Latin America Water Heater Market Size & Outlook
Latin America water heater market, 2018-2030 (US$M)
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Latin America water heater market highlights
- The Latin America water heater market generated a revenue of USD 2,156.1 million in 2023.
- The market is expected to grow at a CAGR of 4.9% 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, Argentina is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 2,156.1 million |
| Market revenue in 2030 | USD 3,006.5 million |
| Growth rate | 4.9% (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, Latin America region accounted for 7.4% 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 |
|---|
Latin America 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 62.66% in 2023. Horizon Databook has segmented the Latin America water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
Brazil accounted for a substantial revenue share in the Central & South America water heater market owing to increased adoption of tankless water heaters providing features such as inbuilt Wi-Fi, leak detection systems, and extensive communication options.
The recuperating construction sector in Brazil coupled with increasing investments in high-rise luxury apartment buildings is expected to have a positive impact on the water heater market. Central & South American countries such as Brazil, Peru, and Argentina have started economic revival as manufacturing net exports have returned to the pre-pandemic levels, while consumption and investments are lagging.
Factors such as the influx of remittances, increasing food costs, and effective governmental assistance have aided the economies to improve their GDP growth. However, natural catastrophes pose an additional threat to regional growth, such as the destruction caused by hurricanes Eta and Iota in November 2020, thereby, hindering the market growth.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America water heater market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America water heater market size, by country, 2018-2030 (US$M)
Latin America Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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