Market Size of North America Residential Water Heaters Industry
| 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 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 Heaters Market Size Summary
The North America Residential Water Heater Market is experiencing a dynamic landscape influenced by various factors, including urbanization, technological advancements, and changing consumer preferences. The market, which faced challenges during the COVID-19 pandemic due to manufacturing disruptions and supply chain issues, is now rebounding with a focus on innovation and sustainability. Water heaters are essential in North America, particularly in urban areas where the majority of the population resides. The demand for these appliances is driven by climatic conditions that necessitate heating solutions, as well as the growing urban population with increasing disposable incomes. Key players like A.O. Smith and Bradford White are leveraging technological partnerships to develop advanced product lines, enhancing consumer experience and reducing maintenance costs. The introduction of features such as corrosion resistance and smart monitoring systems is expected to further propel market growth.
The market is characterized by a strong preference for Gas Water Heaters, particularly in the United States, where they are widely used for both space and water heating. The sustainability aspect, despite higher initial costs, supports their continued dominance. The expansion of gas pipeline networks and the ability to provide extended hot water supply across various applications contribute to the market's resilience. Technological advancements and a shift towards smart appliances that minimize carbon emissions are also supporting industry growth. The United States, with its high population and technological penetration, is a key driver of demand, especially in states like New York and Pennsylvania. The market is consolidated, with major players like A.O. Smith and Bradford White leading the competition, while new entrants strive to capture market share. Recent strategic moves, such as A.O. Smith's acquisition of Atlantic Filter Corporation and GE Appliances' investment in a new manufacturing plant, highlight the ongoing efforts to expand capabilities and meet the evolving demands of the North American residential water heater market.
North America Residential Water Heaters Market Size - Table of Contents
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1. INDUSTRY DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain / Supply Chain Analysis
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1.5 Industry Attractiveness - Porters 5 Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Insights of Technology Innovations in the Market
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Storage Water Heaters
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2.1.2 Non-Storage Water Heaters
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2.1.3 Hybrid Water Heaters
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2.2 By Energy Source
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2.2.1 Electric
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2.2.2 Gas
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2.2.3 Solar
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2.2.4 Others
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2.3 By Capacity
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2.3.1 Small Water Heater
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2.3.2 Medium Water Heater
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2.3.3 Large Water Heater
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2.4 By Distribution Channel
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2.4.1 Multi-Branded Stores
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2.4.2 Exclusive Stores
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2.4.3 Online Stores
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2.4.4 Other Distribution Channels
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2.5 By Geography
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2.5.1 United States
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2.5.2 Canada
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2.5.3 Mexico
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North America Residential Water Heaters Market Size 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.
