Market Trends of Europe Electric Space Heaters Industry
Increase In Residential Space Rising Demand For Electric Space Heater
- Russian regions of Norway, Finland, and Iceland are among the countries existing as the coldest regions in Europe. The value of Residential real estate in Europe has observed a continuous increase over the years, creating market space for the sales of electric space heaters as well.
- In terms of Energy consumption of European Union (EU) Households, space heating segments occupy the largest share of 64.5%, with water heating and lightening existing next in line, highlighting the value and usage of Electric space heaters in the region.
- Residential buildings in the European region consume higher levels of energy in comparison to Public and Commercial buildings. With the energy crisis in Europe and the rise in electricity bills, demand for energy-efficient appliances to keep families warm increased last winter, leading to the expansion and opening of Europe's electric space heater market for global players, especially China, with a 70% increase in demand for electric heater import.
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Rise of Smart Homes in Europe
- European people are moving towards the adoption of appliances equipped with smart and energy-efficient features, raising the need for the creation of energy-efficient electric space heaters by manufacturers. In Europe, as the revenue in the Smart home market is observing continuous growth, it is creating a positive externality for the sales of electric space heaters equipped with smart features.
- With smart features in electric heaters, users can change the temperature in an entire room with one press of a button. As the electric space heaters are equipped with Wi-Fi, the device can be easily controlled via a mobile app. This allows users to set schedules, adjust the temperature, and monitor energy consumption in real-time.
- With these technological innovations in the market, Italy, Hungary, and Denmark are emerging as European countries with the largest number of population switching to energy-saving programs, raising demand for smart energy-efficient heaters in the region.
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