Mexico Water Heater Market Size & Outlook, 2023-2030
Mexico water heater market, 2018-2030 (US$M)
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Mexico water heater market highlights
- The Mexico water heater market generated a revenue of USD 583.6 million in 2023 and is expected to reach USD 781.8 million by 2030.
- The Mexico market is expected to grow at a CAGR of 4.3% from 2024 to 2030.
- In terms of segment, gas was the largest revenue generating product in 2023.
- Solar is the most lucrative product segment registering the fastest growth during the forecast period.
Water heater market data book summary
| Market revenue in 2023 | USD 583.6 million |
| Market revenue in 2030 | USD 781.8 million |
| Growth rate | 4.3% (CAGR from 2023 to 2030) |
| Largest segment | Gas |
| Fastest growing segment | Solar |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Mexico accounted for 2.0% of the global water heater market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. water heater market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,468.2 million by 2030.
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
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Mexico 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.
Gas was the largest segment with a revenue share of 65.59% in 2023. Horizon Databook has segmented the Mexico water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
According to the OECD statistics, Mexico is among the top crude oil producers in the world. However, with the ongoing pandemic, frequent lockdowns and limited mobility have caused a huge dip in oil prices. Mexico is majorly reliant on the oil & gas industry, which is expected to suffer as the Petróleos Mexicanos (Pemex), the country’s state oil company reported a loss of USD 23 billion in 2020.
However, as vaccine deployment continues, OPEC is expecting Mexico to register an average production of 1.94 million b/d in the second half of 2021, which is up by 40,000 b/d from H1 2021 production. The oil & gas industry is one of the major consumers of water heaters in industrial applications.
With an expected increase in natural gas production, the demand for gas water heaters is likely to go up over the forecast period. As per USDA (United States Department of Agriculture), Mexico's food processing sector is the world's ninth largest and the third largest in Latin America, behind the U.S. and Brazil.
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Our clientele includes a mix of water heater market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Mexico water heater market , including forecasts for subscribers. This country databook contains high-level insights into Mexico water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Mexico water heater market size, by product, 2018-2030 (US$M)
Mexico Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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