Electric Water Heater Market Growth: From USD 22.5 Billion in 2023 to USD 34.3 Billion by 2032 | Credence Research

The residential electric water heater segment holds around 40-42% of the market share in 2023. The increasing number of new residential buildings, renovations and the increasing trend towards smart homes contribute significantly to the dominance of this segment. These heaters are essential for a variety of household needs including bathing, cooking and cleaning, making them essential in modern homes.

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