USD 2.22 billion
Electric Fireplace Market Size, Share, Growth Analysis, By Product Type(Wall Mounted, Built-In, Fireplace Inserts, Mantel/Freestanding), By Application(Residential and Commercial), By Installation(Fixed and Portable), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25H2032 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
88
|Figures:
76
Electric Fireplace Market Insights
Global Electric Fireplace Market size was valued at USD 2.22 billion in 2022 and is poised to grow from USD 2.30 billion in 2023 to USD 3.08 billion by 2031, growing at a CAGR of 3.7% in the forecast period (2024-2031).
In recent years, the global electric fireplaces market has witnessed significant growth, driven by rising urbanization, increasing consumer preference for energy-efficient heating solutions, and the desire for convenient and visually pleasing home decor options. These electric fireplaces provide several benefits, including easy installation, the absence of the maintenance required for traditional wood-burning fireplaces, and reduced environmental impact.
Moreover, consumers are being drawn to choosing these products as technological advancements have led to further development of electric fireplaces, which are now equipped with realistic flame effects and customizable features. The market is also seeing an influx of innovations in design and materials, which can address diverse customer preferences. The electric fireplace market is expected to maintain its upward trajectory as consumer awareness of environmental concerns keeps growing and homeowners look for versatile heating solutions.
Wall mounted fireplaces are widely used in the global market, thus leading to the segment’s domination in the electrical fireplace market. However, the built-in fireplace segment is expected to outdo this segment as it rapidly grows due to providing a sleek and cohesive appearance in the homes of consumers.
Regionally speaking, North America dominates the market for electrical fireplace, though the APAC region is quickly developing due to its rising awareness of air quality and safety and rapid urbanization. The market is expected to grow in the coming years but it faces potential risks as well.
The challenges that might hinder the growth of the global electric fireplaces market include the necessity for compliance with regulatory requirements, which can pose a problem for resource-limited manufacturers looking to enter the market. Despite it all, the market continues to thrive and will be doing so in the coming years if market predictions are correct to ascertain its steady growth.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Commercial
Growth Rate
3.7% CAGR
Global Electric Fireplace Market ($ Bn)
Country Share for North America Region (%)
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Electric Fireplace Market Segmental Analysis
Based on product type the market is segmented as Wall Mounted, Built-In, Fireplace Inserts, Mantel/Freestanding, and Tabletop. On the basis of application the market is segmented as Residential and Commercial. The fixed and portable segments are a result of the market segmentation on the basis of installation. Regional segmentation of the market leaves us with categories that include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product Type
Currently, wall mounted electric fireplaces dominate the market due to their space-saving design and versatility. Consumers who seek to maximize floor space while integrating an elegant and modern addition to their homes are opting for wall mounted electric fireplaces. These units are widely preferred due to their easy installation and aesthetic appeal, making them a popular choice in residential and commercial settings.
However, Built-in electric fireplaces are witnessing rapid growth in the worldwide market. Their seamless integration into already existing architectural designs while pulling off a sleek and customized look has driven their popularity among interior designers and homeowners who want a cohesively upscale appearance. The desire for a more permanent and built-in solution that accentuates contemporary interior design drives the growth of this segment.
Analysis by Application
As of now, the residential application segment leads the global electric fireplaces market due to its increasing popularity among homeowners seeking hassle-free and cost-effective heating solutions that also upscale their home's ambiance. Electric fireplaces are the favored choice in residential settings thanks to convenient installation and lower maintenance requirements.
On the other hand, the commercial application segment is rapidly growing in the market due to the rising integration of electric fireplaces in restaurants, cafes, hospitality establishments, and office spaces. The energy-efficient features and aesthetic appeal of electric fireplaces is not going unnoticed by commercial spaces, making them a desirable addition. Strict environmental regulations are increasingly driving commercial entities to opt for more sustainable electric heating alternatives, further fueling this expansion.
Global Electric Fireplace Market By Application
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Electric Fireplace Market Regional Insights
North America currently leads the global electric fireplaces market due to its high consumer awareness of convenient and energy-efficient heating solutions and a thriving residential construction industry. North America dominates the market as a result of the region’s heightened desire for cozy home aesthetics and the availability of technologically advanced electric fireplace choices.
Conversely, Asia Pacific has sealed its place as the fastest-growing segment in the market due to a surge in rising disposable incomes, urbanization, and increasing concerns about air quality and safety. The demand for electric fireplaces is expected to soar in the near future as a wider consumer base in the APAC region seeks modern and eco-friendly heating alternatives, making it the fastest-growing market globally.
Global Electric Fireplace Market By Region
- Largest
- Fastest
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Electric Fireplace Market Dynamics
Drivers
Consumer Demand for Energy-Efficiency and Convenience
- The growing consumer demand for energy-efficient and accessible heating solutions drives the market for electric fireplaces. Electric fireplaces combine reduced energy consumption and easy installation, aligning itself with rising environmental consciousness and the need for cost-effective home heating alternatives. Consumers are continuously choosing these electric heating alternatives to lower their carbon footprint and simplify their heating needs, driving market growth.
