The Global Electric Fireplace Market was valued at USD 2,132.3 Mn in 2019 and is projected to reach around USD 3,561.0 Mn by 2027, expanding at CAGR of 6.9% during the forecast period. In terms of volume, the market is estimated to expand at a CAGR of 6.4% between 2020 and 2027. Electric fireplaces are economical and safe to use, portable, and pollution-free, and their maintenance costs are lesser than conventional fireplaces that require gas and wood. Moreover, the manufacturers of electric fireplaces provide innovative products such as table or wall inserts and stove style, wall-mounted, and freestanding, which in turn, is expected to drive the growth of the electric fireplace market during the forecast period.
Market Dynamics
Low efficiency and high cost of electric fireplace restrain the growth of the global electric fireplace market. Moreover, electric fireplaces do not provide exact kind of flame and heat as the gas and wood fireplace, thus hindering market growth in future. Advancements in the technology of electric fireplaces such as the crackling sound of a wood-burning fireplace on the mic, smoke via hidden water chamber, and 3D flames are expected to increase the use of electric fireplace and create opportunities in the electric fireplace market during the forecast period. Rise in economy and living standards of people is fueling the demand for electric fireplaces.
Segmental Outlook
By Types
- Wall-mounted Electric Fireplace
- Freestanding Electric Fireplace
- Corner Electric Fireplace
By Applications
In terms of applications, the electric fireplace market is segregated into homes, hotels, and others. Electric fireplaces are extensively used in every area of the homes as kitchens, bedrooms, living rooms, patios, and bathrooms. Furthermore, electric fireplaces invoke a sense of comfort and warmth, and many people in cold countries are using electric fireplaces into their homes. These fireplaces serve the purposes of heating the homes, while enhancing their ambiance and beauty.
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Regional Outlook
Based on regions, the global electric fireplace market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The market in North America is expected to expand at a CAGR of over 7.4% during the forecast period owing to rising awareness among the people about the climatic changes and high adoption of new technologies in the region. The market in Europe is projected to grow due to the increase in innovation of products by the manufacturers of electric fireplaces. Furthermore, the market in Asia Pacific is anticipated to grow at a moderate pace during the forecast period, as the number of houses is rising and growing awareness among people about pollution caused by conventional fireplaces. The market in the Middle East & Africa is expected to grow at a slow pace, as the climate in this region hot and the use of the electric fireplace is limited.
Competitive Landscape
- Key players in the market include GLEN DIMPLEX GROUP, Twin Star Home, Zhejiang Fuerj Electric Science and Technology Co., Ltd, Fujian Allen Electronics Co., LTD, Yiwu Andong Electric Appliance Co., Ltd., and Techome (Zhongshan) Industrial Co., Ltd. These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and increasing demand for products.
- These players are adopting key strategies such as product development and geographical expansion to increase their presence in the electric fireplace market.
- In 2019, Twin Star Home announced plans to expand its electric fireplace mantel to help it increase its product portfolio.
- In 2017, GLEN DIMPLEX GROUP acquired Real Flame, a manufacturer of gas fireplace technology, to increase its product portfolio.
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