Latin America Electric Water Heater Market Size - By Product (Instant, Storage), By Capacity (<30 liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, >400 liters), By Application (Residential, Commercial) & Forecast, 2023 – 2032

Latin America Electric Water Heater Market Size - By Product (Instant, Storage), By Capacity (<30 liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, >400 liters), By Application (Residential, Commercial) & Forecast, 2023 – 2032

Latin America Electric Water Heater Market Size

Latin America Electric Water Heater Market was valued at USD 7.5 billion in 2022 and is anticipated to at a CAGR of over 3% CAGR from 2023 to 2032. An electric water heater is a household appliance designed to heat and store water for various domestic uses, such as bathing, cleaning, cooking, and space heating. It operates by using electric resistance heating elements to heat the water in a tank, which is then distributed to faucets and fixtures as needed. Growing emphasis on development of models that meet or exceed energy efficiency standards, helping consumers save on electricity costs and reduce their carbon footprint will augment the business statistics.

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Ongoing introduction of energy efficient devices delivering convenient solutions across end users will drive the industry scenario. For instance, in August 2020, Bosch Thermotechnology Corp. introduced the Bosch Tronic 3000, a range of electric instantaneous water heaters. The heaters were designed to minimize the wait time with 360-degree easy installation and to conserve energy for residential & commercial uses. Moreover, ongoing development of advanced products across major players will enhance the product demand.
 

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COVID- 19 Impact

The COVID- 19 pandemic marginally influenced the industry on account of strict lockdowns and restrictions across countries. The industry witnessed an operational slowdown along with supply chain disruptions, which affected the market growth. Adaptation of the leading market players to the changing market conditions will further support in limiting the disruptions caused by the spread. Moreover, storage water heater systems will experience a surge in demand owing to the expansion of infrastructural buildings and rising construction activities across residential & commercial establishments.

Latin America Electric Water Heater Market Trends

Significant development of government strategies & norms across economies to ensure energy efficiency across buildings and other infrastructures along with rising demand for large volumes of hot water across various establishments will augment the industry landscape. Moreover, substantial growth in the e-commerce business along with the key players focusing on growing their distribution networks toward online channels will amplify the product demand.

Latin America Electric Water Heater Market Analysis

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Based on product, the storage electric water heater market accounted for USD 1.2 billion in 2022. Ongoing development of smart cities in line with the advancement of low-emission buildings will positively impact the business landscape. In addition, integration of advanced features including multiple contact options, leak detection systems and mobile remote monitoring software will propel the product penetration.

<30 liters market is estimated to register at a 3% CAGR through 2032, owing to its low standby losses, desired temperature, and cost effectiveness in line with the rising preference for demand-oriented heating systems will boost the industry landscape. In addition, stringent government policies and mandates toward adoption of highly efficient heating appliances coupled with rising consumer awareness toward reducing the carbon footprint will drive the business scenario.

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Based on application, the residential electric water heater market will surpass USD 8.7 billion by 2032. Low maintenance and installation cost are some of the major drivers across the residential establishments. Moreover, the heating systems can be integrated with the existing electrical network eliminating the need for upgradation, associated with the advanced systems, thereby augmenting the business growth.

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Brazil electric water heater market will exhibit a growth rate of over 2.5% from 2023 to 2032. Increasing consumer awareness toward the development of energy-efficient units in line with ongoing government investments in expanding the large manufacturing facilities will accelerate the industry landscape. Additionally, rising disposable incomes, increasing urbanization and shifting consumer trends toward improved living standards will propel the business potential.

Latin America Electric Water Heater Market Share

Eminent players operating in the Latin America electric water heater industry are

• A. O. Smith
• Ariston Holding N.V.
• Bosch Thermotechnology Corp.
• Bradford White Corporation
• GE Appliances
• Midea
• Rheem Manufacturing Company
• Whirlpool Corporation
• Rinnai Corporation
• Viessmann
• Watts
• STIEBEL ELTRON GmbH & Co. KG
• American Standard Water Heaters
• LINUO RITTER INTERNATIONAL CO. LTD.
• Groupe Atlantic
• Westinghouse Electric Corporation
• Parker Boiler Company

Latin America Electric Water Heater Market News

• In September 2021, Rinnai America Corporation, the subsidiary of Rinnai Corporation completed the acquisition of all the shares of Industries Mass, S.A. de C.V., a Mexican manufacturer of commercial water heating systems. The company’s medium-term business strategy new ERA 2025 outlined the growth of the business scale strategy, which was implemented with this acquisition. This step substantially strengthened the company’s base across the country, thereby maintaining a strong position across the industry.
   
• In January 2019, Ariston Thermo completed the acquisition of Calorex, a leader in water heating solutions across Mexico. The company caters to the residential & commercial sectors and is engaged in the production, marketing, and designing of electric, solar, and gas water heaters. The acquisition helped the company in strengthening its water heating portfolio and its position across the North America and Latin America heating markets.

This Latin America electric water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘‘000 Units & USD Million’ from 2023 to 2032 for the following segments

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By Product

• Instant
• Storage

By Capacity

• <30 liters
• 30 - 100 liters
• 100 - 250 liters
• 250 - 400 liters
• >400 liters

By Application

• Residential
• Commercial
  • College/University
  • Offices
  • Government/Military
  • Others

The above information has been provided for the following countries

• Brazil
• Argentina
• Chile
• Mexico
• Rest of Latin America