Electric Wall Heater Market SWOT Analysis of Top Key Player Forecasts to 2030
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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