Global Electric Water Heater Market 2024

Electric Water Heater Market Size

The global electric water heater market reached $X in 2022, with an increase of 2.1% against the previous year. Overall, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.2% 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 +100.4% against 2012 indices. Global consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Electric Water Heater Production

In value terms, electric water heater production reached $X in 2022 estimated in export price. In general, the total production indicated a prominent expansion from 2012 to 2022: its value 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, production increased by +5.0% against 2020 indices. The growth pace was the most rapid in 2015 when the production volume increased by 18%. Over the period under review, global production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Electric Water Heater Exports

Exports

After ten years of growth, shipments abroad of electric water heaters and immersion heaters decreased by -7.8% to X units in 2022. Over the period under review, exports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of 21% against the previous year. Over the period under review, the global exports attained the peak figure at X units in 2021, and then contracted in the following year.

In value terms, electric water heater exports expanded sharply to $X in 2022. In general, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +63.0% against 2016 indices. The pace of growth appeared the most rapid in 2021 with an increase of 19%. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

In 2022, Germany (X units), distantly followed by China (X units), Italy (X units), Mexico (X units), Brazil (X units) and the Netherlands (X units) represented the main exporters of electric water heaters and immersion heaters, together constituting 64% of total exports. Poland (X units), the Czech Republic (X units), Malaysia (X units), Egypt (X units), Singapore (X units), the United States (X units) and France (X units) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +22.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest electric water heater supplying countries worldwide were China ($X), Mexico ($X) and Germany ($X), with a combined 39% share of global exports.

In terms of the main exporting countries, Mexico, with a CAGR of +10.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average electric water heater export price amounted to $X per unit, growing by 14% against the previous year. Overall, the export price, however, saw a mild slump. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+4.7%), while the other global leaders experienced more modest paces of growth.

Electric Water Heater Imports

Imports

In 2022, after six years of growth, there was decline in overseas purchases of electric water heaters and immersion heaters, when their volume decreased by -2.3% to X units. Overall, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +101.7% against 2012 indices. The growth pace was the most rapid in 2021 when imports increased by 15% against the previous year. As a result, imports reached the peak of X units, and then contracted in the following year.

In value terms, electric water heater imports stood at $X in 2022. In general, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +62.3% against 2016 indices. The pace of growth appeared the most rapid in 2021 with an increase of 24% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Germany (X units), followed by the United States (X units), the UK (X units) and Poland (X units) represented the main importers of electric water heaters and immersion heaters, together constituting 41% of total imports. The following importers - Russia (X units), Italy (X units), the Netherlands (X units), Mexico (X units), the Czech Republic (X units), Spain (X units), France (X units), Hungary (X units) and Brazil (X units) - together made up 27% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Germany (with a CAGR of +22.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($X) constitutes the largest market for imported electric water heaters and immersion heaters worldwide, comprising 19% of global imports. The second position in the ranking was held by Germany ($X), with a 7.8% share of global imports. It was followed by France, with a 5.4% share.

In the United States, electric water heater imports increased at an average annual rate of +9.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+5.2% per year) and France (+7.9% per year).

Import Prices by Country

In 2022, the average electric water heater import price amounted to $X per unit, surging by 6.5% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 7.5%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+8.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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