PUNE, India, July 16, 2024 /PRNewswire/ -- Without a real
flame, electric fireplaces replicate the appearance and feel of a
wood or gas fireplace. Instead, the usage of multicolored lights is
mostly responsible for creating electric flame effects. 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.
Stellar Market Research, a leading Machinery & Equipment
business research firm has published a report on the "Electric
Fireplace Market". The report states that the total market size for
the Electric Fireplace Market was USD
2065.91 Mn in 2023 and is expected to grow at a CAGR of 4.03
percent through the forecast period, reaching USD 2722.61 Mn by 2030. A bottom-up approach has
been used to analyze the market size.
The Electric Fireplace Market Report offers a comprehensive
analysis of the global Electric Fireplace industry, delving into
various factors driving its growth, challenges encountered, and
emerging trends shaping its trajectory. The report covers a wide
range of topics, including market size, important market segments,
regional analysis, competitive landscape, and prospects. Through a
meticulous research methodology, the report leverages a blend of
primary and secondary research techniques, enabling stakeholders to
make informed decisions and capitalize on opportunities within the
market.
Electric Fireplace Market Scope
Market Size in
2023
|
USD 2065.91
Million
|
Market Size in
2030
|
USD 2722.61
Million
|
CAGR
|
4.03 Percent
|
Forecast
Period
|
2024-2030
|
Base
Year
|
2023
|
Number of
Pages
|
225
|
No. of
Tables
|
137
|
No. of Charts and
Figures
|
210
|
Segment
Covered
|
By Type,
Installation, and Application
|
Regional
Scope
|
North America, Europe,
Asia Pacific, Middle East and Africa, South America
|
Report
Coverage
|
Market Share, Size, and
Forecast by Revenue | 2024−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
Get your Sample PDF:
https://www.stellarmr.com/report/req_sample/Electric-Fireplace-Market/529
What's New: Recent Additions and Updates
- An in-depth analysis to understand the profitable trends and
restraints to gain a stronger foothold.
- Analyze the supply chain for electric fireplaces, identifying
key suppliers, manufacturers, and distribution channels.
- Provide real-world examples of corporate adoption of electric
fireplaces. Focus on businesses and discuss the benefits they have
experienced.
- Review the regulatory landscape affecting the electric
fireplace market, including energy efficiency standards, safety
regulations, and environmental policies.
Key Player Offerings
- Dimplex's Ignite Bold Linear Electric Fireplace (XLF7417-XD)
offers versatile installation options and customizable features.
Its patented reflective technology enhances flame depth for a
realistic appearance. The fireplace includes advanced controls for
personalization and comes with a multi-media bed featuring acrylic
crystals and faux driftwood. This contemporary built-in unit is
designed to make a striking visual impact in various room layouts,
expressing both innovation and adaptability.
Key Findings of the Report
- The affordability and low maintenance requirements are
significant drivers of consumer adoption in the electric fireplace
market. Compared to conventional heating systems, electric
fireplaces offer cost-conscious consumers a more economical
long-term investment. Analysts recommend that companies emphasize
these financial benefits in their marketing strategies to attract
budget-conscious buyers seeking reliable and efficient heating
solutions.
- Innovative marketing strategies are also critical to driving
consumer awareness and adoption of electric fireplaces. The
manufacturers should leverage their brand reputation and product
excellence to effectively communicate the benefits of electric
fireplaces to target audiences. Showcasing technological
advancements and demonstrating product superiority through showroom
experiences or virtual demonstrations will help build consumer
confidence and stimulate demand.
- The aesthetic appeal of electric fireplaces remains a
significant factor influencing consumer purchasing decisions. The
manufacturers offer diverse design options that complement various
interior styles and preferences. Customizable features such as
flame colors, brightness settings, and interchangeable media beds
enable personalization to suit different moods and occasions,
enhancing the overall user experience.
Growth of Electric Fireplaces Regardless of Volatility in the
Gas Market
Modern electric fireplaces are rapidly gaining popularity,
revolutionizing home heating and decor with their sleek designs,
100% energy efficiency, and hassle-free installation and operation.
Gas prices in the UK have been increasing year on year. According
to Gas Infrastructure Europe, the UK has just ten terawatt hours
(TWh) of gas available, with the UK's demand at 512 TWh per year,
the limited supply leads to soaring prices in a capitalist market
where supply dries up and demand remains the same or increases. The
invasion of Ukraine has resulted
in EU sanctions against Russia,
disrupting the supply of many goods, including gas, and causing
panic buying. Every time Russia
threatens to cut off its gas supply to Europe, the situation worsens. Additionally,
Asia and South America are buying more gas, with
countries like China, Japan, and South
Korea purchasing large quantities of LNG to transition from
coal to gas power. While gas has been a relatively reliable and
cost-friendly heating solution, its future stability is uncertain.
