The Electric Wall Heater Market size was esteemed at USD 3.88 billion in 2023 and is supposed to arrive at USD 5.76 billion by 2031, with a growing CAGR of 5.06% over the forecast period 2024-2031.
Rising energy costs are prompting consumers to seek alternative heating solutions, and electric wall heaters offer a controllable and efficient option compared to traditional fossil fuel systems. This is particularly relevant in regions with fluctuating climates, where localized heating can be more cost-effective than constantly running a central furnace. Additionally, growing urbanization and the construction of smaller, more energy-efficient homes are creating ideal environments for electric wall heaters, which can effectively heat individual rooms.
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Rising energy bills, clocking in at an average of 14% growth year-over-year in the US alone, incentivize consumers to seek alternative heating solutions. This, mix with a growing focus on environmental responsibility, has led to a 68% increase in demand for energy-efficient electric wall heaters since 2015. Furthermore, the residential sector is the primary driver of the electric wall heater market, accounting for 72% of electric wall heater sales globally.
Government initiatives promoting energy efficiency further support the growth of the market. For instance, tax credits and rebates offered in several countries incentivize homeowners to invest in energy-saving appliances, including electric wall heaters that meet specific performance standards. This combinations of economic considerations, architectural trends, and supportive government policies is promoting the electric wall heater market growth.
Market Dynamics
Drivers:
Consumer's desire for lower energy costs is fueling the rise of modern electric wall heaters.
Modern electric wall heaters boast improved insulation and utilize smart sensors to regulate power consumption based on ambient temperature. This translates into significant cost savings for consumers, as evidenced by a study which found that households using advanced electric wall heaters experienced an average reduction of 20% in their heating bills compared to older models.
Restrain:
Growing environmental concerns push consumers towards cleaner heating solutions.
Opportunity:
With quieter tech and government incentives for energy-saving solutions, electric wall heaters are becoming a more attractive and eco-friendly choice for consumers.
Advancements in noise reduction technology have led to quieter operation, creating a more comfortable user experience. For instance, a survey revealed that 72% of respondents placed a high value on quiet operation when selecting a space heater. Governments worldwide are also playing a role in promoting the market forward by enacting stricter energy efficiency regulations and offering rebates for eco-friendly heating solutions, further incentivizing consumer adoption of electric wall heaters.
With Russia being a major supplier of natural gas, a key source of electricity generation, prices have skyrocketed. A report by the International Energy Agency (IEA) found that wholesale electricity prices in the European Union more than doubled in 2022 compared to the previous year. This translates to a significant increase in the cost of operating electric wall heaters, potentially by over 90% in some regions. This surge in electricity prices has led to a decrease in demand for electric wall heaters, as consumers look for more economical ways to heat their homes.
However, this trend might be countered by a growing interest in energy-efficient models as people seek ways to manage their energy bills. The war's long-term impact on the market remains uncertain, but it is likely to accelerate the shift towards energy-efficient electric wall heaters and potentially push innovation in alternative heating solutions.
Consumer spending tightens, leading to a potential 20% decline in demand for these non-essential appliances. This is because households prioritize necessities like food and rent, leaving less room for discretionary purchases like a new heater. Additionally, with concerns about rising electricity costs, some consumers might choose to delay replacing an older heater, opting to bundle up with extra blankets instead. However, this slowdown might be temporary.
As the economy recovers, demand for electric wall heaters can rebound, especially in colder climates where they provide a convenient and targeted heating solution. Manufacturers might also respond by offering more energy-efficient models to address cost concerns.
Market Segmentation Analysis:
By Application:
The electric wall heater market by application is divided into two consumer groups: residential and non-residential. The residential sector dominates, capturing the larger market share estimated around 65-70%. This dominance stems from the ease of installation, efficient heating in targeted areas, and overall convenience electric wall heaters offer for homes. Conversely, the non-residential segment, encompassing workplaces, warehouses, and similar spaces, accounts for the remaining 30-35%. Here, factors like cost-effectiveness for zone heating and the ability to maintain comfortable temperatures in specific areas during off-peak hours drive demand.
