Electric Fireplace Market: Current Analysis and Forecast (2021-2027)

Report Description

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The Global Electric Fireplace Market is expected to register significant growth from 2021 to 2027. The electric fireplace market is expected to register significantly from 2021 to 2027. This is mainly due to the stringent government regulations coupled with the growing focus on the emission of harmful gases through the wood fireplace, electric fireplace was introduced to be eco-friendlier as there is no carbon emission. The advantages of the electric fireplace as compared to traditional fireplaces are that do not require a chimney, is often portable, is safer to use, does not require remodeling to install, etc. Electric fireplaces are increasingly used today due to their low power consumption and efficient output, promotion by government and other regulatory bodies, product emergence, and associated benefits are factors expected to boost the global electric fireplace market during the forecast period.

Some of the major players operating in the market include GLEN DIMPLEX, NAPOLEON, Sierra Flames, Alaskan Fireplace Company, Giantex Inc., Twin Star Home, Touchstone Home Products Inc., BFM Europe Ltd., Empire Comfort Systems, and European Home.

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Insights Presented in the Report

“Amongst Product Type, Wall Mounted category accounted for the majority share in the market in 2020”

Based on product type, the market is classified into wall mount electric fireplaces, built-in electric fireplaces, Freestanding electric fireplaces, and others. Amongst product types, the majority of manufacturers have witnessed growth in wall mount electric fireplaces, due to the ease of installation, the unit can be hung on the wall and are capable of low-profile integration, these devices connect to standard 110-volt household outlets and usually have a small heater. These units come in a variety of sizes, and additional features are common. There are often options such as LED backlight lighting, remote control, multiple colors, Ascend media options, etc. It attracts consumers which eventually helps the market to grow. Further followed by the built-in electric followed fireplace.

 “Amongst Size, Small size is expected to witness highest CAGR during the forecast period”

Based on size, the market is categorized into Small (Up to 35″), Medium (36″ – 42″), Large (43″ – 48″), Extra Large (49″ & above). Among these, the small segment held a prominent share of the market in 2020. The small-size electric fireplace is majorly used in the residential segment owing to its portability, cost-effectiveness, and other potential features which have escalated in recent years.

“North America to witness significant growth during the forecast period”

North America is anticipated to record a remarkable electric fireplace market share and is estimated to progress at a considerable pace in the global market during the forecast period. The growth is primarily accredited to the heavy demand for fireplaces with cost-efficient operation and environment-effective fuel mode. The enforcement of regulatory norms and ban on conventional hearth products in the region is also a reason behind the shift from wood fireplaces to electric fireplaces.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Global Electric Fireplace Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global electric fireplace market were the three major steps undertaken to create and analyze the adoption of the electric fireplace in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric fireplace market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the electric fireplace market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric fireplace market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product type, size, application, and installation. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric fireplace market. Further, we conducted factor analysis using dependent and independent variables such as various product types, sizes, installations, and applications, of an electric fireplace. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric fireplace market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric fireplace market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the electric fireplace market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global electric fireplace market in terms of product type, size, application, and installation. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electric fireplace market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, size, application, and installation in the global electric fireplace market.

The main objective of the Global Electric Fireplace Market Study

The current & future market trends of the global electric fireplace market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the electric fireplace market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type, size, installation, application
• Define and analysis of the regulatory framework for the electric fireplace market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the electric fireplace market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
• Company profiles of the Electric fireplace market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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