The global heat pump water heater market was valued at $12.53 billion in 2024 and is expected to grow at a CAGR of 11.9% from 2025 to 2034, reaching $38.60 billion by 2034. Heat pump water heaters are energy-efficient alternatives to traditional water heaters, using electricity to move heat from one place to another. They are known for their high efficiency and lower operating costs. The market is driven by the growing use of eco-friendly options, increasing demand for energy-saving heating solutions, and technological advancements in efficiency and flexibility. Key players in the market include A.O. Smith, Bosch, Carrier, Daikin, Fujitsu, Haier, INSPUR, Johnson Controls, LG, Midea, Mitsubishi, Panasonic, and Rheem. The market is segmented by technology outlook, capacity outlook, operation type, and application outlook. The Asia Pacific region led the market in 2024, while North America is expected to experience the fastest growth during the forecast period.
Global demand for heat pump water heaters surges, reaching a staggering US$38.60 billion market value.
