Europe Water Heater Market Size & Outlook, 2023-2030
Europe water heater market, 2018-2030 (US$M)
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Europe water heater market highlights
- The Europe water heater market generated a revenue of USD 8,096.1 million in 2023.
- The market is expected to grow at a CAGR of 4.5% from 2024 to 2030.
- In terms of segment, electric was the largest revenue generating product in 2023.
- Solar is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Italy is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 8,096.1 million |
| Market revenue in 2030 | USD 10,985.5 million |
| Growth rate | 4.5% (CAGR from 2023 to 2030) |
| Largest segment | Electric |
| Fastest growing segment | Solar |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electric, Solar, Gas |
| Key market players worldwide | A.O. Smith Corp, Robert Bosch Engineering & Business Solutions, Rinnai Corp, Noritz Corp, Whirlpool Corp, WESCO International Inc, Haier, Lennox International Inc |
Other key industry trends
- In terms of revenue, Europe region accounted for 27.7% of the global water heater market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 15,477.3 million by 2030.
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
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Europe water heater market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to water heater market will help companies and investors design strategic landscapes.
Electric was the largest segment with a revenue share of 55.97% in 2023. Horizon Databook has segmented the Europe water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
According to Eurostat, the European Union region's total GDP growth rate declined by 6.4% in 2020, dealing a significant blow to the European economy. Factors driving the region's economic development include supportive efforts by the governments of various economies, significant pay increases, and continual job creation.
Furthermore, governmental expenditures, particularly in digital and transportation infrastructure, are likely to boost economic growth in the region. Private investments, particularly in the construction industry, are projected to promote economic growth in the region.
The requirement for hot water in cold climatic areas of Europe is anticipated to drive the demand for water heaters. Legislations such as the Ecodesign Directive that emphasized energy efficiency and NOx emissions of water heaters, boilers, and space heaters have driven the market for heating equipment.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Europe water heater market , including forecasts for subscribers. This continent databook contains high-level insights into Europe water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Europe water heater market size, by country, 2018-2030 (US$M)
Europe Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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