Chicago, June 12, 2024 (GLOBE NEWSWIRE) -- The Hearth Market is expected to reach USD 13.4 billion by 2029 from USD 10.9 billion in 2024, at a CAGR of 4.2% during the 2024–2029 period.
The major factors driving the market growth of the hearth market include rising application in hospitality industry. Additionally, the ongoing technological advancements, rising interest in outdoor hearth products, and visually appealing designs in hearth products provide growth opportunities to the market players.
To know about the assumptions considered for the study
Major Hearth Companies Include:
- HNI Corp. (US),
- Glen Dimplex (Ireland),
- Napoleon (Canada),
- Travis Industries Inc. (US),
- HPC Fire Inspired (US),
- Jøtul (Norway),
- Montigo (Canada),
- Stove Builder International (Canada),
- Innovative Hearth Products (US) and
- Empire Comfort Systems (US).
Hearth Market Segmentation Analysis:
By Product, Inserts to grow at the highest CAGR in the hearth market during the forecast period.
Fireplaces dominated the market, capturing a major share among hearth appliances, underscoring their enduring popularity and historical significance as one of the oldest types of hearth products. The segment of fireplace inserts is projected to experience significant growth making inserts a versatile solution for modern home heating needs. As one of the oldest modes of heating appliances, government agencies and stove manufacturers are making long-term efforts to minimize concerns related to air pollution, deforestation, and climate change. Consumers increasingly seek both traditional and modern hearth solutions, creating profitable opportunities for manufacturers in various sectors of the hearth market.
By type, Electricity- based fuel type accounts for the largest market share of the hearth market during the forecast period.
Electric- based hearths have become increasingly popular due to their highly energy-efficiency, ease of installation, ventless system, cost saving and offering ambiance. They provide reliable heat with adjustable settings such as remote-controlled, voice automation and LED lighting systems. The use of wood as a fuel type is experiencing a decline. This decrease can be attributed to increasing environmental concerns, stricter regulations on emissions, and the inconvenience associated with sourcing and storing wood. The growing demand for pellets highlights a shift towards more sustainable and efficient heating options globally.
By Region, Europe held the second largest share of the hearth market during the forecast period.
Europe is accounted for the second largest share of the hearth market. The presence of established several hearth manufacturing companies such as Glen Dimplex (Ireland), Jøtul (Norway), increasing integration in various sectors, government-led initiatives for environment sustainability are the major factors driving the market growth in Europe. North America has a high prevalence of fireplaces and stoves in both residential and commercial properties, holding the largest market share. The hearth market is growing steadily in regions like South America, and the Middle East & Africa.
Top Hearth Companies in the Market are:
HNI Corp. (US) offers hearth products such as gas, electric, wood, and pellet- based fireplaces, stoves, inserts, and accessories. HNI Corp. focuses on both organic and inorganic growth strategies such as product launches and acquisitions to strengthen its position in the hearth market. For instance, in March 2023, the company acquired Kimball International, Inc. (US) to diversify its business by adding a new segment, expanding its product range, customizing its go-to-market strategies, and enhancing its manufacturing capabilities.
Glen Dimplex (Ireland) is a renowned player in the hearth market. It majorly offers fireplaces that options various fuel sources such as electric, gas, and wood. The company focuses on organic growth strategies such as product launches and inorganic growth strategies such as acquisitions to expand their share in the hearth market. For instance, in February 2023, the company launched Clutha ULEB, a product under Masport brand, that represents a category of ultra- low emission burners.
Napoleon (Canada) offers gas, wood, and electric fireplaces, as well as stoves, inserts, and electric log sets. The company focuses on organic growth strategies such as product launches. For instance, in February 2022, the company launches Stylus Cara Elite- electric fireplace that operates on mobile devices through the Napoleon Home IoT software.
Travis Industries, Inc. (US) is a manufacturing company of wood, pellets, and gas stoves, inserts, and fireplaces in North America. The company operates under four different brands named Lopi, Fireplace Xtrordinair, DaVinci Custom Fireplaces, and Fire Garden. The company channels its products exclusively through a robust network of authorized retailers across the United States, Canada, Australia, and China. The company was acquired by AXIS Industrial Holdings, Inc., in 2021.
HPC Fire Inspired (US) offers outdoor and indoor fireplaces components and inserts. The company has a wide range of safety pilot valves, millivolt valves, and remote-control gas fire pit kits, alongside various components for the hearth industry. In 2003, HPC Fire Inspired expanded its offerings with the introduction of Outdoor Fire Products, starting with the manufacturing of fire rings. HPC Fire Inspired focuses on organic growth and inorganic growth strategies such as product launches, expansions, and acquisitions.
