Market Trends of Global Residential Water Heaters Industry
This section covers the major market trends shaping the Residential Water Heaters Market according to our research experts:
Growing Preference for Gas and Electric Water Heaters
There has been a standard growing preference for Electric and Gas Water Heaters over others. In the Asia Pacific region, Electric Water Heaters are widely used across the major countries like China, India and Japan. This is due to the fact that Electric Water Heaters are simple to use. Advanced technologies are triggering the wave of transformation in the Global Electric Water Heaters Market, as the manufacturers are introducing innovative features driven by technologies. The major reason for not prefering Electric Water Heaters in other regions like North America due to relatively high electricity bills compared to other regions. This has led people in regions like North America to prefer Gas Electric Heaters over Electric Water Heaters. Majority of Gas Water Heaters are operated with Natural Gas. Although there has been a push from the governments of different countries to promote Solar Water Heaters, they are used by only a minority of the people across the globe.
Asia-Pacific occupying majority of the market share
In terms of market share, Asia-Pacific markt have dominated the Residential Water Heaters Market. Also there is a huge potential for growth of the market in Asia-Pacific region due to the fact that majority of the countries in Asia- Pacific region fall under the category of developing countries. These developing countries are expected to grow with a significant rise of the urban regions. Also the residential sector of the urban regions are equipped with all the modern equipment which includes Water Heaters as there is growing adoption of Electric Water Heaters is further amplified with the increasing need for convenience among end users.
