Heating Appliances Market is Anticipated to Reach Valuation of USD 74.82 billion by 2032 with a CAGR of 3.87% During the Forecast Period 2025-2032; Rising Usage Of Devices For Residential, Industrial, And Commercial Purposes to Boost Market Growth Exponentially: Fortune Business Insights™

The global heating appliances market size was valued at USD 55.30 billion in 2024. The market is projected to grow from USD 57.35 billion in 2025 to USD 74.82 billion by 2032, exhibiting a CAGR of 3.87% during the forecast period.

Fortune Business Insights™ presents this information in its report titled “Heating Appliances Market Size, Share & COVID-19 Impact Analysis, By Fuel Type (Natural Gas, LPG, and Butane/Propane), By End-user (Residential (Space Heating Appliances, Cooking Appliances, Clothes Drying, and Gas Water Heaters) and Commercial (Space Heating Appliances, Water Heaters, and Cooking Appliances)), and Regional Forecasts, 2025-2032”. Rising usage of such devices for residential, industrial, and commercial purposes is expected to drive market growth. Government initiatives to improve energy efficiency across global industrial businesses and technological advancements are encouraging manufacturers to have innovative and efficient household appliances.

Hindware Introduced New Products under its Room and Water Heaters Segment

Market players have been enhancing their product portfolio by increasing their brand presence. In October 2022, Hindware expanded its product portfolio by introducing new products under its room and water heaters segment. The new products included a Hindware Kweik Portable water heater and a tankless water heater. Hindware is an Indian company building products and home appliances.

Pandemic Affected the Production and Supply Chain Operations of Various Companies 

During the COVID-19 pandemic, governments imposed lockdown restrictions and social distancing. This affected the production and supply chain operations of various companies such as Hitachi Ltd., Electrolux AB, Daikin Industries Ltd., and others. As a result, the demand for gas cooktops, gas heaters, and gas ovens was affected. For instance, Rinnai Corporation, a leading Japanese gas appliance manufacturer, reported 1.7% decline in its total sales revenues and reached USD 3.13 million in 2021 due to COVID-19 related lockdown restrictions globally.

Preference of Restaurants for Safe and Naturally Fired Appliances to Expand Product Demand

Preference of restaurants for safe and naturally fired appliances is anticipated to propel the heating appliances market growth. Growing preference for safe gas-powered cooktops in hotel & restaurant infrastructural settings offers new growth opportunities. These commercial facilities are more focused on cost-effective natural gas-powered sources for heating, cooking, and other functions. There is increasing demand for naturally gas-powered appliances such as cooktops, ovens, and water heaters. Additionally, the wide availability of gas stoves of different shapes with multiple burners further supports the product demand globally.

However, the higher cost of repairing and maintaining gas heating products limits the product demand worldwide to hamper market growth.

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https://www.fortunebusinessinsights.com/heating-appliances-market-106783

Technologically Advanced Product Launches by Market Players to Drive Market Share

Nowadays, prominent global domestic heating devices market players implement differentiated strategies to adapt to shifting customer shopping trends and stay competitive in the intensely competitive landscape. For example, in January 2022, LG Corporation revealed FX washer and gas dryer products, which are AI-based. They help in the customization of cloth washing loads. The FX gas dryer and washer analyze the size of the cloth load, fabric type & soil level, and dispense detergent quantity according to the cleaning requirements.

Notable Industry Development

• January 2023: Samsung Electronics Air Conditioner Europe (SEACE) announced that it would take part in ISH 2023, a trade fair for showcasing its heat pump solutions and other innovative products at the trade fair.

List of Key Companies Profiled in the Report:

• Hitachi Ltd. (Japan)
• Electrolux AB (Sweden)
• Samsung Electronics Co. Ltd. (South Korea)
• Panasonic Corporation (Japan)
• Robert Bosch GmbH (Germany)
• Haier Smart Home Co. Ltd. (China)
• Honeywell International Inc. (U.S.)
• LG Electronics Inc. (South Korea)
• Inductotherm Corp. (U.S.)
• Rinnai Corporation (Japan)

Further Report Findings

• The market in North America is expected to hold largest part in heating appliances market share and stood at USD 19.18 billion in 2024  due to the rising preference of THE U.S. and Canadian population for replacing their existing appliances. Increasing levels of spending BY the millennial population on cooking & baking appliances and smart home accessories to advance the market development.
• The Asia Pacific market share is expected to grow considerably due to increasing consumer demand for energy-efficient and innovative technology-based appliances to fulfill their basic livelihood.
• In terms of fuel type, the segment is led by the natural gas, owing to the abundant availability of natural gas, which helps in the harvesting methods for grain drying and other agricultural needs.

Table of Segmentation