Electric Fireplace Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics

Electric Fireplace Market Overview:

Electric Fireplace is heating equipment that looks somewhat like the traditional wood-fire fireplace but does not require any professional installation or venting in the house. Due to constant innovations in technologies, there are more types of Electric Fireplaces like the one which uses infrared technology. But they are free from fumes and dangerous gases.

 

Electric Fireplace Market report examines the market's growth drivers as well as its segments. Data has been provided by market participants, and regions (North America, APAC, Europe, MEA, and South America). This market study takes an in-depth look at all of the significant advancements that are currently occurring across all industry sectors. To provide key data analysis for the historical period (2017-2020), statistics, and presentations are used. The report examines the Electric Fireplace market’s, Drivers, Restraints, Opportunities, and Challenges. This SMR report includes investor recommendations based on a detailed analysis of the current competitive landscape of the Electric Fireplace market.

 

Companies in the electric fireplace market are moving to new areas using data-driven research to maximize profits in the ongoing coronavirus crisis. However, power outages tend to quiz customers in rural and developing economies in Asia Pacific, the Middle East, and Africa before buying an electric fireplace. Therefore, businesses need to raise awareness of generators that help facilitate the comfort of family homes and promote their interests.

 

 

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Electric Fireplace Market Dynamics:

Electric fireplaces are environmentally friendly, portable, economical and safe to use, and cost less to maintain than fireplaces that require wood or gas. Heat and flames are generated directly using the electricity of an electric fireplace, eliminating the need for chimneys and smoke. The absence of a chimney is one of the key factors behind the high demand for electric fireplaces in the global market. Because installing a chimney requires more money, labor and extra space. Whereas Electric Fireplace can be installed by the consumer without expertise.

 

The COVID19 virus had a major impact on financial activities in the first quarter after the pandemic, causing concern for the manufacturing industry. The supply-side scenario saw a sharp contraction due to the suspension of manufacturing activities and various permits for cross-border trade of non-essential products. Nevertheless, the demand side of the market estimated a completely contradictory scenario. By staying at home for a long time, customers began to look at interior design, which helped boost sales of electric fireplaces. Also, staying at home changed the consumer behavior tending them to incline more towards comfort products, thereby increasing their demand.

 

Advances in fireplaces with additional heating solutions have emerged as promising cost-effective and practical solutions for residential and specific commercial projects. The extra charge provides zone heating capabilities, allowing consumers to choose the specific space to heat that is most often used by the resident. Using this state-of-the-art system for heating after isolation of the entire infrastructure incurs considerable energy costs when using a fireplace.

 

With the help of technology and innovations, many new features are introduced in Electric Fireplaces like 3D flames, crackling sound system which sounds like actual fire, etc. by the manufacturers across the world. So, the innovative product offering has become a trend in the industry resulting in increased competition.

 

Companies’ with inside the electric powered fireplaces marketplace are competing within the eCommerce space. They are strengthening their role withinside the on-line buying phase in which clients get to evaluate specific product functions and product reviews. Companies are specializing in on-line platforms, and listening to talent, technology, stock planning, and deliver chain to make sure non-stop availability of electrical hearth systems.

 

On the other hand, Electric Fireplaces’ high pricing, low efficiency, a sense of non-traditional look, unsuitability for exposure to environment, etc. are factors which can hamper the growth of Electric Fireplaces industry. Anything besides the high-end product designs doesn’t looks good on the infrastructure of the new age homes.

 

Electric Fireplace Market Segment Analysis:

By Type, Electric Fireplaces Market is segmented into Wall Mounted, Built-In, Fireplace Inserts, Mantel/Freestanding, Tabletop. Wall mounted systems will experience strong demand due to ease of installation as the units can be hung on a wall and are capable of low-profile integration. The efforts of manufacturers to introduce a wide range of products in the product above type, integration of remote connectivity & incorporation of advanced media options are the factors favoring the promising performance of the segment. Also, besides hefty market share, the wall mount electric segment is projected to show a steadfast growth during the forecast period.

 

The majority of the manufacturers have witnessed higher growth prospects for the wall mounted segment followed by the built-in segment. For instance, according to Brain Mills, a Vice President of Commerce, Glen Dimplex has garnered extensive demand from customers for wall-hung and built-in models in 2020. The easy installation of wall-hanged models in existing infrastructure is the main reason behind the star performance of the segment. Whereas efficient utilization of available space & apt installation of built-in structure to generate highly efficient operation provide new growth avenues to the built-in segment.

