Electric Wall Heater Market Foreseen to Grow Exponentially by 2030 | Market Size | Market Report |
Electric Wall Heater Market Scope
Electric
wall heater market has been witnessed to drive at a CAGR of 5.80%,
with a value of USD 5,230.7 million during the forecasted 2023-2030,
reveals Market Research Future (MRFR). We will provide COVID-19 impact analysis
with the report, along with all the key developments since the coronavirus
disease outbreak.
Renowned Industry Contenders
Some of the renowned industry contenders profiled in the
report are Stiebel Eltron Inc., Marley Engineered Products, King Electric,
Radiant Systems, Trane, Indeeco, Glen Dimplex Group, Broan Inc., Markel
Products Company, WarmlyYours.com, Inc., to mention a few.
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Top Drivers and Main Challenges
Electric wall heaters has turned out be a big hit in the
domestic market, given their affordability compared to their counterparts, such
as electric hydronic baseboard heaters that use ducting for HVAC. Electric wall
heaters are fully self-contained; wherein the cold air is absorbed via the
front, and the hot air is thrown out. This way there is no need for breaking
into the ceilings and walls for ducting, thereby boosting the appeal of these
heaters among consumers.
The electric wall heater market is also fostered by the
product’s energy-saving characteristics that enable the home owners to decide
the heat produced by adjusting the wattage. This helps cut down electricity use
with the addition of an advanced heating option. Further, renowned
manufacturers are adding the automatic shut-off feature in their heaters to
counteract the overheating issue in built-in thermostats. For instance, the
Heat Storm phoenix infrared space heater is one of the top RV electric wall
heaters that have the automatic shut-off feature that comes handy when the heat
reaches a dangerously extreme temperature level. With the automatic shut-off
feature in the heater, consumers don’t have to be concerned with the heater
causing damage after a specific amount of time.
Many of the renowned companies are making their way into
untapped markets such as Asia Pacific to gain leverage and expand their
customer base. To illustrate, in June 2020 it was confirmed that Lasko
Products, LLC, one of the leading electric wall heater vendors in the US, is
set to enter the Indian market. The company is ready to launch an assortment of
products for Indian consumers, for applications in home as well as offices.
Segmental Review
The electric wall heater industry can be segmented with
respect to application and power.
The applications of electric wall heaters are
non-residential as well as residential. In 2018, the residential segment led
the global market since homes are increasingly using electric wall heaters in
light of the rising urbanization rate, rapidly evolving lifestyle, and the high
preference for comfort features.
The power-based segments are <1000 Watt, 1000 to 1600
Watt, 1600 to 2000 Watt, along with > 2000 Watt. The highest market share
can belong to the 1000 to 1600-Watt segment, as a result of the growing demand
for energy efficient but high capacity heaters in commercial as well as residential
applications. This has led to higher demand for 1000 to 1600-Watt capacity
electric wall heaters in the global market.
Regional Insight
The electric wall heater market has been regionally
dissected into North America, APAC/Asia Pacific (APAC), and Europe along with
RoW or rest of the world.
In the forthcoming years, North America could emerge as the
worldwide leader in the electric wall heater market thanks to the existence of
a massive number of well-known electric wall heater manufacturers like Stiebel
Eltron Inc., Marley Engineered Products, Broan Inc. and Markel Products
Company. Most of these regional players offer cheap priced and technologically
innovative electric wall heaters that helps boost their market position and
also works in favor of the target industry in North America. Connectivity
features like Wi-Fi powered features integrated into modern electric wall
heaters proving to be a big hit among homeowners. Sensing the opportunity in
the region, a majority of the manufacturers are also developing portable and
foldable electric wall heaters that can be used for diverse occasions.
Europe is the second leading market for electric wall
heaters, especially since the Europe Energy Efficiency and European Union (EU)
have devised numerous ratings and standards for electronic appliances that are
required to be followed by the manufacturers. This factor has also prompted
these manufacturers to develop energy efficient and cost-effective heaters. A
vast number of international electric wall heater manufacturers are trying to
gain entry into the European market, as the region holds high growth potential
given the cold climate throughout the year, strict government energy policies
and regulations, high disposable income of people, and temperature fluctuations.
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