Future Market Insights, an esteemed ESOMAR Certified Market Research and Consulting Firm, presents the Electric Fireplace Market report, a comprehensive source of insights and analysis on the Electric Fireplace market. Illuminating the scope and essence of the research, this report investigates the driving forces, market scope, and predictive data for Electric Fireplace. Intricate revenue and shipment breakdowns are provided, featuring forecasts that extend a decade to 2033. Moreover, the publication assesses key industry players, their market shares, the competitive landscape, and regional perspectives.
In 2021, the worldwide electric fireplace market attained a value of US$ 2.18 Billion. Projections indicate a steady 1.4% year-on-year expansion. Anticipated to maintain this growth trajectory, the market is set to achieve a Compound Annual Growth Rate (CAGR) of 3.7% from 2022 to 2032. This progression would elevate the market from US$ 2.21 Billion in 2022 to a significant USD 3.2 Billion by 2032. Notably, the global market escalated by 2% in 2020, surpassing the average year-on-year growth observed between 2017 and 2019.
The electric fireplace, a heating appliance employed in residential and commercial spaces to provide winter warmth, is gaining widespread traction. This popularity surge is attributed to its dual advantages of reduced energy consumption and heightened efficiency.
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An electric fireplace, a heating appliance utilized in homes and businesses to provide warmth during colder periods, is gaining popularity owing to its energy efficiency and enhanced performance. Moreover, the Asia Pacific market is predicted to experience gradual expansion in the forthcoming years.
This trend can be linked to limited awareness regarding the product among the region’s inhabitants, along with concerns about pollution stemming from conventional fireplace usage. Furthermore, the Middle East & Africa nations are projected to exhibit modest growth potential, with expectations of mild to moderate market expansion in the years ahead.
Factors Responsible for the Growth of Electric Fireplace Market:
- Increasing Adoption of Electric Fireplaces: The shift from traditional fireplaces to electric ones is driving market growth. Customers are recognizing the advantages of electric fireplaces, leading to a rising demand for these modern heating solutions.
- Benefits Over Traditional Fireplaces: Electric fireplaces offer several benefits, including being pollution-free, portable, cost-effective, and safer to operate. Their lower maintenance costs compared to wood and gas fireplaces contribute to their attractiveness in the market.
- Variety of Innovative Products: Electric fireplace manufacturers are introducing a diverse range of innovative products such as freestanding, wall-mounted, table-top, inserts for walls or tables, and stove-style fireplaces. This variety appeals to a wider customer base and is a significant driver of market growth.
- Changing Customer Preferences: Customers’ preferences are shifting towards electric fireplaces due to their inherent advantages. This change in consumer sentiment is boosting demand for electric fireplaces and fueling market expansion.
- Economic and Environmental Factors: The economic benefits of using electric fireplaces, such as reduced maintenance costs and lower energy consumption, coupled with their environmentally friendly nature, contribute to the overall growth of the market.
- Safety Considerations: The safety aspects of electric fireplaces, which eliminate the risks associated with traditional open flames and gas emissions, are influencing consumers to opt for these safer alternatives.
- Innovation and Product Diversity: The introduction of various styles and types of electric fireplaces provides consumers with multiple options that suit their preferences and spaces, thus promoting market growth.
Key Players:
- 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
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Key Segments:
By Type:
- Electric Stove
- Insert Electric Fireplace
- Table-Top Electric Fireplace
- Wall-Mounted Electric Fireplace
- Freestanding Electric Fireplace
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
By Application:
- Electric Fireplace for Residential Applications
- Electric Fireplace for Commercial Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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