Market Trends of Scandinavian Electric Fireplace Industry
Rising Smart Appliances Sales
- The sales of smart appliances in the Scandinavian countries are observing a continuous increase. The market share of smart appliances in the smart home segment of countries exists at more than 30% and has observed a continuous rise over the years. Oslo, Stockholm, and Kobenhavn exist among the major cities with rising inhabitants in the region, creating demand for smart heating appliances, including electric fireplaces.
- Electric fireplaces can be connected with smartphone apps or voice assistants like Alexa or Google Home to adjust the flame effects and temperature and set timers, making it comfortable and efficient for a varying range of age groups. Denmark, Norway, and Iceland are among the countries leading in annual average earnings in the Scandinavian region, resulting in higher household disposable income and smart appliance expenditure, providing opportunities for manufacturers to attract a new customer base.
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Rising Demand From Households
- Population in the Scandinavian countries is observing continuous growth, with Sweden and Denmark emerging as leading countries. A rise in population leads to an increase in demand for housing and living space segment and households' demand for heating and other household appliances.
- Sweden, Finland, and Norway are among the Scandinavian countries with the largest number of residential housing, leading to an increase in the number of stores and expanding the supply chain of heating and electric fireplace appliance manufacturers in these countries.
- With a low operation cost of around USD 0.15 per hour, electric fireplaces are far more efficient than gas fireplaces. They are equipped with more advanced features in comparison to electric space heaters. These features in the electric fireplace make it a perfect fit for households, reducing cost and increasing comfortability.
- In addition to this, the revenue of the home appliance market in the region is observing a continuous rise, with a growth rate of more than 3%, creating a positive scope for electric fireplace sales.
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