By Power
Based on power, the worldwide market is sectioned into <1000 Watt, 1000 to 1600 Watt, 1600 to 2000 Watt, and > 2000 Watt. The 1000 to 1600-Watt portion is supposed to hold the greatest piece of the pie, because of the requirement for energy proficient high limit warmers and warming arrangements in private and business applications. This is supposed to expand the interest of 1000 to 1600-Watt electric wall radiators during the estimated time frame.
By Application
Residential
Non-Residential
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By Power
<1000 Watt
1000 to 1600 Watt
1600 to 2000 Watt
>2000 Watt
Regional Analysis:
The North American electric wall heater market holds a significant share of the market, estimated to be around 30% according to SNS Insider. This dominance is driven by factors like cold winters in vast regions, a focus on energy efficiency in newer homes, and rising disposable incomes. Government initiatives promoting energy-efficient appliances further fuel this growth. For instance, in the United States, the Energy Star program incentivizes the purchase of electric wall heaters that meet strict efficiency standards. This not only reduces energy consumption and lowers electricity bills for consumers but also eases the strain on national power grids during peak winter months. However, the market faces challenges from fluctuating energy prices and competition from alternative heating solutions.
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The Major Players are Marley Engineered Products, Stiebel Eltron Inc., Markel Products Company, Trane, Broan, Inc., WarmlyYours.com, Inc., King Electric, Indeeco, Glen Dimplex Group, Radiant Systems and Other Players.
Recent Developments:
In February 2024, industry veteran Marley Engineered Products announced a new line of eco-friendly heaters boasting recycled steel bodies and improved insulation for minimized heat loss.
Stiebel Eltron, a German powerhouse, unveiled its latest model in March 2024, focusing on smart home integration with voice-controlled temperature adjustments and Wi-Fi connectivity.
WarmlyYours.com is making waves with its sleek, ultra-thin heater designs that double as radiant heat panels, blending seamlessly into modern living spaces. This focus on energy efficiency, smart technology, and aesthetics reflects the evolving demands of today's consumers, and promises a future of intelligent and design-forward electric wall heating
Marley Engineered Products-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 3.88 Billion |
| Market Size by 2031 | US$ 5.76 Billion |
| CAGR | CAGR of 5.06% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Application (Residential and Non-Residential) • by Power (<1000>2000 Watt) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Marley Engineered Products, Stiebel Eltron Inc., Markel Products Company, Trane, Broan, Inc., WarmlyYours.com, Inc., King Electric, Indeeco, Glen Dimplex Group, and Radiant Systems |
| Key Drivers |
|
Ans: Application and Power segments are covered in the Electric Wall Heater Market.
Ans: The Electric Wall Heater Market is to grow at a CAGR of 5.06% from 2024 to 2031.
Ans: North America has the biggest offer in the Electric Wall Heater market.
Ans: Consumer's desire for lower energy costs is fueling the rise of modern electric wall heaters.
Ans: The Electric Wall Heater Market size is estimated to reach USD 5.67 Bn by 2031.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Electric Wall Heater Market Segmentation, By Power
9.1 Introduction
9.2 Trend Analysis
9.3 Residential
9.4 Non-Residential
10. Electric Wall Heater Market Segmentation, By Application
10.1 Introduction
10.2 Trend Analysis
10.3 <1000 Watt
10.4 1000 to 1600 Watt
10.5 1600 to 2000 Watt
10.6 >2000 Watt
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 Trend Analysis
11.2.2 North America Electric Wall Heater Segmentation, by Country
11.2.3 North America Electric Wall Heater Segmentation, By Power
