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

Q: What is the global market size of Electric Fireplace Market?

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).

Q: Who are the key vendors in the Global Electric Fireplace Market?

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. '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)'

Q: Which region accounted for the largest share in Global Electric Fireplace Market?

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.

Report ID: SQMIG25H2032 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 88 | Figures: 76

Electric Fireplace Market News

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 Market Report Snapshots

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FAQs

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).

The competitive landscape of the 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. '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)'

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.

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.

North America currently leads the 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.

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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

Electric Fireplace Market News

Electric Fireplace Market Report Snapshots

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