Electric Fireplace Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electric Fireplace Market Analysis
The Electric Fireplace Market is expected to register at a CAGR greater than 8% during the forecast period. The rising cost of traditional wood-using fireplaces in homes and the higher price of homes with a fireplace make an electric fireplace a convenient and cheaper option for a fireplace. Sales of electric fireplaces are observing a significant increase globally, existing at a value of more than USD 2.3 Billion last year. With advanced technology features of remote management via Wi-Fi apps and sync with Amazon Alexa through voice control systems, the electric fireplace can be operated from a safe distance. With added features of virtual flames, smoke illusion, multi-side viewing, and wall-mount electric fireplaces are becoming popular in the market.
With the advent of COVID-19, gas and electric fires became an ideal alternative as the use of wood-burning stoves was discouraged, which are both bad for the environment and human health. As more people were spending their time at home, online searches for electric fireplaces observed an increase as they exist as an ideal option for improving a home on a budget, and they work efficiently with entertainment options for curing lockdown boredom.
Household appliances globally are observing a continuous increase in revenue, rising to a level of USD 212.6 Billion last year, creating a positive externality for sales of the electric fireplace market as well. Higher price structure, inappropriate flame structure, and environment unsuitability are among the factors that need to be improved to raise the sales of electric fireplaces.
Electric Fireplace Market Trends
Technological Innovation is Driving Sales Of Electric Fireplaces
Increasing competition among the firms for designing innovative products and demand for new time-saving technological innovations is raising sales of electric fireplaces with the products being equipped with advanced features. The Smart Appliances and Energy Management market revenue is observing an increase globally, with revenue of USD 54 billion last year, creating a positive externality for the sales of electric fireplaces in the market.
In order to create the flame effect, new fireplaces are using digital screens and water vapor. The screen displays imagery of a real fire, along with burning embers and smoke, with options to customize the color of the flame effect. They had emerged as an energy-efficient technology tool using much less energy than wood-using fireplaces. These efficiency features of Electric Fireplace are driving their sales globally.
Rising Expenditure On Household Appliance is Driving The Market
Revenue from the Heating and Cooling Market globally is observing a continuous increase, and it rose to the value of USD 235 Billion last year, driving the market of the Electric fireplace market as well, with China and the United States observing the highest growth. Global consumer spending, after a slight decline during COVID-19, had surged, rising to USD 55,079 Billion, which makes these electric fireplace products affordable to an increasing segment of the population.
The cost of an electric fireplace can be anywhere from USD 200 to USD 10,000, making available to people a wide range of products as per their pocket. Freestanding or tabletop electric fireplace models do not have any installation cost, with prices varying with size, providing an efficient range of choices to the consumer. In addition, rising production by different manufacturers and a decline in price are leading to increasing household expenditure on it.
Electric Fireplace Industry Overview
The Electric Fireplaces market is still a developing market with new manufacturers entering with new and innovative products. This leads to the market existing in a fragmented state. Supply chain disruptions and inflation are negatively affecting businesses as well as customers. As the economy is recovering, leading to a rising income level, demand and manufacturing of electric space heaters are expected to increase with rising competition among manufacturers.
Electric Fireplace Market Leaders
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Twin Star International
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Real Flame
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GHP Group
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Montigo Fireplace
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OER Fireplace
*Disclaimer: Major Players sorted in no particular order
Electric Fireplace Market News
- Nov 2022: Equator Advanced Appliances introduced Equator 26 Portable Electric Fireplace in Walnut Brown, a flameless, portable electric fireplace designed with top-tier features. The portable fireplace is designed to provide maximum comfort, safety, and aesthetic appeal. It has a 5000 BTU capacity, with users capable of enjoying heating up to 400 square feet.
- Nov 2022: Dimplex introduced the Multi-Fire Slim Linear Electric Fireplace with features of a unique, slim design, realistic, high contrast, multi-layered flame effect, and an independently controlled electric heater. Dimplex exists as a North American leader in design and innovation, creating electric flame and heat products.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Innovation In Electric Fireplace driving the market
4.2.2 Rising awareness toward using eco-friendly products
4.3 Market Restraints
4.3.1 Supply chain disruptions affecting the sales of Electric Fireplace
4.3.2 Increasing Inflation reducing the demand for luxury items globally
4.4 Market Opportunities
4.4.1 Increasing competition is reducing price of Electric Fireplace
4.4.2 Rise in consumer spending globally Post-COVID-19
4.5 Value Chain/Supply Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights into Key Trends and Recent Developments in the Market
4.8 Insights into Technological Innovations in the Market
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Electric Stove
5.1.2 Insert Electric Fireplace
5.1.3 Tabletop Electric Fireplace
5.1.4 Wall-mounted Electric Fireplace
5.1.5 Freestanding Electric Fireplace
5.2 By Size
5.2.1 Small
5.2.2 Medium
5.2.3 Large
5.2.4 Extra Large
5.3 By Application
5.3.1 Residential
5.3.2 Commercial
5.4 By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Twin Star International
6.2.2 Real Flame
6.2.3 GHP Group
6.2.4 Montigo Fireplace
6.2.5 OER Fireplace
6.2.6 European Home
6.2.7 Touchstone
6.2.8 Home Products
6.2.9 Sierra Flame
6.2.10 Napolean*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER AND ABOUT US
Electric Fireplace Industry Segmentation
An electric fireplace is an electrical appliance that imitates a real fireplace fire using flame effects and a heat source. An electric fireplace runs on electricity and can be found in many forms, including freestanding, wall-mounted, and built-in. Electric fireplaces don't produce real flames; they are produced either through LED lights or from the combination of light sources and rotating mirrors to generate the effect of flickering flames.
The Electric Fireplace Market is segmented by Type (Electric Stove, Insert Electric Fireplace, Tabletop Electric Fireplace, Wall-mounted Electric Fireplace, and Freestanding Electric Fireplace), Size (Small, Medium, Large, and Extra Large), Application (Residential and Commercial), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The report offers the market size in value terms in USD for all the abovementioned segments.
| By Type | |
| Electric Stove | |
| Insert Electric Fireplace | |
| Tabletop Electric Fireplace | |
| Wall-mounted Electric Fireplace | |
| Freestanding Electric Fireplace |
| By Size | |
| Small | |
| Medium | |
| Large | |
| Extra Large |
| By Application | |
| Residential | |
| Commercial |
| By Region | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle-East and Africa |
Frequently Asked Questions
What is the current Electric Fireplace Market size?
The Electric Fireplace Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Electric Fireplace Market?
Twin Star International, Real Flame, GHP Group, Montigo Fireplace and OER Fireplace are the major companies operating in the Electric Fireplace Market.
What years does this Electric Fireplace Market cover?
The report covers the Electric Fireplace Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Electric Fireplace Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Electric Fireplace Industry Report
Statistics for the 2024 Electric Fireplace market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric Fireplace analysis includes a market forecast outlook to for 2024 to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Electric Fireplace Market Report Snapshots
