Electric Fireplace Market Size Worth $2.96 Billion by 2033; Evolving Demands for Aesthetic and Functional Homes to Propel Growth

The global electric fireplace market size is anticipated to grow from USD 2 billion to USD 2.96 billion in 10 years. The market will experience rapid growth due to technological advancements in electric fireplace during the forecast period.

Newark, May 16, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 2 billion in 2023 global electric fireplace market will reach USD 2.96 billion in 2033. Traditional wood or gas fireplaces have given way to the more contemporary option of electric fireplaces. They frequently mimic the look of an authentic wood-burning fire, complete with ember beds and lifelike flame displays. Electric fireplaces come in various shapes, from sleek wall-mounted units to classic mantel pieces, so they may be easily integrated into various interior decor styles. These fireplaces have integrated heaters that can add extra warmth to a space. These heaters use coils or ceramic elements to produce heat, much like electric space heaters. Furthermore, electric fireplaces are safer for homes since they usually include cool-to-touch glass fronts and automated shutoff timers. Another reason for the popularity of electric fireplaces is their convenience. Electric fireplaces need less maintenance and are simple to install. They are installable in different rooms. Traditional fireplaces use less energy than electric fireplaces do. They are, therefore, an affordable heating option.

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Scope of Electric Fireplace Market

Report Coverage Details
CAGR         4% from 2024 to 2033
Market Size in 2023 USD 2 Billion
Market Size by 2033 USD 2.96 Billion
Largest Market North America
Base Year 2023
Forecast Year 2024 to 2033
Historical Year 2020-2022
Segments Covered Installation Type, Application
Regions Covered         North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Key Insight of the Global Electric Fireplace Market

North America will dominate the market during the forecast period.

The region has a variety of temperatures, including frigid winters when heating supplies are necessary. Electric fireplaces provide a quick and easy alternative to conventional wood or gas fireplaces for adding warmth and ambience to homes. Technological innovation has also been a major factor in generating demand in North America. Due to these advancements, electric fireplaces are now more appealing to customers looking for chic and contemporary heating options. Ultimately, there is a desire to lessen carbon footprints due to North America’s growing awareness of environmental challenges. The desire for electric fireplaces in the area is further fueled by the perception that they are more environmentally friendly than traditional fireplaces.

In 2023, the fixed segment dominated the market, with a 76% market share and revenue of 1.52 billion.

The installation type segment is divided into fixed and portable. In 2023, the fixed segment dominated the market, with a market share of 76% and revenue of 1.52 billion.

In 2023, the wall-mounted segment dominated the market, with a 42% market share and revenue of 0.84 billion.

The product type segment is divided into wall-mounted, built-in, fireplace inserts, tabletop, and mantel/freestanding. In 2023, the wall-mounted segment dominated the market with the largest market share of 42% and revenue of 0.84 billion.

In 2023, the residential segment dominated the market with the largest share of 78% and revenue of 1.56 billion.

The application segment is divided into residential and commercial. In 2023, the residential segment dominated the market with the largest share of 78% and revenue of 1.56 billion.

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Advancement in market

Mystflame’s log speaker, which replicates the sound of burning logs, may be controlled by voice commands or the Mystflame app. With 13 flame-bed hues, three top-light colours, and three flame colours, the ultra-high-intensity LED lights in the fireplace produce a vibrant, customized fire. The fireplace has glass crystals that light up to simulate burning coals and fake fire logs. A built-in heater blasts warm or hot air.

Market Dynamics

Driver: The growing need for aesthetically pleasing and practical dwellings.

Changing needs of homeowners for comfortable and attractive homes. Modern alternatives to more conventional options are electric fireplaces, which come in various forms and designs to fit diverse decor tastes. They are appealing solutions for homeowners looking to improve their houses because of how simple they are to install and how little care they demand. It is believed that fireplaces are desired features that raise the value of homes. They improve a property’s marketability. Another factor driving the desire for electric fireplaces is growing environmental concerns. Customers are looking for heating solutions that are eco-friendly and energy-efficient as they grow more aware of their impact on the environment. Housing trends and urbanization further fuel the need for electric fireplaces. Consequently, the market will expand due to the growing demand for aesthetically pleasing and useful homes.

Restraints: electric fireplace costs.

More expensive models typically have more sophisticated features, including adjustable settings, realistic flame effects, and remote control operation. Moreover, well-known companies with a track record of dependability and quality may fetch greater costs. Electric fireplaces are pricier upfront. It’s crucial to account for any installation expenses related to installing an electric fireplace, such as paying an electrician to run new wiring or outlets. Mantels, ornamental surrounds and longer warranties are optional extras and add-ons that might raise the initial cost even further. Another element that could raise expenses is energy usage, which means that the price of electric fireplaces would impede the market’s expansion.

Opportunities: developments in technology.

The creation of incredibly lifelike flame effects that mimic the appearance of actual wood-burning fires and improve the atmosphere of any space is made possible by cutting-edge design techniques combined with LED illumination. Customizable settings, which provide customers the freedom to customize their ambience and heating, are another important aspect. With customizable heat distribution choices, flame brightness settings, and temperature controls, users can create the ideal atmosphere for any kind of event. An extra degree of convenience is provided by remote control operation. In conclusion, throughout the forecast period, technical developments in the functionality and design of electric fireplaces will increase demand for them and support market expansion.

Challenges: The dependency on electricity.

These fireplaces cannot provide heat or operate their flame effects without electricity, significantly limiting their utility, particularly in emergencies. This limitation can leave homeowners without a reliable source of warmth during cold weather conditions. To address this limitation, homeowners may need to invest in alternative heating solutions like portable space heaters or backup generators to ensure their comfort and safety during emergencies, which adds to costs. Therefore, the reliance on electricity will limit the market’s growth.

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Some of the major players operating in the global electric fireplace market are:

• Duraflame
• Empire Comfort Systems
• Panoramic Electric Fireplaces
• Pleasant Hearth
• Real Flame
• Southern Enterprises
• Touchstone Home Products, Inc.
• Twin Star Home
• Valuxhome

Key Segments covered in the market:

By Installation Type

• Fixed
• Portable

By Product Type

• Wall Mounted
• Built-In
• Fireplace Inserts
• Tabletop
• Mantel/Freestanding

By Application

• Residential
• Commercial

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.

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