Water Heater Market in North America 2016-2020
About the Water Heater Market in North America
The demand for heating appliances is considerably high in most North American countries owing to the cold weather conditions prevailing in the region. Also, in recent years, it has been noted that the winter season in the region is getting affected by El Niño, which brings in unpredictable weather, flooding, and harsh wet winter. This unpredictable changing weather pattern is a common phenomenon throughout the year and is triggering the demand for heating appliances year-round. A water heater is one such heating appliance that has become a basic necessity in more than 97% households in the US.
Technavio’s analysts forecast the water heater market in North America to grow at a CAGR of 3.13% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the water heater market in North America for 2016-2020. To calculate the market size, the report has taken into consideration the revenue generated from the retail sales of different types of water heaters to the residential segment. The report does not include commercial water heaters used for residential purpose. Technavio's report, Water Heater Market in North America 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Water Heater Market in North America 2016-2020
Technavio recognizes the following companies as the key players in the water heater market in North America: A. O. Smith, Bradford White, Rheem, AERCO International, American Water Heaters, Bromic, Bosch, Eccotemp Systems, ECR International, Electrolux, GE, Kenmore, Marey, Midea Group, Noritz, TekSupply, Waiwela, Whirlpool.
Commenting on the report, an analyst from Technavio’s team said: “A trend influencing market growth is retrofit technology for water heaters. As most of the water heater purchases made are replacement purchases during an emergency, most users do not have the window to choose water heaters that best fit their requirements and are energy-efficient. So, in order to avoid this hassle, players are opting for retrofit technology to their models. Through this, old-fashioned technology can be made up to date with the latest technique depending on the feasibility.”
According to the report, a key growth driver is emergency replacement and upgrade replacement purchases by consumers. The water heater market in the US, especially for the storage type water heaters, is highly saturated. However, the market is largely driven by emergency and upgrade replacement purchases as these products are considered as a necessity in almost all US households and consumers are more willing to fix a broken water heater or switch to energy-efficient water heaters. Purchase decision is also influenced by the type of fuel source used for water heating in households.
Further, the report states that one challenge that could hamper market growth is stringent government regulations introduced by the DOE. This would create challenges for installers as well as wholesalers to adjust with the size change. Also, adhering to the new size requirement will create storage and transport concerns for manufacturers as the implied cost will increase. Manufacturers would have to invest further to train and create awareness among their employees and wholesalers.
A. O. Smith, Bradford White, Rheem, AERCO International, American Water Heaters, Bromic, Bosch, Eccotemp Systems, ECR International, Electrolux, GE, Kenmore, Marey, Midea Group, Noritz, TekSupply, Waiwela, Whirlpool.
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