REPORT SCOPE & OVERVIEW
The Electric Fireplace Market size was estimated at USD2.25 billion in 2022 and is expected to reach USD3.03 billion by 2030 at a CAGR of 3.8% during the forecast period of 2023-2030.
The market is expected to grow at a notable rate because of the popularity of furnace refurbishing and growing infrastructure construction. Additionally, the expansion of the market is anticipated to be fueled by the development of cutting-edge goods and unique technologies. The expansion of the global electric fireplace market is predicted to be supported by the development of energy-efficient products. Customers' preference for smoke-free, eco-friendly heating systems in their infrastructures is also enhancing the market's sales possibilities. Many clients are interested in Remodeling and Customization. They prefer using electric-powered items at their facilities since they are attempting to install smaller products with lower operating costs.
MARKET DYNAMICS
DRIVERS
Electric Fireplaces can save total heating expenses since they are energy-efficient and frequently used as additional heating sources.
They offer instant warmth and ambiance without the hassles of traditional wood-burning fireplace upkeep and are simple to install and operate.
Electric Fireplaces are eye-catching design accents that come in a variety of customized designs, hues, and finishes. Electric Fireplaces are a common alternative in urban areas with limited space, since they don't need a chimney or venting.
RESTRAIN
Electric Fireplaces offer additional heat, but they are less efficient than conventional heating systems in warming bigger spaces.
A consistent electrical source is necessary for electric fireplaces. They may become unusable during emergencies due to Power Shortages.
The electric fireplace industry has grown more competitive, putting pressure on prices and making it difficult for new competitors to succeed.
OPPORTUNITY
Choosing specialized markets to target, such as Eco-conscious consumers and people looking for space-saving solutions, might provide fresh development prospects
Consumers searching for distinctive and practical electric fireplaces may be attracted by ongoing innovation in design, materials, and functionality.
CHALLENGES
Electric fireplace markets might have supply chain interruptions, which can have an effect on availability and output.
The electric fireplace industry is very competitive, which can reduce profit margins and make it challenging for smaller businesses to expand.
Electric fireplace sales are often seasonal, peaking in the fall and winter. During off-peak seasons, managing inventory and sales can be difficult.
IMPACT OF RUSSIA-UKRAINE WAR
Influence of the Russia-Ukraine War: The conflict's effects on markets are complicated. Russia's position as a significant gas provider caused tremors in the energy markets and price changes. Global commerce and investment were also impacted by geopolitical conflicts, which raised corporate uncertainty. Different business's burdens were affected by the sanctions on Russia, and geopolitical unpredictability increased the risk for investors. For companies and investors to successfully traverse a developing market landscape, impacted by both the pandemic and geopolitical events, they must comprehend and manage these interrelated problems.
IMPACT OF ONGOING RECESSION
A slowdown in the housing market brought on by a recession may result in fewer people buying homes and rehabilitating their existing ones. Since electric fireplaces are frequently used to upgrade homes, a weak housing market may cause a decline in demand. Consumers often become more price-sensitive during economic downturns. Electric fireplaces may be rather costly, especially high-end versions with modern amenities. Consumers may choose less expensive heating options, which might affect the sales of high-end electric fireplaces. Economic uncertainty has the potential to postpone the production and distribution of electric fireplaces by upsetting global supply systems. Inventory shortages and higher prices for producers may result from this. Some customers may prioritize home renovation projects and spend more time at home during a recession. Electric Fireplaces may be seen as a reasonably priced solution to improve a home's atmosphere and heating effectiveness, thereby increasing demand. Despite their higher initial cost, electric fireplaces may become increasingly appealing, as people explore methods to save long-term power expenditures. In order to preserve market share, manufacturers may react to recessionary pressures by releasing more cheap versions or providing discounts. Diese might increase the number of people, who can purchase electric fireplaces.
KEY SEGMENTS
By Product Type
Wall Mounted
Built-In
Fireplace Inserts
Mantel/Freestanding
Tabletop
By Application
Residential
Commercial
By Installation
Fixed
Portable
REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSES
North America is estimated to have a sizable share of the global market and is likely to see a significant rate of growth over the forecast period. The demand for items with economical operations and environmentally friendly fuel modes is quite strong, which is the fundamental reason for the rise. Additionally, consumers are switching from older, less efficient gas- or wood-pallet-based goods to modern, attractive, silent, and electric-powered heating systems, which is expanding the market's potential for development in North America.
Over the course of the projection period, Asia Pacific is anticipated to advance with a moderate growth rate. The majority of ASEAN countries, including India, have little chance for market expansion due to the region's tropical environment. Despite this, the market may experience significant demand from nations in the Far East area, due to their region's colder temperature. Manufacturers are expected to focus on markets in Japan, South Korea, and the Eastern regions of China. Oceania is another region with significant development potential. Those who make them are predicted to assess the market potential in Australia and work to expand their sales footprints in the ripe market.