Restraints
Regulatory Compliance Challenges
- The complex and evolving regulatory landscape dictating the electric fireplace industry is a major market constraint. Producers and distributors may find it challenging to comply with these rigid safety and energy efficiency standards, along with regional variations in regulations. Compliance with these standards usually demands continuous product development and testing on the part of manufacturers, increasing operational costs and potentially barricading market entry, thus straining market growth.
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Electric Fireplace Market Competitive Landscape
The competitive landscape of the global electric fireplace market is defined by a wide and varying array of manufacturers that strive to gain market share through product differentiation and innovation. In order to improve energy efficiency, flame realism, and user convenience, firms in this industry increasingly invest in R&D. In order to address differing consumer tastes, producers target the creation of customizable and aesthetic designs, marking a vital role for innovative design developments.
Consumers looking for eco-friendly heating solutions in accordance with sustainability and environmental considerations are increasingly influencing product range. In order to maintain a strong presence in offline and online channels and spread global reach, companies often employ collaborations with retailers, interior designers, and e-commerce platforms. The competition heats up as the market continues to grow and change, driving producers to work on pushing technology and design forward in this industry.
Top Player’s Company Profiles
- Twin Star Home (US)
- Empire Comfort Systems (US)
- Panoramic Electric Fireplaces (Canada)
- Valuxhome (China)
- Duraflame (US)
- GLEN DIMPLEX (Germany)
- Pleasant Hearth (US)
- Touchstone Home Products, Inc. (US)
- Southern Enterprises (US)
- Real Flame (US)
- Modern Flames (US)
- NAPOLEON (Canada)
- ClassicFlame (US)
- BFM Europe Ltd (UK)
- Amantii Electric Fireplaces (Canada)
- Alaskan Fireplace Company (US)
- Giantex Inc. (France)
- European Home (US)
- Hearth & Home Technologies (US)
- Sierra Flames (US)
Recent Developments
- Twin-Star International is a global brand that offers electric fireplaces, tables, media and wine cabinets, bath vanities, kitchen islands, and infrared heaters. The home furnishing company launched a new line of Smart Fireplaces in February 2023. They can be controlled at a distance with the use of a tablet or smartphone.
- Glen Dimplex is the leading American manufacturer of Electric Fireplaces, Media Consoles, Wall-Mounts, Electric Heat, Baseboards, and wood fired stoves, The Irish-based company reported it would be soon releasing its Opti-Myst technology in January 2023. With this, consumers can access a realistic flame effect in their electrical fireplaces. Added bonus, they won’t even need a firebox or fuel to do so.
- The US DOE made a public report about the benefits of installing an electric fireplace in July 2023. The published report stated these products can improve indoor air quality and home value, along with lowering energy costs.
- The government body in China released a new regulatory set of rules in June 2023. These rules will be implemented on the electric fireplaces market. This set targets the increased sustainability and efficiency of electric fireplaces.
- The Consumer Electronics Show (CES) is a trade show held annually by the Consumer Technology Association. Here, new ranges of electric fireplace products were presented in September 2023. Some additions in these products included smart features like home connectivity and VR, along with built-in speakers.
- The National Fire Protection Association (NFPA) is a global nonprofit organization which is self-funded. This NPO released a new mandate for all new electric fireplaces in August 2023. This law requires all further products in the market to have in-built safety features, like automatic shut-off.
Electric Fireplace Key Market Trends
- Growing Demand for Smart Electric Fireplaces: The electric fireplace market is influenced by a major trend. The ongoing and increasing demand for electric fireplaces with smart features has hit the market with tremendous force. These features include changeable flame settings, connectivity to home automation systems, and temperature control. Tech-savvy consumers are seeking electric fireplaces that can be conveniently customized. These changes can be made remotely via smartphones and voice assistants. This trend has brought in a new product onto the market, furthering market growth.
Electric Fireplace Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global electric fireplace market has witnessed consistent growth in recent years due to a rising preference for aesthetically pleasing home decor options, rising adoption of energy-efficient heating solutions, and global urbanization. In comparison to traditional wood-burning fireplaces, electric fireplaces offer a whole lot of benefits, including minimal maintenance requirements, convenient installation, and reduced environmental impact.
Going forward, the electric fireplace market is evolving with the continued integration of cutting-edge technologies. Technological advancements have led to the production of electric fireplaces that are equipped with realistic flame effects and customizable features, driving appeal among customers. Electric fireplaces are predicted to add more advanced features to its repertoire as the adoption of IoT devices and smart home automation grows. This change in the market includes voice-activated controls, enhanced remote control capabilities, and seamless integration with smart home ecosystems, providing consumers an opportunity to create a convenient and personalized home heating experience. The market is expected to evolve further in response to these technological advancements, offering greater levels of comfort and control in living spaces.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.22 billion |
| Market size value in 2031 | USD 3.08 billion |
| Growth Rate | 3.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Fireplace Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Fireplace Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Fireplace Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Fireplace Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Fireplace Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Fireplace Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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