Transparency Market Research delivers key insights on the global electric fireplaces market. In terms of revenue, the global electric fireplaces market is estimated to expand at a CAGR of 6.1% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global electric fireplaces market.
The global electric fireplaces market is affected by several factors, including promotions by governments and other regulatory bodies, product emergence, and its associated benefits, which is expected to drive the market during the forecast period.
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Electric Fireplaces Market: Dynamics
Governments and other regulatory agencies are promoting nonconventional fireplaces and their substitutes. The Air Quality Improvement Program offers reimbursement incentives for removing, replacing, or repairing home heating devices. The Northeast American Lung Association has developed a three-state transformation plan as a result of an agreement between EPA and Dominion Energy. During exchange campaigns, buyers receive financial incentives to replace their old wood-burning appliances with clean home heating, such as EPA-certified wood stoves, EPA-appropriate hydronic heaters, and furnace, gas, or electrical appliances. These are helping in driving the demand for electric fireplaces in the global market.
Fireplaces in particular are found in cold countries. Consumers are replacing their existing fireplaces with electric ones due to the increasing awareness and inclination toward electric products. An electric fireplace can be installed anywhere in the house. It can be installed in the bathroom or in the dining room. Electric fireplaces can be mounted or hung on a wall. The ease of using an electric fireplace makes it more desirable. Besides, it can easily be controlled by remote, so controlling the temperature, heat brightness, and other lighting effects is easy, making it more popular in the market.
One of the major drawbacks of electric fireplaces is their dependency on electricity. They cannot be used when the power goes out since these facilities are electric. It is not be a reliable source of heat in remote areas where frequent power outages happen. The reliability of electric fireplaces becomes questionable during a natural disaster or weather issue. This is a hindrance to the demand for the product.
Manufacturers in the global market are focused on introducing new products such as 3D flames and electric stove that incorporates a sound system. In addition, electric fireplaces with different flames are also available. Manufacturers of fire extinguishers offer new products such as freestanding, wall-mounted, tabletop, wall or table mounting, and stove style, which is also one of the key factors likely to be responsible for the significant growth of the electric fireplaces market in the near future.
Increase in Home Hours to Boost Product Demand amid Coronavirus Crisis
Since an increasing number of people are preferring to stay at home due to online schooling and work-from-home requirements, companies in the electric fireplaces market are capitalizing on this opportunity to boost sales amid the ongoing coronavirus crisis. Remote working flexibility and burgeoning growth of eCommerce & mobile shopping apps are projected to drive the global market.
As such, domestic and global companies are in the midst of rapid shift in supply chain planning, operations, and inventory management to address the impact of the pandemic. Several companies have already started re-evaluating their supply chains and in the process of shuffling their business operations to reduce concentration in a handful of countries.
Electric Fireplaces Market: Prominent Regions
Globally, North America held the largest share of the market in the year 2020. Strong consumer base for heating appliances, along with government bodies promoting electric heating appliances to prevent the risk associated with pollution and maintain safe handling while operating heating appliances is likely to promote the sales of electric fireplaces in the region. Rapid urbanization and adoption of electric appliances, along with safe heating devices is generating demand for reliable electric fireplaces in the Asia Pacific region. Key players offer attractive designs and well-established portfolios in cold regions of Europe along with modern and traditional designs, which is likely to encourage the sales of electric fireplaces. However, the market in the Middle East is still in the growing phase due to limited usage of fireplaces and insufficient innovations in the mass market product range.
In North America, the US is seems to be the dominant country for the growth of the electric fireplaces market. This is due to strong presence of suppliers in the country who promote several advanced e-fireplaces. In addition, rising trend of adoption of various types of advanced electric fireplaces and its increasing application in different sectors over the last few years is likely to propel the demand for electric fireplaces. Countries such as Canada and Mexico are seeing rising demand for cost-effective electric fireplaces that have smart features and better heating capacity. This is likely to drive the sales of electric fireplaces in the North America region in next few years.
In Europe, the U.K. is likely to remain popular in the electric fireplaces market at a CAGR of 6.7% in terms of value during the forecast period from 2021 to 2031. This is due to implementation of stringent laws by the government for using pollution-free heating technology by residential and commercial users. Rising awareness among users about the usage of high heat output smart technology that consumes least energy is likely to expand the electric fireplaces market in Germany, France, and other developed countries at a considerable growth rate.
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In Asia Pacific, electric fireplace are mostly used in coldest places of the region. Key players promoting several heat regulating fireplaces having several advanced sound and display effects is also gaining demand in mildly cold or seasonally cold locations. In terms of product, the electric fireplaces market is likely to remain popular by freestanding electric fireplaces as it has the ability to operate in indoor or outdoor premises. Freestanding fireplaces are available in several attractive designs, which are easy to install and are portable. This is expected to lead to positive growth in sales of electric fireplaces.
Electric Fireplaces Market: Key Players
Key players operating in the global electric fireplaces market are Glen Dimplex Group, Empire Comfort Systems Inc., European Home, HNI Corporation, Amantii Electric Fireplaces, Innovative Hearth Products, FPI Fireplace Products International Ltd., Twin-Star International, and RVA Etronics Pvt. Ltd.
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