Market Trends of North America Electric Fireplace Industry
Technological Innovation In Electric Fireplace is Driving the Demand
Electric fireplaces are equipped with Wi-Fi, which allows users to control them remotely with added customizable controls using the mobile app as well as voice control via Google Home and Alexa. Electric fireplaces are helping to reduce emissions that were generated in traditional fireplaces with the ability to look exactly like a fire burning and produce heat. At the same time, zero gas, wood, or other resources are being burned.
The revenue of the smart home market in the United States is observing a continuous increase, rising to a value of USD 31.44 Billion in 2022, with the smart appliance segment having the largest share (USD 8.8 Billion), having a positive impact on the sales of electric fireplaces as well.
Increasing Household Expenditure And Energy Efficiency Of Fireplace is Driving The Market
Post-COVID-19 average annual expenditure on household furnishings and equipment per consumer unit in the United States observed a continuous increase, rising to an annual expenditure of USD 2,800 last year. This is leading to households bringing in more household equipment and driving demand for electric fireplaces as well. Post-COVID-19, the GDP per capita in Canada had observed a sharp rise to USD 55,000 last year, creating a rise of pent-up demand in the region.
With fossil fuel prices reaching record highs in the United States, companies are focusing on energy efficiency to save money and reduce the emissions driving commercial demand for electric fireplaces. In terms of energy efficiency, electric fireplaces use fewer materials and energy than wood or gas fireplaces with their electrically fueled technology. With an electric fireplace, the user never has to stress about carbon monoxide going into the atmosphere or lungs.
