Electric Fireplace Market is Set to Experience Revolutionary Growth by 2028

Electric fireplace is a heating device used in residential and commercial buildings for the heating of a room or workplace during the cold times. Electric fireplaces are increasingly adopted nowadays owing to their lower energy consumption and higher efficiency output. Moreover, electric fireplaces are more convenient and safe to use as they function with the help of an electrical switch. The heat & flames are generated directly by using electricity in the electric fireplace, which eliminates the construction of a chimney as well as the generation of smoke. The elimination of the need for a chimney is one of the key factors responsible for the high demand for electric fireplaces in the global market.

Moreover, manufacturers in the global market are highly focused on introducing innovative products such as 3D flames and an electric fireplace that features a crackling sound system. In addition, electric fireplaces with flames of different colours are also available in the global market. Therefore, the offering of innovative products has become a major trend in the market as manufacturers are boosting competition by adding more features in the electric fireplaces offered by them. Hence, the electric fireplace market is expected to grow with a significant CAGR during the forecast period.

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Global Electric Fireplace Market: Dynamics

The electric fireplace market is expected to grow at a healthy pace in the future owing to the increasing adoption of electric fireplaces as compared to conventional ones. The changing preference of customers from conventional to electric fireplace is mainly due to the advantages offered by them. For instance, electric fireplaces are pollution-free, portable, economical & safer to use, and their maintenance cost is lower as compared to fireplaces that require wood and gas. Furthermore, the manufacturers of electric fireplaces offer innovative products such as freestanding, wall-mounted, table-top, wall or table inserts and stove style, which is also one of the key factors responsible for the healthy growth of the electric fireplace market during the forecast period.

However, in the global electric fireplace market, factors such as the higher cost of electric fireplaces, low efficiency as compared to conventional fireplaces and the unsuitability of these fireplaces for exposure to the environment, are some of the factors that are likely to hamper the overall growth of the electric fireplace market in the future.

Global Electric Fireplace Market: Segmentation

The global electric fireplace market can be segmented on the basis of electric fireplace type, electric fireplace size, application & region.

On the basis of electric fireplace type, the global electric fireplace market is segmented as:

Stove
Insert
Table-Top
Wall-Mounted
Freestanding
On the basis of electric fireplace size, the global electric fireplace market is segmented as:

Small (Up to 35")
Medium (36" - 42")
Large (43" - 48")
Extra Large (49" & Above)
On the basis of application, the global electric fireplace market is segmented as:

Residential
Commercial
Global Electric Fireplace Market: Regional Outlook

The market potential of electric fireplaces is primarily restricted to colder countries. However, the market in North America is expected to witness healthy growth owing to the higher adoption of newer technologies coupled with the growing awareness among the people of the region about increasing pollution. Moreover, the market is Europe is also estimated to witness significant growth in the future. Increasing innovations by the manufacturers of electric fireplaces has created a wide variety products in the market. Hence, the availability of products according to the needs of customers is attracting them and making the market more lucrative in the region. Furthermore, the market in Asia Pacific is expected to grow moderately in the coming years. This can be attributed to low awareness among the people of the region about the product as well as the pollution caused by conventional fireplaces. In addition, the market in the countries of the Middle East & Africa region is expected to have a low growth potential and witness low to moderate growth in the future.

Global Electric Fireplace Market: Market Participants

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The global market for electric fireplaces is consolidated and is highly dominated by top players in the market. Some of the leading players involved in the manufacturing and sales of electric fireplace across the global market are:

Twin-Star Home (ClassicFlame®)
Real Flame
Dimplex North America
Amantii Electric Fireplaces
Napoleon Fireplaces
Duraflame, Inc.
Muskoka Electric Fireplaces
Modern Flames

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This release was published on openPR.