11.2.4 North America Electric Wall Heater Segmentation, By Application
11.2.5 USA
11.2.5.1 USA Electric Wall Heater Segmentation, By Power
11.2.5.2 USA Electric Wall Heater Segmentation, By Application
11.2.6 Canada
11.2.6.1 Canada Electric Wall Heater Segmentation, By Power
11.2.6.2 Canada Electric Wall Heater Segmentation, By Application
11.2.7 Mexico
11.2.7.1 Mexico Electric Wall Heater Segmentation, By Power
11.2.7.2 Mexico Electric Wall Heater Segmentation, By Application
11.3 Europe
11.3.1 Trend Analysis
11.3.2 Eastern Europe
11.3.2.1 Eastern Europe Electric Wall Heater Segmentation, by Country
11.3.2.2 Eastern Europe Electric Wall Heater Segmentation, By Power
11.3.2.3 Eastern Europe Electric Wall Heater Segmentation, By Application
11.3.2.4 Poland
11.3.2.4.1 Poland Electric Wall Heater Segmentation, By Power
11.3.2.4.2 Poland Electric Wall Heater Segmentation, By Application
11.3.2.5 Romania
11.3.2.5.1 Romania Electric Wall Heater Segmentation, By Power
11.3.2.5.2 Romania Electric Wall Heater Segmentation, By Application
11.3.2.6 Hungary
11.3.2.6.1 Hungary Electric Wall Heater Segmentation, By Power
11.3.2.6.2 Hungary Electric Wall Heater Segmentation, By Application
11.3.2.7 Turkey
11.3.2.7.1 Turkey Electric Wall Heater Segmentation, By Power
11.3.2.7.2 Turkey Electric Wall Heater Segmentation, By Application
11.3.2.8 Rest of Eastern Europe
11.3.2.8.1 Rest of Eastern Europe Electric Wall Heater Segmentation, By Power
11.3.2.8.2 Rest of Eastern Europe Electric Wall Heater Segmentation, By Application
11.3.3 Western Europe
11.3.3.1 Western Europe Electric Wall Heater Segmentation, by Country
11.3.3.2 Western Europe Electric Wall Heater Segmentation, By Power
11.3.3.3 Western Europe Electric Wall Heater Segmentation, By Application
11.3.3.4 Germany
11.3.3.4.1 Germany Electric Wall Heater Segmentation, By Power
11.3.3.4.2 Germany Electric Wall Heater Segmentation, By Application
11.3.3.5 France
11.3.3.5.1 France Electric Wall Heater Segmentation, By Power
11.3.3.5.2 France Electric Wall Heater Segmentation, By Application
11.3.3.6 UK
11.3.3.6.1 UK Electric Wall Heater Segmentation, By Power
11.3.3.6.2 UK Electric Wall Heater Segmentation, By Application
11.3.3.7 Italy
11.3.3.7.1 Italy Electric Wall Heater Segmentation, By Power
11.3.3.7.2 Italy Electric Wall Heater Segmentation, By Application
11.3.3.8 Spain
11.3.3.8.1 Spain Electric Wall Heater Segmentation, By Power
11.3.3.8.2 Spain Electric Wall Heater Segmentation, By Application
11.3.3.9 Netherlands
11.3.3.9.1 Netherlands Electric Wall Heater Segmentation, By Power
11.3.3.9.2 Netherlands Electric Wall Heater Segmentation, By Application
11.3.3.10 Switzerland
11.3.3.10.1 Switzerland Electric Wall Heater Segmentation, By Power
11.3.3.10.2 Switzerland Electric Wall Heater Segmentation, By Application
11.3.3.11 Austria
11.3.3.11.1 Austria Electric Wall Heater Segmentation, By Power
11.3.3.11.2 Austria Electric Wall Heater Segmentation, By Application
11.3.3.12 Rest of Western Europe
11.3.3.12.1 Rest of Western Europe Electric Wall Heater Segmentation, By Power
11.3.2.12.2 Rest of Western Europe Electric Wall Heater Segmentation, By Application
11.4 Asia-Pacific
11.4.1 Trend Analysis
11.4.2 Asia Pacific Electric Wall Heater Segmentation, by Country
11.4.3 Asia Pacific Electric Wall Heater Segmentation, By Power
11.4.4 Asia Pacific Electric Wall Heater Segmentation, By Application
11.4.5 China
11.4.5.1 China Electric Wall Heater Segmentation, By Power
11.4.5.2 China Electric Wall Heater Segmentation, By Application
11.4.6 India
11.4.6.1 India Electric Wall Heater Segmentation, By Power
11.4.6.2 India Electric Wall Heater Segmentation, By Application
11.4.7 Japan
11.4.7.1 Japan Electric Wall Heater Segmentation, By Power
11.4.7.2 Japan Electric Wall Heater Segmentation, By Application
11.4.8 South Korea
11.4.8.1 South Korea Electric Wall Heater Segmentation, By Power
11.4.8.2 South Korea Electric Wall Heater Segmentation, By Application
11.4.9 Vietnam
11.4.9.1 Vietnam Electric Wall Heater Segmentation, By Power
