TANKLESS WATER HEATER MARKET ANALYSIS

Regional Analysis

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North America has established itself as the dominant regional market for tankless water heaters. The region is expected to account for over 35.4% of the market share in 2024, owing to higher acceptance rate and broad product availability. The U.S., in particular, dominates the North America market due to the presence of widespread distribution networks of key manufacturers. This ensures ease of access to all varieties and price points of tankless water heaters for consumers across the country. In addition, growing awareness about energy and cost savings associated with tankless systems have boosted their popularity as a replacement for conventional tank-type heaters over the last decade. Stringent building codes mandating high energy efficiency standards also favor the adoption of tankless heaters.

Asia Pacific, on the other hand, is the fastest growing regional market for tankless water heaters. Countries like China, Japan, and South Korea have traditionally led demand in the region. However, other emerging economies of India, Indonesia, and Vietnam are displaying the highest growth rates on the back of expanding middle-class population and construction activity and rising disposable income levels. While Japan has been a pioneer with widespread usage of tankless heaters for over 50 years due to limited living spaces, other Asian countries are now also embracing this space-saving technology.