Key Players
The major key players are, GLEN DIMPLEX, NAPOLEON, Sierra Flames, Alaskan Fireplace Company, Giantex Inc., Twin Star Home, Touchstone Home Products, Inc., BFM Europe Ltd, Empire Comfort Systems Illinois, European Home, and others.
Sierra Flames-Company Financial Analysis
RECENT DEVELOPMENT
Twin-Star Home: In June 2021, Classic Accessories, a top supplier of goods that improve and safeguard outdoor life and entertainment, was bought by Twin-Star Home. This purchase offers Twin-Star a crucial competitive advantage in the E-Commerce channel and is anticipated to support continuous expansion based on contemporary consumer purchasing habits. The firm was able to solidify its position in the eCommerce sector thanks to the purchase. In addition to paying attention to talent, technology, the supply chain, inventory, and inventory planning, Twin-Star is concentrated on its online platform.
HNI Corporation: In March 2021, The 3D Product Configurator for hearth & home technology, the HON Now 3D Room Planner, and the mobile-friendly HON Home Office Scene Configurator were among the latest 3D Commerce apps that HNI Corporation and Marxent jointly published. These attributes should be beneficial. Online shopping is popular.
| Report Attributes | Details |
| Market Size in 2022 | US$ 2.25 Bn |
| Market Size by 2030 | US$ 3.03 Bn |
| CAGR | CAGR of 3.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type(Wall Mounted, Built-In, Fireplace Inserts, Mantel/Freestanding, Tabletop) • By Application (Residential, Commercial) • By Installation (Fixed, Portable) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | GLEN DIMPLEX, NAPOLEON, Sierra Flames, Alaskan Fireplace Company, Giantex Inc., Twin Star Home, Touchstone Home Products, Inc., BFM Europe Ltd, Empire Comfort Systems Illinois, European Home |
| Key Drivers | • Electric Fireplaces can save total heating expenses since they are energy-efficient and frequently used as additional heating sources. • They offer instant warmth and ambiance without the hassles of traditional wood-burning fireplace upkeep and are simple to install and operate. • Electric Fireplaces are eye-catching design accents that come in a variety of customized designs, hues, and finishes. Electric Fireplaces are a common alternative in urban areas with limited space since they don't need a chimney or venting. |
| Market Challenges | • Electric fireplace markets might have supply chain interruptions, which can have an effect on availability and output. • The electric fireplace industry is very competitive, which can reduce profit margins and make it challenging for smaller businesses to expand. • Electric fireplace sales are often seasonal, peaking in the fall and winter. During off-peak seasons, managing inventory and sales can be difficult. |
The Electric Fireplace Market is expected to grow at 3.8% CAGR from 2023 to 2030.
According to our analysis, the Electric Fireplace Market is anticipated to reach USD 3.03 billion By 2030.
The primary market drivers are the heating solution's low cost and the nearly maintenance-free nature of goods powered by electricity.
The leading participants in the GLEN DIMPLEX, NAPOLEON, Sierra Flames, Alaskan Fireplace Company, Giantex Inc., Twin Star Home, Touchstone Home Products, Inc.
Yes, you may request customization based on your company's needs.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Electric Fireplace Market, By Product Type
8.1 Wall Mounted
8.2 Built-In
8.3 Fireplace Inserts
8.4 Mantel/Freestanding
8.5 Tabletop
9. Electric Fireplace Market, By Application
9.1 Residential
9.2 Commercial
10. Electric Fireplace Market, By Installation
10.1 Fixed
10.2 Portable
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Electric Fireplace Market by Country
11.2.2North America Electric Fireplace Market By Product Type
11.2.3 North America Electric Fireplace Market By Application
11.2.4 North America Electric Fireplace Market By Installation
11.2.5 USA
11.2.5.1 USA Electric Fireplace Market By Product Type
11.2.5.2 USA Electric Fireplace Market By Application
11.2.5.3 USA Electric Fireplace Market By Installation
11.2.6 Canada
11.2.6.1 Canada Electric Fireplace Market By Product Type
11.2.6.2 Canada Electric Fireplace Market By Application
11.2.6.3 Canada Electric Fireplace Market By Installation
11.2.7 Mexico
11.2.7.1 Mexico Electric Fireplace Market By Product Type
11.2.7.2 Mexico Electric Fireplace Market By Application
11.2.7.3 Mexico Electric Fireplace Market By Installation
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Electric Fireplace Market by Country
11.3.1.2 Eastern Europe Electric Fireplace Market By Product Type
11.3.1.3 Eastern Europe Electric Fireplace Market By Application
11.3.1.4 Eastern Europe Electric Fireplace Market By Installation
