The water heater market in North America will likely grow at a moderate CAGR of more than 3% between 2016 and 2020.
Technavio has announced its latest market research report on water heater market in North America to its general retail goods and services portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the water heater market in North America during the forecast period. Some of the top vendors listed in this industry analysis include A. O. Smith, Bradford White, and Rheem.
“Several players in the market are opting for retrofit technology to their models to update their products with the latest technique depending on the feasibility. Some of the Sears-brand water heaters can be retrofitted with smart water heater modules which monitors and controls water temperature, and the usage. As such, the wastage of energy will be minimum as the water heaters can be turned only during the time they are required and can be turned off when the user is away. Companies are also introducing new water heaters in terms of size and energy efficiency that comply with the new standards set by the DOE,” says Poonam Saini, a lead analyst at Technavio for research on general retail goods and services.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Changing bathroom designs driving upgrade purchases
The growing residential construction segment in North American countries like the US has led to the increasing consumer preference for remodeling and upgrading existing houses as per the latest fashion trends, which is an important driver for the water heater market in the region. Bathroom is one of the most important areas for renovation in the housing segment. Remodeling of bathrooms is significantly driving upgrade purchases of water heaters. Consumers are opting for those water heaters that have stylish looks to match with the aesthetics of their bathrooms. With the increasing focus on aesthetics, users now prefer water heaters that do not occupy much space and look stylish. Owing to such changing preferences, manufacturers are coming up with tankless water heaters that are comfortable to use, energy-efficient, smaller, and stylish.
Emergency replacement and upgrade replacement purchases
The water heater market in the US is primarily driven by the urgent and upgrade replacement purchases as these products are considered as a necessity in almost all the US households. Consumers are more willing to fix a broken water heater or switch to energy-efficient water heaters. The decision while purchasing these heaters is influenced by the type of fuel source used for water heating in households. Consumers prefer buying energy-efficient water heaters even as emergency purchases. They are switching to tankless water heaters to save on their electricity consumption and utility bills. To meet this growing demand for energy-efficient appliances, vendors in the market are coming up with hybrid water heaters that have energy-saving features to reduce power consumption and costs.
Demand for instantaneous water heaters with low heating time and ease of use
Owing to their hectic work schedules, consumers are opting for appliances that can offer services instantly. Such preferences have increased the demand for tankless or instantaneous water heaters due to their ease-of-use, decreased heating time, and reduced wait time for hot water. With tankless water heaters, users can get two to three gallons of hot water within a few minutes compared to the storage type water heaters. Also, these water heaters are relatively compact and can be conveniently installed in different places, which helps consumers to place them as per their convenience and requirement. These differentiating factors are attracting users to procure tankless water heaters for an uninterrupted and instant supply of the required amount of hot water.
Some of the other prominent vendors identified in this report are AERCO, American Water Heaters, Bromic, Bosch, Eccotemp Systems, ECR, Electrolux, GE, Kenmore, Marey, Midea Group, Noritz, TekSupply, Waiwela, and Whirlpool.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Water Heater Market in North America 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Tankless Water Heater Market 2016-2020
- Global Space Heaters Market 2016-2020
- Global Geysers Market 2016-2020
- Global Electric Water Heater Market 2015-2019
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