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North America Instant Water Heater Market Size, Share, Forecast: By Product: Electric Water Heater, Gas Water Heater; By Application: Residential, Commercial; By Distribution Channel: Supermarkets and Hypermarkets, Specialty Stores, Online/E-Commerce, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
North America Instant Water Heater Market Outlook
The North America instant water heater market size reached approximately USD 709.99 million in 2023. The market is further projected to grow at a CAGR of 3.70% between 2024 and 2032, reaching a value of USD 986.49 million by 2032.
Key Trends in the Market
Instant water heater, also known as tankless water heater is a highly efficient geyser that is capable of heating water directly without using any storage tanks. It uses electricity or gas as an energy source to heat water and does not retain any water internally.
- The development of instant water heaters with smart features including, Wi-Fi connectivity, advanced heating capabilities, remote management, and energy optimisation, among others is boosting the North America instant water heater market demand.
- Increasing popularity of green houses and buildings is also propelling the adoption of instant water heaters in North America as they consume significantly less energy, and are therefore, in alignment with the principles of green buildings.
- Rising trend of living in small spaces has increased the demand for compact appliances such as instant water heaters as they do not require a large storage tank. This need for efficient utilisation of limited space is boosting the demand for the product from the residential sector.
North America Instant Water Heater Market Analysis
Based on product, the market is bifurcated into electric water heater and gas water heater. By application, the market is divided into residential and commercial. On the basis of distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, and online/e-commerce, among others. Based on country, the North America instant water heater market segmentation includes the United States of America and Canada.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- A. O. Smith Corporation
- Bradford White Corporation
- Rinnai Corporation
- Rheem Manufacturing Company
- GE Appliances
- Navien Inc.
- Bosch Thermotechnology Corp.
- Others
Market Share by Product
Electric water heaters account for a significant North America instant water heater market share as these water heaters have low installation costs and are easy to set up in comparison to the gas water heaters. Consumers in North America are increasingly adopting electric instant water heaters owing to their easy installation in compact spaces and long-lasting nature, among others. Increased investments by various major manufacturers in region towards development of instant water heaters with innovative designs to eliminate the requirement for ventilation, among others, is also aiding the market expansion in North America.
Market Share by Application
Residential applications are expected to account for a significant share of the market over the forecast period, this growth can be attributed to the rising number of residential units in North America, owing to the increasing middle-class population.
Commercial segment is expected observe a steady growth owing to the growing presence of hotels, hospitals, restaurants, offices, and schools, among other non-residential establishments in North America.
Competitive Landscape
A.O. Smith Corporation was founded in 1874 and is headquartered in Wisconsin, United States. The company manufactures residential and commercial water boilers and heaters using innovative technology.
Bradford White Corporation is a full line manufacturing company that was founded in 1881 and is headquartered in Pennsylvania, United States. The company is known for manufacturing commercial, residential, and industrial products for water heating and space heating applications.
Rinnai Corporation was established in 1920 and has its headquarters located in Aichi, Japan. The company manufactures gas appliances such as home heating appliances, gas clothes dryer, energy efficient tankless water heaters, and kitchen appliances.
Other North America instant water heater market players include Rheem Manufacturing Company, GE Appliances, Navien Inc., and Bosch Thermotechnology Corp., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Application |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Instant Water Heater Market Overview
8.1 Key Industry Highlights
8.2 North America Instant Water Heater Historical Market (2018-2023)
8.3 North America Instant Water Heater Market Forecast (2024-2032)
9 North America Instant Water Heater Market by Product
9.1 Electric Water Heater
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Gas Water Heater
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 North America Instant Water Heater Market by Application
10.1 Residential
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Commercial
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 North America Instant Water Heater Market by Distribution Channel
11.1 Supermarkets and Hypermarkets
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Specialty Stores
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Online/E-Commerce
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 North America Instant Water Heater Market by Country
12.1 United States of America
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Canada
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators of Demand
13.4 Key Indicators of Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 A. O. Smith Corporation
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Bradford White Corporation
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Rinnai Corporation
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Rheem Manufacturing Company
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 GE Appliances
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Navien Inc.
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Bosch Thermotechnology Corp.
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Instant Water Heater Market: Key Industry Highlights, 2018 and 2032
2. North America Instant Water Heater Historical Market: Breakup by Product (USD Million), 2018-2023
3. North America Instant Water Heater Market Forecast: Breakup by Product (USD Million), 2024-2032
4. North America Instant Water Heater Historical Market: Breakup by Application (USD Million), 2018-2023
5. North America Instant Water Heater Market Forecast: Breakup by Application (USD Million), 2024-2032
6. North America Instant Water Heater Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
7. North America Instant Water Heater Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
8. North America Instant Water Heater Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Instant Water Heater Market Forecast: Breakup by Country (USD Million), 2024-2032
10. North America Instant Water Heater Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 709.99 million in 2023.
The market is projected to grow at a CAGR of 3.70% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 986.49 million by 2032.
The major market drivers include low installation costs of instant water heaters and increasing product requirement from non-residential establishments in North America.
The key trends fuelling the growth of the market include incorporation of smart features in instant water heaters and growing demand for space efficient water heating solutions.
The major countries in the market are the United States of America and Canada.
The significant products available in the market include electric water heater and gas water heater.
The key players in the market are A. O. Smith Corporation, Bradford White Corporation, Rinnai Corporation, Rheem Manufacturing Company, GE Appliances, Navien Inc., and Bosch Thermotechnology Corp., among others.
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