North America Residential Water Heater Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players.webp "North America Residential Water Heaters Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Residential Water Heater Market Analysis
COVID - 19 had a negative impact on North America Water Heaters Market due to the discontinuities in the manufacturing activities and drop in the volume of residential constructions. Also the supply chain was disrupted due to the imposition of stringent regulations.
Water Heaters are considered to be important amenities in North American region due to the lower temperatures. Additionally, Southern oscillations have a major impact on climate patterns in various parts of the North American region, which results in unpredictable weather, flooding, and harsh wet winter which is inturn triggering the demand for heating appliances. And majority of the urban areas have Water Heating facility. As per the World Economic Forum (WEF) (2020), urban populations constituted the largest percentage in Northern American countries, with 83.6% of people living in cities. The expansion in the urban population, combined with rising disposable incomes and affordability among urban people, is another major factor projected to fuel the Water Heaters market. The leading market players like A.O. Smith and Bradford White are forming technological partnerships to build and develop innovative product lines in order to broaden their consumer base.
Key manufacturers are investing in the development of new products and technology that will enhance the consumer experience while cutting down the maintenance expenses. The advent of products with features like corrosion resistance, remote control, water filtration, and monitoring is expected to propel the North America Water Heaters market. Rapid domestic and international migration in North America has resulted in generating demand for housing, which has led to an increase in residential development. Furthermore, the region's well-established industrial infrastructure is likely to boost demand for water heaters, consequently increasing regional market growth. In addition to this, factors such as evolving customer preferences combined with quality requirements and energy efficiency are projected to bring up new opportunities for market players in the coming years.
North America Residential Water Heater Market Trends
This section covers the major market trends shaping the North America Residential Water Heaters Market according to our research experts:
Preference for Gas Water Heaters over other types
The Gas Water Heaters use natural gas primarily to heat buildings and water, to cook, and to dry clothes. More than half of the homes in North America use Gas Water Heaters for space heating and water heating. United States is the major country that has preference for Gas Water Heaters over other types of Water Heaters. In 2021, the residential sector accounted for about 15% of total United States natural gas consumption, and natural gas was the source of about 23% of the United States residential sector's total energy consumption. Sustainability is one of the major reasons for prefering Gas Water Heaters over others in North America, although Gas Water Heaters are slightly expensive. The Residential Gas Water Heaters market will sustain owing to other several factors including development and expansion of gas pipeline network, ability to deliver hot water for extended duration coupled with its utilization across a wide range of applications.
United States dominating the market share of Residential Water Heaters
Technological advancement and growing inclination towards smart appliances that restricts carbon emissions are likely to support the growth of the water heater industry in the United States region. Some of the factors attributing to the dominance of the US include high penetration, and more population as compared to Canada and Mexico. In the Northeast, New York, Pennsylvania, New Jersey, and Massachusetts are expected to generate the highest demand for Water Heaters. This is due to the huge population base supported by high median disposable income. Around 80% of the population in New York City have access to smartphones, and more than 70% have access to high-speed Internet at home. These factors are likely to propel the demand for smart Water Heaters in the United States region. Also the immigration rate is very high in United States compared to other countries. And as a result, more residential spaces are required to accomodate with a facility of Hot Water due to lower temperatures in the United States.
North America Residential Water Heater Industry Overview
The report includes an overview of the top players in the Residential Water Heaters Market operating across the North American region.The North America Residential Water Heaters Market is characterized by major players giving tougher competition to the newer players. The Market is classified as Consolidated with major players like A.O. Smith and Bradford White occupying a significant portion of the Market.
North America Residential Water Heater Market Leaders
-
A.O. Smith
-
GE Appliances
-
Bradford White
-
Rheem
-
Kenmore
*Disclaimer: Major Players sorted in no particular order
.webp "North America Residential Water Heaters Market Concentration")
North America Residential Water Heater Market News
- On June 2022, Water technology company, A.O. Smith has acquired Atlantic Filter Corporation, a Florida-based water treatment company in an all-cash transaction. The acquisition of Atlantic Filter was intended to further expand the capabilities in Florida and beyond. The collaboration is aimed to deliver innovative, differentiated solutions for water treatment.
- On May 2022, GE Appliances opened its USD 70 million water heating manufacturing plant in Camden, South Carolina. The site will serve as the company's Center of Excellence for water heater manufacturing and was built for future expansion. The plant is vertically integrated and will produce units starting from coils of steel into water heaters for homes across the United States.
North America Residential Water Heater Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. INDUSTRY DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Value Chain / Supply Chain Analysis
-
4.5 Industry Attractiveness - Porters 5 Force Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Insights of Technology Innovations in the Market
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
-
5.1 By Product Type
- 5.1.1 Storage Water Heaters
- 5.1.2 Non-Storage Water Heaters
- 5.1.3 Hybrid Water Heaters
-
5.2 By Energy Source
- 5.2.1 Electric
- 5.2.2 Gas
- 5.2.3 Solar
- 5.2.4 Others
-
5.3 By Capacity
- 5.3.1 Small Water Heater
- 5.3.2 Medium Water Heater
- 5.3.3 Large Water Heater
-
5.4 By Distribution Channel
- 5.4.1 Multi-Branded Stores
- 5.4.2 Exclusive Stores
- 5.4.3 Online Stores
- 5.4.4 Other Distribution Channels
-
5.5 By Geography
- 5.5.1 United States
- 5.5.2 Canada
- 5.5.3 Mexico
6. COMPETITIVE LANDSCAPE
- 6.1 Market Competition Overview
-
6.2 Company Profiles
- 6.2.1 GE Appliances
- 6.2.2 A.O. Smith
- 6.2.3 Bradford White
- 6.2.4 Rheem
- 6.2.5 Kenmore
- 6.2.6 American Water Heaters
- 6.2.7 Whirlpool
- 6.2.8 Ecosmart US
- 6.2.9 American Standard*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityNorth America Residential Water Heater Industry Segmentation
Hot water heaters are appliances used to heat water and to keep it at a more or less constant elevated temperature. A complete background analysis of the North America Residential Water Heaters Market, which includes an assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and logistics spending by the end-user industries, is covered in the report. North America Residential Water Heaters Market is segmented By Product Type(Storage Water Heaters, Non-Storage Water Heaters and Hybrid Water Heaters), By Energy Source Type(Electric, Gas, Solar and Others), By Capacity(Small Water Heater, Medium Water Heater and Large Water Heater), By Distribution Channel (Multi-Branded Stores, Exclusive Stores, Online Stores and Other Distribution Channels) and By Geography (United States, Canada and Mexico)
| By Product Type | Storage Water Heaters |
| Non-Storage Water Heaters | |
| Hybrid Water Heaters | |
| By Energy Source | Electric |
| Gas | |
| Solar | |
| Others | |
| By Capacity | Small Water Heater |
| Medium Water Heater | |
| Large Water Heater | |
| By Distribution Channel | Multi-Branded Stores |
| Exclusive Stores | |
| Online Stores | |
| Other Distribution Channels | |
| By Geography | United States |
| Canada | |
| Mexico |
North America Residential Water Heater Market Research FAQs
What is the current North America Residential Water Heaters Market size?
The North America Residential Water Heaters Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in North America Residential Water Heaters Market?
A.O. Smith, GE Appliances, Bradford White, Rheem and Kenmore are the major companies operating in the North America Residential Water Heaters Market.
What years does this North America Residential Water Heaters Market cover?
The report covers the North America Residential Water Heaters Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Residential Water Heaters Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Residential Water Heaters Industry Report
Statistics for the 2024 North America Residential Water Heaters market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Residential Water Heaters analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
