Combine carrots and water, cover in a large saucepan over high heat. Boil 25 minutes or until carrots are tender. Drain and place in a large mixing bowl. Mash carrots with a fork.
Preheat oven to 350 degrees. Coat a 9 inch non-stick springform pan with a non-stick cooking spray, set aside.
To the mashed carrots add flour, sugars, baking powder, oil , eggs, and vanilla. Beat at medium speed with an electric mixer untill well blended (can also be mixed by hand). Do not over beat so batter will have small pieces of carrot for texture.
Pour mixture into prepared pan. Bake for 45 minutes or until a toothpick inserted in the center comes out clean. Cut into wedges and serve.