Market Overview
The Global Electric Wall Heater Market is expected to be valued at USD 4,566.18 Million by 2025 with a CAGR of 5.66% during the forecast period (2019–2025).
The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. An electric wall heater consists of an electric element with a reflector behind it to reflect heat into the specified area. Electric wall heaters are installed on interior walls. The electric wall heater is designed to serve as a versatile solution to maintain the indoor temperature of both residential and non-residential applications. It provides several benefits such as ease of installation, excellent safety features, cost-effectiveness, space-saving, and energy efficiency.
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Segmental Analysis
The global electric wall heater market is segmented based on application, and power.
On the basis of application, the global electric wall heater market is divided into into residential and non-residential. The residential segment is expected to dominate the market, owing to the growing urbanization, rapidly changing lifestyle, and an increase in demand for comfort features in homes.
In terms of value the residential segment accounted for the larger market share of 69.56% in 2018, with a market value of USD 2,175.5 million; it is expected to register a CAGR of 5.04% during the forecast period. The non-residential segment was valued at USD 952.0 million; it is projected to register the higher CAGR of 6.99%.
On the basis of power, the global electric wall heater market is segmented into <1000 Watt, 1000 to 1600 Watt, 1600 to 2000 Watt, and > 2000 Watt. In 2018, the 1000 to 1600 Watt segment held the largest market share of 39.31% in 2018, with a market value of USD 1,229.4 million. This value is projected to reach USD 1,996.5 Million by 2025. This segment is expected to grow with the fastest CAGR of 7.25% during the forecast period.
Competitive Analysis
Some of the prominent players operating in the global electric wall heater market report are Marley Engineered Products, Stiebel Eltron Inc., Markel Products Company, Trane, Broan, Inc., WarmlyYours.com, Inc., King Electric, Indeeco, Glen Dimplex Group, and Radiant Systems.
Stiebel Eltron Inc. focuses on introducing innovative products and improving its existing product line to gain a larger customer base. It strategizes to create energy-efficient products that are reliable and fulfill the highest performance standards. Moreover, the company emphasizes on expanding its presence, especially in the electric wall heater market in Europe to strengthen its core businesses.
Broan focuses on expanding its presence in emerging regions including Asia-Pacific by establishing a strong distribution network. It aims to develop a strong product portfolio and attain technological competence to gain a competitive advantage in the global market. The company concentrates on research and development to develop innovative and cost-effective products. Through its research and development efforts, it aims to enhance its competitiveness by attracting new customers in different regions.
Regional Analysis
On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is anticipated to lead the electric wall heater market during the forecast period, followed by Europe. North America is expected to witness an excellent growth in the electric wall heater market, owing to the rapid urbanization, increase in demand for comfort and convenience in homes, and rapidly changing lifestyle. The Occupational Safety and Health Administration (OSHA) has amended several norms regarding the heating solution standards in this country. An increase in the number of residential construction activities and extreme climatic conditions increase the demand for electric wall heaters. Thus, an increase in construction activities, government regulations, and growing industrialization are some of the factors driving the market in this region.
The Global Electric Wall Heater Market is expected to reach USD 4,566.18 Million at a CAGR of over 5.66% by the end of the forecast period.
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