Electric Fireplace Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030

Introduction: -

Electric fireplaces are electric heaters used to heat rooms or workplaces rapidly in residential and commercial buildings. These heating devices are not only convenient-to-use, more cost-effective, and safer, but also eco-friendly and more efficient than other gas and real wood-burning fireplaces. There are different varieties of electric fireplaces available for installation, which also allow consumers to manage the heat exchangers and the light effect. These fireplaces offer light without emitting heat, enabling them to be used all year round. The global electric fireplace market is expected to expand at a compounded annual growth rate (CAGR) of 3.0% during the forecast period of 2022-2030.

Growth Drivers:

The adoption of electric fireplaces is increasing rapidly across the globe due to its advantageous features, including portability, lower energy consumption, higher efficiency output, elimination of the need for a chimney, quick and straightforward installation, design flexibility, and cost-effectiveness. This is primarily aiding in the growth of the global electric fireplace market.

Moreover, the leading players operating in the global electric fireplace market are investing heavily in introducing technologically advanced products into the market. Currently, they are focused on developing electric fireplaces with flames of different colors and technologies, including 3D flames, smoke via a hidden water chamber, and crackler sound systems in electric fireplaces to imitate the auditory effects of traditional wood-burning fireplaces. These developments are poised to create ample growth opportunities for the global electric fireplace market, especially during the forecast period.

Furthermore, other factors such as the rising number of applications of electric fireplaces in various end-use industries, the shifting inclination of customers from conventional to electric fireplaces, and the growing number of trade shows & expos across the globe are also contributing to the growth of the global electric fireplace market.

However, inappropriate flame pictures, the higher cost of electric fireplaces, and the unsuitability of these fireplaces for exposure to the environment are anticipated to hinder the growth of the global electric fireplace market during the forecast period of 2022-2030.

Electric Fireplace Market Segmentation:

By Type:

·         Stove

·         Insert

·         Table-Top

·         Wall-Mounted

·         Freestanding

By Size:

·         Small (Up to 35")

·         Medium (36" - 42")

·         Large (43" - 48")

·         Extra Large (49" & above)

By Application:

·         Residential

·         Commercial

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Electric Fireplace Market: Type Review:

Based on type, the global electric fireplace market is segmented into stove, insert, table-top, wall-mounted, and freestanding. The freestanding segment is estimated to attain the highest CAGR in the market during the forecast period of 2022-2030, primarily owing to features such as high flexibility, ease of installation, and the ability of freestanding electric fireplaces to be combined with TV stands and entertainment centers.

Electric Fireplace Market: Application Review:

Based on application, the global electric fireplace market is segmented into residential and commercial. The residential segment captured the largest share of the market in 2021 and is expected to continue to do the same during the forecast period of 2022-2030. The high adoption of electric fireplaces for residential purposes due to their less electricity usage as compared to the traditional heating systems in homes is primarily driving the growth of this segment.

Regional Outlook:

The electric fireplace research report offers detailed analysis and forecasts for five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market potential of electric fireplaces is predominantly limited to colder countries.

Among all regions, the North American region held a prominent portion of the market share of the global electric fireplace market in 2021. The region is projected to witness swift expansion in the market during the forecast period. This can be attributed to the increasing popularity of electric fireplaces, the fast and early adoption of advanced technologies, the growing number of technological advancements in electric fireplaces, and the surging awareness regarding pollution among people in the region. The U.S. and Canada stand as the leading contributors to the electric fireplace market in the region.

The European region also acquired a major chunk of the market share of the global electric fireplace market in 2021. The region’s position is expected to remain unchanged over the forecast period of 2022-2030. The growth of the market is driven by the burgeoning usage of electric fireplaces across various sectors and the growing number of innovations by the leading market players in the region.

On the other hand, the Asia Pacific region is predicted to experience the highest growth in the global electric fireplace market during the forecast period of 2022-2030. This can be ascribed to the presence of emerging economies such as India, China, and Japan and the ever-increasing population base in the region. Moreover, the rapid shifting of manufacturing bases of players from developed economies to countries in this region due to the availability of cheap labor and raw materials is also creating ample growth opportunities for the growth of the market in the Asia Pacific region.

The report also identifies the country market outlook for electric fireplace, covering country-wise market size, growth rate, market share, segmentation, leading players, current trends, and opportunities.

Key Companies in Electric Fireplace Market:

The research report offers a competitive analysis of prominent companies operating in the global electric fireplace market. Some of the leading players profiled in the market research report include:

·         Duraflame, Inc.

·         Muskoka Electric Fireplaces

·         Modern Flames

·         Sierra Flames

·         Twin-Star Home

·         Real Flame

·         Dimplex North America

·         Amantii Electric Fireplaces

·         Napoleon Fireplaces

·         Heatilator

·         Alaskan Fireplace Company

·         Other Players