Wilmington, Delaware, United States, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electric fireplaces market stood at US$ 3 billion in 2021 and is projected to reach US$ 4 billion in 2031. The global electric fireplaces market is anticipated to expand at a CAGR of 6.1% between 2021 and 2031.
Manufacturers in the electric fireplaces market are focused on launching new products and technologies, such as 3D (3-dimensional) flames and electric stoves that integrate sound systems. Therefore, the supply of new products has become a major trend in the electric fireplace market, as manufacturers deal with competition by adding more features to the systems they offer to meet consumer needs.
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Companies are entering into partnerships to release several new 3D commerce apps featuring 3D product configurators for heart and home technologies. 3D room planning apps and mobile-friendly home & office scene configurator apps are gaining popularity. These apps are expected to help consumers shop online.
A new feature in 3D vapor fireplaces allows the color of the flames to change. A water vapor fireplace can create flames of green, purple, blue, and red. Fire can flash with changing colors, bright effects, and stroboscope effects. These new trends are helping to fuel the demand for electric fireplaces in the global market.
Leading providers of electric fireplaces that enhance and protect outdoor living and recreational facilities are gaining a competitive edge over other market players. Moreover, company acquisitions and mergers will likely promote continued growth based on modern consumer purchasing practices.
Key Ventures operating in the global electric fireplaces market are
- Glen Dimplex Group
- Empire Comfort Systems Inc.
- European Home
- HNI Corporation
- Amantii Electric Fireplaces
- Innovative Hearth Products
- FPI Fireplace Products International Ltd.
- Twin-Star International
- RVA Etronics Pvt. Ltd.
Key Takeaways of the Market Report
- Global electric fireplaces market to generate absolute dollar opportunity worth US$ 4 billion until 2031.
- Global electric fireplaces market from 2021 to 2031 is 6.1%
- The global electric fireplaces market is valued at US$ 2.1 billion in 2020.
- The global electric fireplaces market stood at US$ 3 billion in 2021.
Electric Fireplaces Market: Growth Drivers
- An increasing number of people prefer to stay at home due to online schooling and work-from-home requirements; companies in the electric fireplace market are capitalizing on this opportunity to boost sales amid the ongoing coronavirus crisis. Remote working flexibility and the burgeoning growth of eCommerce & mobile shopping apps are projected to drive the global market.
- Domestic and global companies are in the midst of a rapid shift in supply chain planning, operations, and inventory management to address the impact of the pandemic. Several companies have already started re-evaluating their supply chains and shuffling their business operations to reduce concentration in a handful of countries.
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Electric Fireplaces Market: Regional Landscape
- North America held the largest revenue share of the global market in 2020. A strong consumer base for heating appliances and government bodies promoting electric heating appliances to prevent the risk associated with pollution are contributing to the expansion of the electric fireplace market. The advantage of safe handling while operating heating appliances is likely to promote the sales of electric fireplaces in the region.
- Adoption of electric appliances, rapid urbanization, and safe heating devices are generating demand for reliable electric fireplaces in the Asia Pacific region.
Electric Fireplaces Market: Key Players
- HNI Corporation partnered with Marxent and released several new 3D Commerce apps, featuring the 3D Product Configurator for hearth & home technologies, the HON Now 3D Room Planner, and the mobile-friendly HON Home Office Scene Configurator. These features are expected to help consumers shop online.
- FPI Fireplace Products International, Ltd, also known as Regency Fireplace Products, introduced a new electric fireplace to its product line to give customers better options for facility installation and fuel types. The Scope Electric Fireplace product line allows Regency to expand into the electric market and widens its product portfolio and its foothold in the market.
- Beckner Clevy Partners and Harbert Management Corporation acquired IHP. This deal is expected to strengthen IHP’s financial position and focus on new product innovation. This would also help the company to run its manufacturing units and distribution process to get a better foothold in the market.
Electric Fireplaces Market: Segmentation
- Product Type
- Wall Mount Electric Fireplaces
- Built-in Electric Fireplaces
- Freestanding Electric Fireplaces
- Others (Electric Fireplace Inserts, etc.)
- Size
- Under 30 Inches
- 30-45 Inches
- 45-60 Inches
- Above 60 Inches
- Style
- Traditional
- Modern
- Category
- Outdoor
- Indoor
- Price Range
- Low
- Medium
- High
- End-use
- Residential
- Commercial
- Hotels & Restaurants
- Offices
- Others (Health & Wellness Centers etc.)
- Distribution Channel
- Online
- Offline
- Direct Sales
- Indirect Sales
- Region
- North America
- Europe
- Asia Pacific
- MEA
- South America
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