 

By Application, the Electric Fireplace Market is divided into residential and commercial use. Among these, Residential segment is dominating and is expected to grow at a faster pace due to higher interest of domestic consumers towards electric based systems in their households. During COVID-19 pandemic, people spent a large amount of time at home which persuaded them to rediscover their interior aesthetics.

 

 

By Installation, the Global Electric Fireplace Market is classified into Fixed and Portable. Among these, Fixed Fireplaces are dominating the market and accounts for higher growth aspects. The main reason behind this is the development and manufacture of high-powered units in fixed installation.

 

Electric Fireplace Market Regional Insights:

There is a heavy demand for Electric Fireplaces in North America with cost-efficient and environment-effective fuel mode as well as growing awareness among the consumers about increasing pollution is driving the growth of these products. So, North America has a remarkable market share in the Electric Fireplace Industry and is expected to grow at a CAGR of more than 7%.

 

Primarily, the potential market share of this industry is owned by colder countries owing to the need of this product. Innovations like Smart connectivity, weather sensors, etc. are helping the market of Electric Fireplace grow in Europe. Asia-Pacific region has a moderate growth and is expected to grow at a moderate pace only. But the market in Middle East and Africa is anticipated to grow at a very slow pace as the climate in this region is relatively hot with high temperatures and the scope for a product like electric fireplace is limited.

 

The purpose of the report is to provide industry stakeholders with a comprehensive analysis of the Electric Fireplace market. The report includes the most dominant trends in the Electric Fireplace market and how these trends affect new business investment and market development during the forecast period. The report also helps to understand the dynamics of the Electric Fireplace market and the competitive structure of the market by use of market leaders’ analysis, market followers, and regional players.

 

Qualitative and quantitative data provided in the Electric Fireplace Market Report will drive market-influencing factors and industry and market growth, which market segments and regions are expected to grow at a faster rate. The forecast period is designed to help you understand the key areas of opportunity to do. The report also includes the key industry players’ competitive landscape, as well as recent developments in the Electric Fireplace market. The report looks at factors such as company size, market share, market growth, sales, production, and profits of key players in the Electric Fireplace market.

 

 

The document affords Porter`s Five Force Model, which facilitates in designing the enterprise techniques withinside the marketplace. The document facilitates in figuring out what number of competitors are existing, who they are, and the way their product exceptional is withinside the Global Electric Fireplace marketplace. The document additionally analyses if the Global Electric Fireplace marketplace is straightforward for a brand-new participant to benefit a foothold withinside the marketplace, do they input or go out the marketplace often if the marketplace is ruled via way of means of some Players, etc.

 

The document additionally consists of a PESTEL Analysis, which aids withinside the improvement of enterprise techniques. Political variables assist in identifying how an awful lot a central authority can have an impact on the Global Electric Fireplace marketplace. Economic variables useful resource withinside the evaluation of monetary overall performance drivers which have an effect at the Global Electric Fireplace marketplace. Understanding the effect of the encircling surroundings and the have an impact on of environmental issues at the Global Electric Fireplace marketplace is aided via way of means of felony factors.

 

Electric Fireplace Market Scope:

Electric Fireplace Market
Market Size in 2023	USD 3.92 Bn.
Market Size in 2030	USD 5.15 Bn.
CAGR (2024-2030)	4%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By  Type   Wall Mounted Built-In Fireplace Inserts Mantel/Freestanding Tabletop
	By Application   Residential Commercial
	By Installation Fixed Portable
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Fireplace Market Key Players:

• Twin-Star Home (Florida, US)
• Sierra Flames (New York, US)
• Glen Dimplex (Gerlingen, Germany)
• Amantii Electric Fireplaces (Burnaby, BC)
• Napoleon Fireplaces (Ontario, Canada)
• Duraflame, Inc. (Henderson, US)
• Modern Flames (Phoenix, Arizona)
• Woodbridge Fireplace Inc. (Mississauga, Canada)
• Heatilator (Mount Pleasant, Lowa)
• Alaskan Fireplace Company (Wisconsin, US)
• OER Fireplaces (Longton, UK)
• Giantex Inc. (Neuville-en-Ferrain, France)