11.3.1.5 Poland
11.3.1.5.1 Poland Electric Fireplace Market By Product Type
11.3.1.5.2 Poland Electric Fireplace Market By Application
11.3.1.5.3 Poland Electric Fireplace Market By Installation
11.3.1.6 Romania
11.3.1.6.1 Romania Electric Fireplace Market By Product Type
11.3.1.6.2 Romania Electric Fireplace Market By Application
11.3.1.6.4 Romania Electric Fireplace Market By Installation
11.3.1.7 Turkey
11.3.1.7.1 Turkey Electric Fireplace Market By Product Type
11.3.1.7.2 Turkey Electric Fireplace Market By Application
11.3.1.7.3 Turkey Electric Fireplace Market By Installation
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Electric Fireplace Market By Product Type
11.3.1.8.2 Rest of Eastern Europe Electric Fireplace Market By Application
11.3.1.8.3 Rest of Eastern Europe Electric Fireplace Market By Installation
11.3.2 Western Europe
11.3.2.1 Western Europe Electric Fireplace Market By Product Type
11.3.2.2 Western Europe Electric Fireplace Market By Application
11.3.2.3 Western Europe Electric Fireplace Market By Installation
11.3.2.4 Germany
11.3.2.4.1 Germany Electric Fireplace Market By Product Type
11.3.2.4.2 Germany Electric Fireplace Market By Application
11.3.2.4.3 Germany Electric Fireplace Market By Installation
11.3.2.5 France
11.3.2.5.1 France Electric Fireplace Market By Product Type
11.3.2.5.2 France Electric Fireplace Market By Application
11.3.2.5.3 France Electric Fireplace Market By Installation
11.3.2.6 UK
11.3.2.6.1 UK Electric Fireplace Market By Product Type
11.3.2.6.2 UK Electric Fireplace Market By Application
11.3.2.6.3 UK Electric Fireplace Market By Installation
11.3.2.7 Italy
11.3.2.7.1 Italy Electric Fireplace Market By Product Type
11.3.2.7.2 Italy Electric Fireplace Market By Application
11.3.2.7.3 Italy Electric Fireplace Market By Installation
11.3.2.8 Spain
11.3.2.8.1 Spain Electric Fireplace Market By Product Type
11.3.2.8.2 Spain Electric Fireplace Market By Application
11.3.2.8.3 Spain Electric Fireplace Market By Installation
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Electric Fireplace Market By Product Type
11.3.2.9.2 Netherlands Electric Fireplace Market By Application
11.3.2.9.3 Netherlands Electric Fireplace Market By Installation
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Electric Fireplace Market By Product Type
11.3.2.10.2 Switzerland Electric Fireplace Market By Application
11.3.2.10.3 Switzerland Electric Fireplace Market By Installation
11.3.2.11.1 Austria
11.3.2.11.2 Austria Electric Fireplace Market By Product Type
11.3.2.11.3 Austria Electric Fireplace Market By Application
11.3.2.11.4 Austria Electric Fireplace Market By Installation
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Electric Fireplace Market By Product Type
11.3.2.12.2 Rest of Western Europe Electric Fireplace Market By Application
11.3.2.12.3 Rest of Western Europe Electric Fireplace Market By Installation
11.4 Asia-Pacific
11.4.1 Asia-Pacific Electric Fireplace Market by Country
11.4.2 Asia-Pacific Electric Fireplace Market By Product Type
11.4.3 Asia-Pacific Electric Fireplace Market By Application
11.4.4 Asia-Pacific Electric Fireplace Market By Installation
11.4.5 China
11.4.5.1 China Electric Fireplace Market By Product Type
11.4.5.2 China Electric Fireplace Market By Application
11.4.5.3 China Electric Fireplace Market By Installation
11.4.6 India
11.4.6.1 India Electric Fireplace Market By Product Type
11.4.6.2 India Electric Fireplace Market By Application
11.4.6.3 India Electric Fireplace Market By Installation
11.4.7 Japan
11.4.7.1 Japan Electric Fireplace Market By Product Type
11.4.7.2 Japan Electric Fireplace Market By Application
11.4.7.3 Japan Electric Fireplace Market By Installation
11.4.8 South Korea
11.4.8.1 South Korea Electric Fireplace Market By Product Type
11.4.8.2 South Korea Electric Fireplace Market By Application
11.4.8.3 South Korea Electric Fireplace Market By Installation
11.4.9 Vietnam
11.4.9.1 Vietnam Electric Fireplace Market By Product Type
11.4.9.2 Vietnam Electric Fireplace Market By Application
11.4.9.3 Vietnam Electric Fireplace Market By Installation
11.4.10 Singapore
11.4.10.1 Singapore Electric Fireplace Market By Product Type
11.4.10.2 Singapore Electric Fireplace Market By Application
11.4.10.3 Singapore Electric Fireplace Market By Installation
11.4.11 Australia
11.4.11.1 Australia Electric Fireplace Market By Product Type
11.4.11.2 Australia Electric Fireplace Market By Application
11.4.11.3 Australia Electric Fireplace Market By Installation
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Electric Fireplace Market By Product Type
11.4.12.2 Rest of Asia-Pacific Electric Fireplace Market By Application
11.4.12.3 Rest of Asia-Pacific Electric Fireplace Market By Installation
