Tankless Water Heater Market Size, Share & Trends Analysis Report By Product (Electric, Gas), By Application (Residential, Commercial), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2025 - 2033
Description
Tankless Water Heater Market Summary
The global tankless water heater market size was estimated at USD 4.02 billion in 2024 and is expected to reach USD 9.41 billion by 2033, growing at a CAGR of 10.2% from 2025 to 2033. The tankless water heater market is primarily driven by the rising demand for energy-efficient, on-demand hot water systems that reduce utility costs.
The tankless water heater market is primarily driven by advancements in heating technologies that offer improved performance and longevity. Growing environmental awareness is pushing consumers toward eco-friendly alternatives to traditional water heaters. Government incentives and rebates for energy-efficient appliances are also encouraging adoption. Moreover, the compact design of tankless systems makes them ideal for urban housing with limited space.
The increasing preference for smart home integration and remote-control features primarily drives the tankless water heater market. Rising disposable incomes and changing lifestyles are leading consumers to invest in premium home appliances. The hospitality industry's demand for continuous hot water supply is also fueling market growth. Furthermore, the need to replace aging traditional water heaters is accelerating the shift toward tankless alternatives.
The tankless water heater market is primarily driven by growing awareness of water conservation and the need for sustainable living solutions. Rapid urbanization and the expansion of residential infrastructure in developing economies are creating new market opportunities. Technological innovations enabling faster heating and better temperature control are attracting tech-savvy consumers. In addition, rising energy costs are pushing both households and businesses to seek more cost-effective water heating options.
Global Tankless Water Heater Market Report Segmentation
This report forecasts revenue growth at the regional and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2021 to 2033. For the purpose of this study, Grand View Research has segmented the global tankless water heater market report on the basis of product, application, and region:
The global tankless water heater market size was estimated at USD 4.02 billion in 2024 and is expected to reach USD 9.41 billion by 2033, growing at a CAGR of 10.2% from 2025 to 2033. The tankless water heater market is primarily driven by the rising demand for energy-efficient, on-demand hot water systems that reduce utility costs.
The tankless water heater market is primarily driven by advancements in heating technologies that offer improved performance and longevity. Growing environmental awareness is pushing consumers toward eco-friendly alternatives to traditional water heaters. Government incentives and rebates for energy-efficient appliances are also encouraging adoption. Moreover, the compact design of tankless systems makes them ideal for urban housing with limited space.
The increasing preference for smart home integration and remote-control features primarily drives the tankless water heater market. Rising disposable incomes and changing lifestyles are leading consumers to invest in premium home appliances. The hospitality industry's demand for continuous hot water supply is also fueling market growth. Furthermore, the need to replace aging traditional water heaters is accelerating the shift toward tankless alternatives.
The tankless water heater market is primarily driven by growing awareness of water conservation and the need for sustainable living solutions. Rapid urbanization and the expansion of residential infrastructure in developing economies are creating new market opportunities. Technological innovations enabling faster heating and better temperature control are attracting tech-savvy consumers. In addition, rising energy costs are pushing both households and businesses to seek more cost-effective water heating options.
Global Tankless Water Heater Market Report Segmentation
This report forecasts revenue growth at the regional and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2021 to 2033. For the purpose of this study, Grand View Research has segmented the global tankless water heater market report on the basis of product, application, and region:
- Product Outlook (Revenue, USD Million, 2021 - 2033)
- Electric
- Gas
- Application Outlook (Revenue, USD Million, 2021 - 2033)
- Residential
- Commercial
- Regional Outlook (Revenue, USD Million, 2021 - 2033)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- Latin America
- Brazil
- Middle East & Africa
- South Africa
Table of Contents
110 Pages
- Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR’s Internal Database
- 1.3.3. Secondary Materials & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
- Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Product Outlook
- 2.3. Application Outlook
- 2.4. Regional Outlook
- 2.5. Competitive Landscape Snapshot
- Chapter 3. Tankless Water Heater Market Variables and Trends
- 3.1. Market Introduction
- 3.2. Industry Value Chain Analysis
- 3.2.1. Raw Material Trends & Outlook
- 3.2.2. Retail/Sales Channel Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Driver Analysis
- 3.3.2. Market Restraint Analysis
- 3.3.3. Market Opportunities
- 3.3.4. Market Challenges
- 3.4. Industry Analysis Tools
- 3.4.1. Porter’s Five Forces Analysis
- 3.5. Market Entry Strategies
- Chapter 4. Tankless Water Heater Market: Consumer Behavior Analysis
- 4.1. Demographic Analysis
- 4.2. Consumer Trends & Preferences
- 4.3. Factors Affecting Buying Decisions
- 4.4. Consumer Product Adoption
- 4.5. Observations & Recommendations
- Chapter 5. Tankless Water Heater Market: Product Estimates & Trend Analysis
- 5.1. Tankless Water Heater Market, By Product: Key Takeaways
- 5.2. Product Movement Analysis & Market Share, 2024 & 2033
- 5.3. Market Estimates & Forecasts by Product, 2021 - 2033 (USD Million)
- 5.3.1. Electric
- 5.3.1.1. Market estimates and forecast, 2021 - 2033 (USD Million)
- 5.3.2. Gas
- 5.3.2.1. Market estimates and forecast, 2021 - 2033 (USD Million)
- Chapter 6. Tankless Water Heater Market: Application Estimates & Trend Analysis
- 6.1. Tankless Water Heater Market, By Application: Key Takeaways
- 6.2. Application Movement Analysis & Market Share, 2024 & 2033
- 6.3. Market Estimates & Forecasts, by Application, 2021 - 2033 (USD Million)
- 6.3.1. Residential
- 6.3.1.1. Market estimates and forecast, 2021 - 2033 (USD Million)
- 6.3.2. Commercial
- 6.3.2.1. Market estimates and forecast, 2021 - 2033 (USD Million)
- Chapter 7. Tankless Water Heater Market: Regional Estimates & Trend Analysis
- 7.1. Regional Movement Analysis & Market Share, 2024 & 2033
- 7.2. North America
- 7.2.1. U.S.