11.4.9.2 Vietnam Electric Wall Heater Segmentation, By Application
11.4.10 Singapore
11.4.10.1 Singapore Electric Wall Heater Segmentation, By Power
11.4.10.2 Singapore Electric Wall Heater Segmentation, By Application
11.4.11 Australia
11.4.11.1 Australia Electric Wall Heater Segmentation, By Power
11.4.11.2 Australia Electric Wall Heater Segmentation, By Application
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Electric Wall Heater Segmentation, By Power
11.4.12.2 Rest of Asia-Pacific Electric Wall Heater Segmentation, By Application
11.5 Middle East & Africa
11.5.1 Trend Analysis
11.5.2 Middle East
11.5.2.1 Middle East Electric Wall Heater Segmentation, by Country
11.5.2.2 Middle East Electric Wall Heater Segmentation, By Power
11.5.2.3 Middle East Electric Wall Heater Segmentation, By Application
11.5.2.4 UAE
11.5.2.4.1 UAE Electric Wall Heater Segmentation, By Power
11.5.2.4.2 UAE Electric Wall Heater Segmentation, By Application
11.5.2.5 Egypt
11.5.2.5.1 Egypt Electric Wall Heater Segmentation, By Power
11.5.2.5.2 Egypt Electric Wall Heater Segmentation, By Application
11.5.2.6 Saudi Arabia
11.5.2.6.1 Saudi Arabia Electric Wall Heater Segmentation, By Power
11.5.2.6.2 Saudi Arabia Electric Wall Heater Segmentation, By Application
11.5.2.7 Qatar
11.5.2.7.1 Qatar Electric Wall Heater Segmentation, By Power
11.5.2.7.2 Qatar Electric Wall Heater Segmentation, By Application
11.5.2.8 Rest of Middle East
11.5.2.8.1 Rest of Middle East Electric Wall Heater Segmentation, By Power
11.5.2.8.2 Rest of Middle East Electric Wall Heater Segmentation, By Application
11.5.3 Africa
11.5.3.1 Africa Electric Wall Heater Segmentation, by Country
11.5.3.2 Africa Electric Wall Heater Segmentation, By Power
11.5.3.3 Africa Electric Wall Heater Segmentation, By Application
11.5.3.4 Nigeria
11.5.3.4.1 Nigeria Electric Wall Heater Segmentation, By Power
11.5.3.4.2 Nigeria Electric Wall Heater Segmentation, By Application
11.5.3.5 South Africa
11.5.3.5.1 South Africa Electric Wall Heater Segmentation, By Power
11.5.3.5.2 South Africa Electric Wall Heater Segmentation, By Application
11.5.3.6 Rest of Africa
11.5.3.6.1 Rest of Africa Electric Wall Heater Segmentation, By Power
11.5.3.6.2 Rest of Africa Electric Wall Heater Segmentation, By Application
11.6 Latin America
11.6.1 Trend Analysis
11.6.2 Latin America Electric Wall Heater Segmentation, by Country
11.6.3 Latin America Electric Wall Heater Segmentation, By Power
11.6.4 Latin America Electric Wall Heater Segmentation, By Application
11.6.5 Brazil
11.6.5.1 Brazil Electric Wall Heater Segmentation, By Power
11.6.5.2 Brazil Electric Wall Heater Segmentation, By Application
11.6.6 Argentina
11.6.6.1 Argentina Electric Wall Heater Segmentation, By Power
11.6.6.2 Argentina Electric Wall Heater Segmentation, By Application
11.6.7 Colombia
11.6.7.1 Colombia Electric Wall Heater Segmentation, By Power
11.6.7.2 Colombia Electric Wall Heater Segmentation, By Application
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Electric Wall Heater Segmentation, By Power
11.6.8.2 Rest of Latin America Electric Wall Heater Segmentation, By Application
12. Company Profiles
12.1 Marley Engineered Products
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Stiebel Eltron Inc. Markel Products Company
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Trane
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Broan Inc.,
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 King Electric
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Indeeco
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Glen Dimplex Group
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Radiant Systems
12.8.1 Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Warmlyyours.com
12.9.1 Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Others
12.10.1 Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. USE Cases and Best Practices
15. Conclusion
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