Unlike traditional fireplaces, electric models do not require
venting, making them easier and more affordable to install.
Additionally, electric fireplaces are more environmentally friendly
than their gas counterparts with the widespread adoption of
sustainable energy sources like e-NRG bioethanol. They not only
reduce carbon footprint but also add an element of eco-luxury to an
interior. While traditional fireplace options continue to offer a
cozy ambiance, the logistical demands of storing logs and the
rising expense have made them less feasible for modern living
spaces, where every inch counts in increasingly crowded homes.
To understand in-depth the Opportunities in the Electric
Fireplace Market
Request for a Sample
Report: https://www.stellarmr.com/report/req_sample/Electric-Fireplace-Market/529
Wall-Mounted Segment Rises the Space-Saving Comfort
Electric fireplaces that are wall-mounted are becoming more
popular because of their attractive appearance, practical
construction, and simplicity of installation. The appeal of this
sector is especially noticeable in cities where space is limited.
For instance, wall-mounted fireplaces offer a useful heating option
without taking up important floor space in big cities like
New York and Tokyo, where the typical apartment size is
less than 500 square feet. A wall-mounted unit usually costs
between $100 and $500 to install, which is a lot less than the
$1,000 to $3,000 needed for a standard wood-burning or gas
fireplace. Electric fireplaces also cost around $0.15 an hour to operate, which adds up to about
$30 a month for a home with six hours
of fireplace use every day. Compared to the monthly operating
expenses of wood-burning fireplaces, which may surpass $100 owing to the cost of wood and chimney.
Energy-efficient heating components, realistic flame effects, and
LED lighting are common features of modern units. The installation
of smart home technology enhances consumer appeal by enabling
consumers to operate their fireplaces using smartphone applications
or voice assistants like Google Home and Amazon Alexa. In addition
to enhancing user experience, these technical advancements raise
the average selling price of these products, which raises revenue
growth. For example, Wall-mounted unit sales increased by 12% in
2023 according to Dimplex, mostly due to high demand in
North America and Europe.
Electric Fireplace Market Key Players
- Napoleon Fireplaces
- Glen Dimplex
- Amantii Electric Fireplaces
- Modern Flames
- Twin-Star Home
- Others
Key questions answered in the Electric Fireplace
Market are:
- What is an Electric Fireplace?
- What is the current growth rate of the Electric Fireplace
Market?
- Who are the key players in the Electric Fireplace Market?
- What are the factors affecting growth in the Electric Fireplace
Market?
- Who held the largest market share in the Electric Fireplace
Market?
- What is the demand pattern for the Electric Fireplace
Market?
- What are the key trends in the Electric Fireplace Market?
- What are the strategies used by competitors in the Electric
Fireplace Market?
- What are the growth prospects in developing countries for the
Electric Fireplace Market?
- Which segment is expected to witness the fastest growth and why
in the Electric Fireplace Market?
Access a Free Sample Report:
https://www.stellarmr.com/report/req_sample/Electric-Fireplace-Market/529
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment |
2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities,
and Key Trends by Region
- Market Segmentation – A detailed analysis by type,
Installation, Application, and Region
- Competitive Landscape – Profiles of selected key players by
region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers,
Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER's analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Stellar Market Research a leading Machinery & Equipment
research firm, has also published the following reports:
Electric Wall Heater Market: The market is expected to
grow at a CAGR of 8% during the forecast period. Electric Wall
Heater Market is expected to reach US$ 6.71
Bn. in 2030 from US$ 3.92 Bn.
in 2023.
Smart Electricity Meters Market: The market size was
valued at USD 22.67 billion in 2023.
The global Smart Electricity Meters Market is expected to reach
USD 40.14 billion by 2030 with a CAGR
of 8.5% from 2024 to 2030.
Electric Capacitor Market: The market was valued at
USD 25.00 billion in 2023. Global
Electric Capacitor Market size is estimated to grow at a CAGR of 4%
over the forecast period.
Electrical Conduit Market: The market was valued at
USD 6.94 billion in 2023. The Global
Electrical Conduit Market size is estimated to grow at a CAGR of
6.9 % over the forecast period.
Electric Fencing Market: The market size was valued at
USD 352.3 Mn. in 2023 and the total
market revenue is expected to grow at a CAGR of 6.06% from 2024 to
2030, reaching nearly USD 531.8 Mn.
by 2030.
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and
consulting company with professionals from several industries. Some
industries we cover include medical devices, pharmaceutical
manufacturers, science and engineering, electronic components,
industrial equipment, technology and communication, cars and
automobiles, chemical products and substances, general merchandise,
beverages, personal care, and automated systems.
Contact Stellar Market Research:
S.no.8, h.no. 4-8
Pl.7/4,
Pinnac Memories Fl. No. 3,
Pune, Maharashtra, 411029
sales@stellarmr.com
+91 9607365656
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