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Electric Fireplace Market by Country
11.5.1.2 Middle East Electric Fireplace Market By Product Type
11.5.1.3 Middle East Electric Fireplace Market By Application
11.5.1.4 Middle East Electric Fireplace Market By Installation
11.5.1.5 UAE
11.5.1.5.1 UAE Electric Fireplace Market By Product Type
11.5.1.5.2 UAE Electric Fireplace Market By Application
11.5.1.5.3 UAE Electric Fireplace Market By Installation
11.5.1.6 Egypt
11.5.1.6.1 Egypt Electric Fireplace Market By Product Type
11.5.1.6.2 Egypt Electric Fireplace Market By Application
11.5.1.6.3 Egypt Electric Fireplace Market By Installation
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Electric Fireplace Market By Product Type
11.5.1.7.2 Saudi Arabia Electric Fireplace Market By Application
11.5.1.7.3 Saudi Arabia Electric Fireplace Market By Installation
11.5.1.8 Qatar
11.5.1.8.1 Qatar Electric Fireplace Market By Product Type
11.5.1.8.2 Qatar Electric Fireplace Market By Application
11.5.1.8.3 Qatar Electric Fireplace Market By Installation
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Electric Fireplace Market By Product Type
11.5.1.9.2 Rest of Middle East Electric Fireplace Market By Application
11.5.1.9.3 Rest of Middle East Electric Fireplace Market By Installation
11.5.2 Africa
11.5.2.1 Africa Electric Fireplace Market by Country
11.5.2.2 Africa Electric Fireplace Market By Product Type
11.5.2.3 Africa Electric Fireplace Market By Application
11.5.2.4 Africa Electric Fireplace Market By Installation
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Electric Fireplace Market By Product Type
11.5.2.5.2 Nigeria Electric Fireplace Market By Application
11.5.2.5.3 Nigeria Electric Fireplace Market By Installation
11.5.2.6 South Africa
11.5.2.6.1 South Africa Electric Fireplace Market By Product Type
11.5.2.6.2 South Africa Electric Fireplace Market By Application
11.5.2.6.3 South Africa Electric Fireplace Market By Installation
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Electric Fireplace Market By Product Type
11.5.2.7.2 Rest of Africa Electric Fireplace Market By Application
11.5.2.7.3 Rest of Africa Electric Fireplace Market By Installation
11.6 Latin America
11.6.1 Latin America Electric Fireplace Market by Country
11.6.2 Latin America Electric Fireplace Market By Product Type
11.6.3 Latin America Electric Fireplace Market By Application
11.6.4 Latin America Electric Fireplace Market By Installation
11.6.5 Brazil
11.6.5.1 Brazil Electric Fireplace Market By Product Type
11.6.5.2 Brazil Electric Fireplace Market By Application
11.6.5.3 Brazil Electric Fireplace Market By Installation
11.6.6 Argentina
11.6.6.1 Argentina Electric Fireplace Market By Product Type
11.6.6.2 Argentina Electric Fireplace Market By Application
11.6.6.3 Argentina Electric Fireplace Market By Installation
11.6.7 Colombia
11.6.7.1 Colombia Electric Fireplace Market By Product Type
11.6.7.2 Colombia Electric Fireplace Market By Application
11.6.7.3 Colombia Electric Fireplace Market By Installation
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Electric Fireplace Market By Product Type
11.6.8.2 Rest of Latin America Electric Fireplace Market By Application
11.6.8.3 Rest of Latin America Electric Fireplace Market By Installation
12 Company profile
12.1 GLEN DIMPLEX
12.1.1 Company Overview
12.1.2 Financials
12.1.3 Product Type/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 NAPOLEON
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product Type/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Sierra Flames
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product Type/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Alaskan Fireplace Company
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product Type/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Giantex Inc.
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product Type/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Twin Star Home
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product Type/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Touchstone Home Products, Inc.
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product Type/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 BFM Europe Ltd
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product Type/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Empire Comfort Systems Illinois
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product Type/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 European Home
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product Type/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Application News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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