Fort Collins, Colorado, March 18, 2024 (GLOBE NEWSWIRE) -- The Canada Electric Water Heater Market size was valued at USD 1.3 Billion in 2023 and is anticipated to grow CAGR at 4.8% to reach USD 1.9 Billion by 2032.
The Canadian market for electric water heaters is poised for expansion due to the growing demand from residential properties for various purposes like cooking, washing, cleaning, and bathing. Additionally, the rise in commercial projects and increasing adoption of energy-efficient water heaters in the commercial sector contribute to this demand. Factors such as increasing disposable income, enhanced quality of life, and technological advancements are expected to further propel the sales of electric water heaters in the foreseeable future. The preference for storage electric water heaters in the residential sector is anticipated to result in a larger market share.
According to data from the Ministry of Energy and Natural Resources of Canada, the average Canadian household consumes 75 liters of hot water daily for bathing, cleaning, and washing. This demand is predominantly fulfilled through water heater systems, with electric heaters being favored over other types due to their ease of installation, safety features, and lower energy consumption. Electric heaters account for only 17.2% of home energy usage.
Furthermore, in response to concerns regarding electricity usage and consumption, numerous companies have introduced energy-efficient water heaters that are gaining traction in the market. The demand for star-rated water heaters, which offer reduced energy consumption and long-term cost savings, is gaining preference over traditional models. The steady increase in disposable income among Canadians has led to a higher demand for an improved quality of life. Consumers are increasingly investing in smart electronics and home appliances, including energy-efficient smart electric water heaters, to upgrade their lifestyles.
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Segmentation Overview:
Canada's global electric water heater market segmentation includes product type, capacity, and application. Based on application, Canada's electric water heater market segmentation includes residential, commercial, and industrial. Residential use holds a substantial share of the application segment. Residential use includes washing, cleaning, cooking, and bathing. With rising disposable income and demand for environmentally friendly home gadgets, the demand for smart and energy-efficient electric water heaters has been observing an upward trend in this region.
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Canada Electric Water Heater Market Report Highlights:
- The canada electric water heater market growth is anticipated at a CAGR of 4.8% by 2032.
- The demand for commercial water heaters also shows an upward trend in the country. Commercial water heaters are used in office spaces, laundry, restaurants, hotels, and other places with high water demand and requirements. Growth in the commercial real estate market is a major factor boosting the demand for water heaters in the country.
- Some prominent players in the Canada electric water heater market report include Whirlpool, Haier, A.O. Smith, Rinnai Corporation, Usines Giant Inc., John Wood Water Heater, GSW Water Heaters, and Rheem Canada.
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Canada Electric Water Heater Market Segmentation:
By Product Type: Tankless, Storage Tank, and Hybrid.
By Capacity: Below 30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and Above 400 liters.
By Application: Residential, Commercial, and Industrial.
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