Market Trends of Electric Fireplace Industry
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.
