in the European electric water heater market.