Electric Water Heater Market 2030: Trends and Growth Projections
The global electric water heater market size is expected to reach USD 25.86 billion by 2030, registering to grow at a CAGR of 8.5% from 2024 to 2030 according to a new report by Grand View Research, Inc. Increasing residential and commercial projects worldwide is expected to drive market demand over the forecast period. Rising disposable income and preference for tankless heaters may further fuel the electric water heaters market. Growing awareness for automated temperature control, energy efficiency and environmental sustainability is estimated to favor tankless heaters demand. Increasing government initiatives to improve rural infrastructure and uninterrupted electricity availability in these areas is expected to provide new opportunities to market growth. Rising electricity prices, volatile raw material prices and growing preference for solar water heaters may restrain market growth over the forecast period. Gather more insights about the market drivers, restrains ...