NEWARK, Del, July 18, 2022 (GLOBE NEWSWIRE) -- The global electric fireplace market is expected to be worth US$ 2.18 billion in 2021, with a 1.4 percent year-on-year growth. Between 2022 and 2032, the market is expected to grow at a CAGR of 3.7%, from USD 2.21 billion in 2022 to USD 3.2 billion in 2032. In 2020, the global market grew by 2%, compared to the 2% average year-on-year growth from 2017 to 2019.
Companies in the electric fireplaces market are making inroads into newer regions with the help of data-driven research to maximize their gains amid the ongoing coronavirus crisis.
However, power outages tend to question customers in rural and underdeveloped economies of Asia Pacific and Middle East & Africa before purchasing electric fireplaces. Hence, companies should increase awareness about generators that help to ease comfort at home for families and advertise its advantages such as low environmental footprint and elimination of venting associated with conventional fireplaces. As such, the Asia Pacific electric fireplaces market is likely to expand at a prominent growth rate during the forecast period due to increasing job opportunities.
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Increase in Home Hours to Boost Product Demand amid Coronavirus Crisis
Since an increasing number of people are preferring to stay at home due to online schooling and work-from-home requirements, companies in the electric fireplaces market are capitalizing on this opportunity to boost sales amid the ongoing coronavirus crisis. Remote working flexibility and burgeoning growth of eCommerce & mobile shopping apps are projected to drive the global market.
As such, domestic and global companies are in the midst of 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 in the process of shuffling their business operations to reduce concentration in a handful of countries.
Electric Fireplaces Market – Key Findings of Report
- Roll out of attractive incentives by governments and environment regulatory agencies to shift to nonconventional fireplaces underscores growth of the electric fireplaces market. For instance, an agreement between EPA and Dominion Energy led the U.S. Northeast American Lung Association to devise a three-state transformation plan wherein consumers receive financial incentives to replace old wood-burning appliances with clean home heating equipment during exchange campaigns.
- Manufacturers in the electric fireplaces market are undertaking design innovations to stay competitive in the electric fireplaces market. Design of products with 3D flames and electric stove that incorporate sound system and electric fireplaces with different flames are some innovations in the electric fireplaces market. For instance, inclusion of a new feature in 3D vapor fireplaces allows the color of flame to change.
- Manufacturers, suppliers, and dealers of electric fireplaces are entering into partnerships with technology companies to release 3D commerce apps. 3D room planning apps that comprise 3D product configurators to install electric fireplaces are gaining popularity to assist consumers shop online.
- Substantial sales via eCommerce is increasing competition in the electric fireplaces market. Savvy companies are strengthening their position in the online shopping segment preferred by consumers to translate into future business opportunities.
- Asia Pacific is anticipated to account for a significant share of the electric fireplaces market during the forecast period. Marketing of heat regulating fireplaces with sound and display effects undertaken by key players in the electric fireplaces market is creating demand in mildly cold or seasonally cold locations of the region.
- The U.K. is anticipated to continue to remain the fastest growing market for fireplaces in Europe, registering a CAGR of 6.7% during the forecast period. Government regulations for residential & commercial consumers to adopt pollution-free heating technology stimulates the electric fireplaces market growth in the region. Increasing awareness among consumers about the high heat output smart technology that consumes less energy is likely to stir the demand for electric fireplaces in Germany, France, and some other developed countries of the region.
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Global Electric Fireplace Market: Market Participants
The global market for electric fireplaces is consolidated and is highly dominated by top players in the market. Some of the leading players involved in the manufacturing and sales of the electric fireplace across the global market are:
- Twin-Star Home (ClassicFlame®)
- Real Flame
- Dimplex North America
- Amantii Electric Fireplaces
- Napoleon Fireplaces
- Duraflame, Inc.
- GHP Group Inc.
- Modern Flames
- Sierra Flames
- Woodbridge Fireplace Inc.
- Montigo
- Heatilator
- Alaskan Fireplace Company
- OER Fireplaces
The research report presents a comprehensive assessment of the electric fireplace market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated electric fireplace market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to electric fireplace market segments such as geographies, application, and industry.
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Key Segments Covered in the Electric Fireplace Market Study
Electric Fireplace Market by Type:
- Electric Stove
- Insert Electric Fireplace
- Table-Top Electric Fireplace
- Wall-Mounted Electric Fireplace
- Freestanding Electric Fireplace
Electric Fireplace Market by Size:
- Small (Up to 35") Sized Electric Fireplace
- Medium (36" - 42") Sized Electric Fireplace
- Large (43" - 48") Sized Electric Fireplace
- Extra Large (49" & Above) Sized Electric Fireplace
Electric Fireplace Market by Application:
- Electric Fireplace for Residential Applications
- Electric Fireplace for Commercial Applications
Electric Fireplace Market by Region:
- North America Electric Fireplace Market
- Latin America Electric Fireplace Market
- Europe Electric Fireplace Market
- East Asia Electric Fireplace Market
- South Asia & Pacific Electric Fireplace Market
- Middle East and Africa Electric Fireplace Market
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Electric Fireplace Market Analysis 2017-2021 and Forecast, 2022-2032
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