- 7.2.1.1. Key country dynamics
- 7.2.1.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.2.2. Canada
- 7.2.2.1. Key country dynamics
- 7.2.2.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.2.3. Mexico
- 7.2.3.1. Key country dynamics
- 7.2.3.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.3. Europe
- 7.3.1. UK
- 7.3.1.1. Key country dynamics
- 7.3.1.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.3.2. Germany
- 7.3.2.1. Key country dynamics
- 7.3.2.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.3.3. France
- 7.3.3.1. Key country dynamics
- 7.3.3.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.3.4. Italy
- 7.3.4.1. Key country dynamics
- 7.3.4.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.3.5. Spain
- 7.3.5.1. Key country dynamics
- 7.3.5.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. China
- 7.4.1.1. Key country dynamics
- 7.4.1.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.4.2. India
- 7.4.2.1. Key country dynamics
- 7.4.2.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.4.3. Japan
- 7.4.3.1. Key country dynamics
- 7.4.3.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.4.4. Australia & New Zealand
- 7.4.4.1. Key country dynamics
- 7.4.4.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.4.5. South Korea
- 7.4.5.1. Key country dynamics
- 7.4.5.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.5. Latin America
- 7.5.1. Brazil
- 7.5.1.1. Key country dynamics
- 7.5.1.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- 7.6. Middle East & Africa
- 7.6.1. South Africa
- 7.6.1.1. Key country dynamics
- 7.6.1.2. Market estimates and forecast, 2021 - 2033 (USD Million)
- Chapter 8. Tankless Water Heater Market: Competitive Analysis
- 8.1. Recent Developments & Impact Analysis by Key Market Participants
- 8.2. Company Categorization
- 8.3. Participant’s Overview
- 8.4. Financial Performance
- 8.5. Product Benchmarking
- 8.6. Company Market Share Analysis, 2024 (%)
- 8.7. Company Heat Map Analysis, 2024
- 8.8. Strategy Mapping
- 8.9. Company Profiles
- 8.9.1. A. O. Smith
- 8.9.1.1. Company Overview
- 8.9.1.2. Financial Performance
- 8.9.1.3. Product Portfolios
- 8.9.1.4. Strategic Initiatives
- 8.9.2. Rheem Manufacturing Company.
- 8.9.2.1. Company Overview
- 8.9.2.2. Financial Performance
- 8.9.2.3. Product Portfolios
- 8.9.2.4. Strategic Initiatives
- 8.9.3. Rinnai Corporation
- 8.9.3.1. Company Overview
- 8.9.3.2. Financial Performance
- 8.9.3.3. Product Portfolios
- 8.9.3.4. Strategic Initiatives
- 8.9.4. Bradford White Corporation.
- 8.9.4.1. Company Overview
- 8.9.4.2. Financial Performance
- 8.9.4.3. Product Portfolios
- 8.9.4.4. Strategic Initiatives
- 8.9.5. Robert Bosch LLC.
- 8.9.5.1. Company Overview
- 8.9.5.2. Financial Performance
- 8.9.5.3. Product Portfolios
- 8.9.5.4. Strategic Initiatives
- 8.9.6. EcoSmart Green Energy Products, Inc.
- 8.9.6.1. Company Overview
- 8.9.6.2. Financial Performance
- 8.9.6.3. Product Portfolios
- 8.9.6.4. Strategic Initiatives
- 8.9.7. Stiebel Eltron Inc.
- 8.9.7.1. Company Overview
- 8.9.7.2. Financial Performance
- 8.9.7.3. Product Portfolios
- 8.9.7.4. Strategic Initiatives
- 8.9.8. Takagi
- 8.9.8.1. Company Overview
- 8.9.8.2. Financial Performance
- 8.9.8.3. Product Portfolios
- 8.9.8.4. Strategic Initiatives
- 8.9.9. Noritz America Corp.
- 8.9.9.1. Company Overview
- 8.9.9.2. Financial Performance
- 8.9.9.3. Product Portfolios
- 8.9.9.4. Strategic Initiatives
- 8.9.10. Navien Inc.
- 8.9.10.1. Company Overview
- 8.9.10.2. Financial Performance
- 8.9.10.3. Product Portfolios
- 8.9.10.4. Strategic Initiatives
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.