Electric Wall Heater Market 2021: COVID-19 Impact Analysis, Share, Size, Trends, Industry Growth and Segment Forecasts To 2023
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.
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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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