Global electric water heater market was valued approximately USD 15.08 billion in 2016 and is anticipated to grow with 5.9% compound annual growth rate over the forecast period. Electric water heaters are folding neck massager largely installed for household applications such as cooking, washing, bathing, laundry and washing purposes. All the residential applications accounted more than 85% of the total market share in 2016.

In a broader scenario, residential sector has been matured in terms of demand & installations, however, commercial places such as hospitals, hotels, restaurants, shopping malls, and public places are likely to spur huge demand over the coming years. This increase in demand from commercial sector is attributed to the factors such as real estate development, development of tankless water heaters, increasing disposable income, and change in preference towards the superior quality of life.

Furthermore, recent technological developments such as hybrid water heaters and air to heat technology are also likely to fuel the demand over the coming eight years. The market has been broadly segmented into storage type, end use and regions. Each of the segment has been further divided as follow