Europe Electric Space Heaters - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

Europe Electric Space Heaters - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

The European electric space heater market has generated revenue of USD 1.45 Billion in the current year and is poised to achieve a CAGR of more than 4% for the forecast period.

Key Highlights

• Germany, The Czech Republic, Norway, Iceland, and Switzerland are among the European countries with cold weather all year. This makes Electric space heaters an important appliance in the region.
• Post covid, household electricity prices in the European Union have risen steeply, leading electric space heater manufacturers to make their appliances energy efficient. In terms of distribution channels, Online sales of household appliances increased to a share of around 37% last year, leading to rising demand for electric space heaters through online channels.
• With the advent of COVID-19, European consumer spending on household upkeep observed an increase. The average winter temperature in Germany declined to 1.8 degrees celsius, creating a positive externality for the demand for Electric space heaters in homes. During Cold and wetter weather in Europe, COVID cases rose, resulting in an increase in hospitalization rate with a rise in electric space heater demand from hospitals.
• Post-COVID revenue of household appliances in Europe is observing a continuous increase with a constant price per unit of small appliances, making it affordable for households. The per capita income in the European Union rose and observed an increase as the economy recovered from the negative impact of COVID-19 with rising jobs and employment, increasing the purchasing power of people and creating a positive externality for the demand for electric space heaters.

Europe Electric Space Heaters Market Trends

Increase In Residential Space Rising Demand For Electric Space Heater

• Russian regions of Norway, Finland, and Iceland are among the countries existing as the coldest regions in Europe. The value of Residential real estate in Europe has observed a continuous increase over the years, creating market space for the sales of electric space heaters as well.
• In terms of Energy consumption of European Union (EU) Households, space heating segments occupy the largest share of 64.5%, with water heating and lightening existing next in line, highlighting the value and usage of Electric space heaters in the region.
• Residential buildings in the European region consume higher levels of energy in comparison to Public and Commercial buildings. With the energy crisis in Europe and the rise in electricity bills, demand for energy-efficient appliances to keep families warm increased last winter, leading to the expansion and opening of Europe's electric space heater market for global players, especially China, with a 70% increase in demand for electric heater import.

Rise of Smart Homes in Europe

• European people are moving towards the adoption of appliances equipped with smart and energy-efficient features, raising the need for the creation of energy-efficient electric space heaters by manufacturers. In Europe, as the revenue in the Smart home market is observing continuous growth, it is creating a positive externality for the sales of electric space heaters equipped with smart features.
• With smart features in electric heaters, users can change the temperature in an entire room with one press of a button. As the electric space heaters are equipped with Wi-Fi, the device can be easily controlled via a mobile app. This allows users to set schedules, adjust the temperature, and monitor energy consumption in real-time.
• With these technological innovations in the market, Italy, Hungary, and Denmark are emerging as European countries with the largest number of population switching to energy-saving programs, raising demand for smart energy-efficient heaters in the region.

Europe Electric Space Heaters Industry Overview

The European electric space heater market is fragmented, and the region being affected by a cold climate each year is attracting global electric space heater manufacturers in the region. The rising use of electric heaters is raising electricity prices in the region, causing demand for energy-efficient electric space heaters, which need to be supplied by global players. These trends led to market opportunities for new players with efficient, innovative, and low-cost products. The major players in the market are Inelco, Tansun, LG Electronics, Stiebel Eltron and Havells.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support