North American water heater market is anticipated to grow at a CAGR 14.4% during the forecast period. North American water heater market has been continuously growing attributed to high demand for heating appliances owing to the cold weather condition. Additionally, El Niño/Southern oscillation has a major impact on climate patterns in various parts of the region. El Niño results in unpredictable weather, flooding, and harsh wet winter which triggers the demand for heating appliance. Every year, more than 9 million water heaters are sold in the US which implies that there is a high demand for water heater in North America. Further, as per Natural Resources Canada (NRCan), an average of 75 liters of hot water is used at home in Canada every day for washing dishes and clothing, cleaning, and showering or bathing.
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Major factor attributing to the dominance include presence of major market players in the US and Canada. Another factor attributing to the high penetration rate in the US and Canada. Some of the factors attributing to the dominance of the US include high penetration, and more population as compared to Canada. A.O. Smith Corp. is considered as the largest player in water heater market in North America with net sales of $3.2 billion in 2018. The company has a strong sale in North American region which account for around 60% of total sales. The company also provided its water heater solutions to Canada, China, India, and Mexico. In China, the company sells water heaters in more than 9,000 retail outlets. The company has a significant presence in more than 60 countries across the globe.
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North American Water Heater Market Segmentation
By Energy Source
• Electricity Water Heaters
• Hybrid Water Heaters
• Solar Water Heaters
By Mode of Water Supply
• On-Demand Or Tankless Water Heaters
• Storage Or Tank Water Heaters
• North American
• United States
• A.O. Smith Corp.
• Bradford White Corp.
• General Electric
• HTP Comfort Solutions LLC.
• NORITZ Corp.
• Rheem Manufacturing Company, Inc.
• Stiebel Eltron, Inc.
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