U.S.: Electric Water Heater Market 2024

Electric Water Heater Market Size in the U.S.

The U.S. electric water heater market rose sharply to $X in 2022, growing by 14% against the previous year. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +9.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +27.8% against 2016 indices. Electric water heater consumption peaked in 2022 and is expected to retain growth in years to come.

Electric Water Heater Production in the U.S.

In value terms, electric water heater production totaled $X in 2022. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 30% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Electric Water Heater Exports

Exports from the U.S.

Electric water heater exports from the United States contracted to X units in 2022, stabilizing at the year before. The total export volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 48% against the previous year. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, electric water heater exports skyrocketed to $X in 2022. Overall, total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +37.9% against 2020 indices. The pace of growth appeared the most rapid in 2014 when exports increased by 25%. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

Canada (X units) was the main destination for electric water heater exports from the United States, accounting for a 52% share of total exports. Moreover, electric water heater exports to Canada exceeded the volume sent to the second major destination, Mexico (X units), fourfold. China (X units) ranked third in terms of total exports with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada totaled +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+4.9% per year) and China (+4.3% per year).

In value terms, Canada ($X) remains the key foreign market for electric water heaters and immersion heaters exports from the United States, comprising 41% of total exports. The second position in the ranking was taken by Mexico ($X), with an 11% share of total exports. It was followed by China, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada stood at +9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+6.5% per year) and China (+18.5% per year).

Export Prices by Country

The average electric water heater export price stood at $X per unit in 2022, growing by 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. The pace of growth appeared the most rapid in 2015 when the average export price increased by 25% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per unit), while the average price for exports to Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+13.6%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Water Heater Imports

Imports into the U.S.

In 2022, the amount of electric water heaters and immersion heaters imported into the United States dropped to X units, almost unchanged from 2021 figures. The total import volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 16%. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, electric water heater imports skyrocketed to $X in 2022. Overall, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 26%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest electric water heater supplier to the United States, accounting for a 63% share of total imports. Moreover, electric water heater imports from China exceeded the figures recorded by the second-largest supplier, Mexico (X units), twofold. Canada (X units) ranked third in terms of total imports with a 2.7% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+0.9% per year) and Canada (-6.0% per year).

In value terms, Mexico ($X) constituted the largest supplier of electric water heaters and immersion heaters to the United States, comprising 60% of total imports. The second position in the ranking was taken by China ($X), with a 21% share of total imports. It was followed by Canada, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Mexico amounted to +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.4% per year) and Canada (+8.6% per year).

Import Prices by Country

The average electric water heater import price stood at $X per unit in 2022, with an increase of 17% against the previous year. Overall, import price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, electric water heater import price increased by +35.6% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 19%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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