Pune, India, March 23, 2022 (GLOBE NEWSWIRE) -- The global electric fireplace market size was USD 2.14 billion in 2020. The market is projected to grow from USD 2.17 billion in 2021 to USD 2.77 billion in 2028 at a CAGR of 3.5% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report titled, “Electric Fireplace Market, 2021-2028.”
According to our researchers, the augmented infrastructure progression and importance of furnace refurbishment are predicted to drive the market at a remarkable pace.
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Companies Covered in the Report:
- R.W.Flame
- GLEN DIMPLEX
- NAPOLEON
- Sierra Flames
- Alaskan Fireplace Company
- Giantex Inc.
- Twin Star Home
- Touchstone Home Products, Inc.
- BFM Europe Ltd
- Empire Comfort Systems
- European Home
- Heat & Glo
- (Hearth & Home Technologies HHT) Heatilator
- Planika
- GHP Group Inc
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 3.5% |
| 2028 Value Projection | USD 2.77 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 2.14 Billion |
| Historical Data for | 2017 to 2020 |
| No. of Pages | 120 |
| Segments covered | Product Type, Application, Installation and Regional |
| Growth Drivers | Inventive Product Launch Declarations by Leading Players to Augur Market Growth |
| Improved Way of Living of Customers Set to Favor Market Growth | |
| Product Type, Application, Installation, and Region are studied |
COVID-19 Impact:
Uncertain Growth Scenarios in Infrastructure Industry Backed by COVID-19 Lockdown Norms
The COVID-19 virus had a prime influence on monetary activities and has triggered concerns in the production sector during the first quarter after pandemic. The supply side scenario perceived a prominent decline owing to the shutdown in production activities and various permits on cross-border trade of non-fundamental products. Nevertheless, demand side of the market estimated precisely contradictory scenario. The prolonged staying at home motivated customers to incline toward development of interiors, which, in turn, aided to boost sales of electric fireplace.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Report Coverage:
The report delivers an exhaustive study of the market coupled with recent popular trends and upcoming estimations to inaugurate approximate investment gains. An all-inclusive review of any forthcoming prospects, jeopardies, competitions or dynamic factors is also stated in the report. A methodical region-based analysis is provided for our clients in the report. The COVID-19 influences have been added to the report to assist investors and entrepreneurs to understand the possible concerns and harming factors in a refined manner. The prime players operating in the market are recognized, and their policies to reinforce the market growth are shared in the report.
Competitive Landscape:
Inventive Product Launch Declarations by Leading Players to Augur Market Growth
The fundamental players implement numerous growth tactics to enhance their position in the market as dominating companies. One such important tactic is procuring companies to upgrade the brand value among users. Another effective strategy is intermittently launching groundbreaking products with methodical review of the market and its target audience.
Industry Development:
- April 2021: Twin Star International Inc., U.S. based global manufacturer of decorative and advanced electric fireplace, has finalized acquisition of Classic Accessories from its original stakeholders, which are Northstar Capital LLC and CID Capital. The acquisition will aid the company to cement its position in the global market.
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Driving Factors:
Improved Way of Living of Customers Set to Favor Market Growth
The progression of fireplaces with additional heating solution has appeared as a promising cost-efficient and greatly practical solution for residential as well as specific commercial projects. The supplement provides zone heating feature, utilizing which consumer can choose particular spaces for heating that are most commonly used by the inhabitants. The application of this modern system to detach supplementary heating of complete infrastructure and considerable energy costs experienced during application of fireplaces. Therefore, this is expected to bolster the electric fireplace market growth in the forthcoming years.
Segmentation:
Product Type, Application, Installation, and Region are studied
Based on product type, the market is segmented into wall mounted, built-in, fireplace inserts, mantel/freestanding, and tabletop.
On the basis of application, the global market is branched into residential and commercial. Residential segment is predicted to have a commendable share in the global fireplaces market owing to the rising fondness of domestic customer in the renovation of conventional fireplaces.
In terms of installation, the global market is categorized into fixed and portable.
Region wise, the market is divided into North America, Europe, South America, and Asia Pacific.
Regional Insights:
North America is anticipated to record a remarkable electric fireplace market share and is estimated to progress at a considerable pace in the global market during the forecast period. The growth is primarily accredited to the heavy demand for fireplaces with the cost-efficient operation and environment-effective fuel mode.
The augmenting demand for smoke-free and eco-friendly fireplaces implanted with characteristics, such as smart connectivity, weather sensors, and artificial intelligence (AI)-based, and Internet of Things (IoT) incorporated operation, is boosting the market growth across Europe.
In South America, a huge amount of supply-demand inequity and the indeterminate market demand for the products be it in commercial areas and residential infrastructure can obstruct the development prospects in the market of Latin America.
Major Table of content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Product Types
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19 on Electric Fireplace Market
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Electric Fireplace Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Global Electric Fireplace Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- By Product Type (USD)
- Wall Mounted
- Built-In
- Fireplace Inserts
- Mantel / Freestanding
- Tabletop
- By Application (USD)
- Residential
- Commercial
- By Installation (USD)
- Fixed
- Portable
- By Geography (USD)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- By Product Type (USD)
TOC Continued…!
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