Electric Fireplaces Market Size Worth US$ 4 Bn by 2031 | CAGR: 6.1%: TMR Report
May 12, 2022, 06:30 ET
- Product innovation and launch of new 3D commerce apps take front to withstand competition in the electric fireplaces market
- Advantages for consumers to compare product features and product reviews to select best electric fireplaces makes eCommerce a preferred sales channel
ALBANY, N.Y., May 12, 2022 /PRNewswire/ -- The electric fireplaces market is projected to register a CAGR of 6.1% over the forecast period, from 2021 to 2031. Increasing shift from traditional heating systems and role of governments & regulatory bodies to promote nonconventional fireplaces are some key factors fueling the growth of the electric fireplaces market. The Air Quality Improvement Program in some developed countries offers reimbursement incentives to replace, remove, or repair obsolete home heating devices to maintain the air quality of interior environments.
The growing inclination of consumers to replace existing fireplaces with electric ones for their advantages of easy installation in any part of the house and remote controlled to adjust temperature, heat brightness, and lighting effects provides stimulus to electric fireplaces market.
North America held the leading share of the electric fireplaces market in 2020. High demand for heating appliances with growing inclination of consumers to switch to cost-effective electric fireplaces creates substantial opportunities in the electric fireplaces market of the region. The role of government bodies to promote electric heating appliances designed for safe handling is favoring the consumption of electric fireplaces in the region.
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Electric Fireplaces Market – Key Findings of Report
- Roll out of attractive incentives by governments and environment regulatory agencies to shift to nonconventional fireplaces underscores growth of the electric fireplaces market. For instance, an agreement between EPA and Dominion Energy led the U.S. Northeast American Lung Association to devise a three-state transformation plan wherein consumers receive financial incentives to replace old wood-burning appliances with clean home heating equipment during exchange campaigns.
- Manufacturers in the electric fireplaces market are undertaking design innovations to stay competitive in the electric fireplaces market. Design of products with 3D flames and electric stove that incorporate sound system and electric fireplaces with different flames are some innovations in the electric fireplaces market. For instance, inclusion of a new feature in 3D vapor fireplaces allows the color of flame to change.
- Manufacturers, suppliers, and dealers of electric fireplaces are entering into partnerships with technology companies to release 3D commerce apps. 3D room planning apps that comprise 3D product configurators to install electric fireplaces are gaining popularity to assist consumers shop online.
- Substantial sales via eCommerce is increasing competition in the electric fireplaces market. Savvy companies are strengthening their position in the online shopping segment preferred by consumers to translate into future business opportunities.
- Asia Pacific is anticipated to account for a significant share of the electric fireplaces market during the forecast period. Marketing of heat regulating fireplaces with sound and display effects undertaken by key players in the electric fireplaces market is creating demand in mildly cold or seasonally cold locations of the region.
- The U.K. is anticipated to continue to remain the fastest growing market for fireplaces in Europe, registering a CAGR of 6.7% during the forecast period. Government regulations for residential & commercial consumers to adopt pollution-free heating technology stimulates the electric fireplaces market growth in the region. Increasing awareness among consumers about the high heat output smart technology that consumes less energy is likely to stir the demand for electric fireplaces in Germany, France, and some other developed countries of the region.
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Electric Fireplaces Market – Growth Drivers
- Increasing consumer inclination for electric fireplaces due to their eco-friendliness of zero harmful products, along with low power consumption and efficient output virtues propels the demand for electric fireplaces
- Advantages of increased cost-effectiveness of electric fireplaces resulting from adoption of emerging technologies such as LED technology stirs growth of the electric fireplaces market
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Electric Fireplaces Market – Key Players
Some of the key players operating in the electric fireplaces market are;
- European Home
- Glen Dimplex Group
- Amantii Electric Fireplaces
- FPI Fireplace Products International Ltd.
- RVA Etronics Pvt. Ltd.
- Empire Comfort Systems Inc.
- HNI Corporation
- Innovative Hearth Products
- Twin-Star International
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The electric fireplaces market is segmented as follows;
Electric Fireplaces Market, by Product Type
- Wall Mount Electric Fireplaces
- Built-in Electric Fireplaces
- Freestanding Electric Fireplaces
- Others (Electric Fireplace Inserts, etc.)
Electric Fireplaces Market, by Size
- Under 30 Inches
- 30-45 Inches
- 45-60 Inches
- Above 60 Inches
Electric Fireplaces Market, by Style
Electric Fireplaces Market, by Category
Electric Fireplaces Market, by Price Range
Electric Fireplaces Market, by End-use
- Hotels & Restaurants
- Others (Health & Wellness Centers, etc.)
Electric Fireplaces Market, by Distribution Channel
- Direct Sales
- Indirect Sales
Electric Fireplaces Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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