Mexico Residential Instant Gas Water Heater Market Revenues size is projected to grow at a CAGR of 4.3% during 2023–2029

Residential sector, in terms of application, attained the highest revenue share in Mexico Residential Instant Gas Water Heater Market – 6Wresearch

Residential sector emerged as the most significant application segment in the market as it generated the largest revenue share. Focus should be in the residential sector as it is expected to register growth in forthcoming year on account of rise in residential projects such as construction of housing units in Mexico Beach by St. Joe Company which is expected to increase the demand for hot water for daily usage thus contributing to growth of electric water heaters.

According to 6Wresearch, Mexico Residential Instant Gas Water Heater Market Revenues size is projected to grow at a CAGR of 4.3% during 2023–2029. In 2022, Mexico boasted one of the world's top five largest cities, with an urban population accounting for 81% of the total population, and it is poised for continued growth in the years ahead. Rural population has stagnated and is expected to further decrease till 2050 while number of people living in urban cities is expected to rise with a CAGR of about 0.33% from 2022 to 2030. Urban population would further grow owing to people relocating from rural areas to urban cities for employment as Mexican cities have most prominent automotive, consumer goods, apparel and textile manufacturing industries. This urban growth would substantially contribute towards increasing sales of water heaters. In 2023, 39.2% of the total population is in the middle-class segment which accounts for a significant 50 million households. Coupled with the convenience offered by instant water heaters, which eliminates the need to wait for a storage tank to heat up, this trend is expected to further propel the sales of instant gas water heaters in the upcoming year.

According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, due to abundant solar resources in Mexico, the cost saving ability of solar water heaters and various government incentives, solar water heaters are an attractive choice for residential areas in Mexico and are expected to witness the highest growth rate in the future.

The Mexico Residential Instant Gas Water Heater Market (2023-2029) report provides an in-depth analysis with 24 figures and 13 tables, covered in 82 pages. The report comprehensively covers the market by application, energy source, type, capacity, and distribution channel. The report provides a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per to the latest and future market dynamics.