What is Electric Fireplaces?
An electric fireplace is an electric heater to rapidly heat rooms more efficiently than other gases and real wood-burning fireplaces do. Electric fireplaces reduce energy costs and also safer and convenient to use. The heat and flame effects of electric fireplaces are produced directly from electricity, which eliminates the need for a chimney. Colored and transparent flames and different combination of furniture with electric fireplace is trending in the market
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | GlenDimplex (Ireland), Buck Stove (United States), Twin-Star International, Inc. (United States), Napoleon (Canada), European Home (United States), Kent Fireplace (New Zealand), Adam (United Kingdom), Jetmaster (Australia), GHP Group (United States), BTB (United States) and Boge Technology (China) |
The study covers a detailed analysis segmented by key business segments i.e. by type (Wall Mount Electric Fireplaces, Built-In Electric Fireplaces and Freestanding Electric Fireplaces) , by application (Residential Use, Commercial Use and Other) and major geographies. Research Analyst at AMA predicts that United States and Chinese Manufacturers will contribute to the maximum growth of Global Electric Fireplaces market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Electric Fireplaces market report suggests strategies that Manufacturers can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Manufacturers, some of them are GlenDimplex (Ireland), Buck Stove (United States), Twin-Star International, Inc. (United States), Napoleon (Canada), European Home (United States), Kent Fireplace (New Zealand), Adam (United Kingdom), Jetmaster (Australia), GHP Group (United States), BTB (United States) and Boge Technology (China).
Market Overview:
In November 2023, Indoor and outdoor furniture resource Twin Star International has recalled 14,670 electric fireplace units because of a fire hazard that can occur when the units overheat.
The market report lists the major players involved in the Electric Fireplace Market under the competitive landscape and company profile chapters.
Influencing Trend:
Introducing Innovative Products such as 3D Flames
Market Growth Drivers:
High Utilization of Fireplaces for Residential Purposes and Increasing Demand for Pollution-free, Portable, Economical & Safer to Use Fireplaces
Challenges:
Electric Fireplaces do not Give Flame Picture Comparable to Wood or Gas Fireplaces
Restraints:
High Cost of Electric Fireplaces
Opportunities:
Technological Advancements and the Increasing Penetration of Freestanding Electric Fireplaces and Rising Infrasture Development in Developing Countries
Key highlights of the Global Electric Fireplaces market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the Electric Fireplaces market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Electric Fireplaces market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Manufacturers
Comprehensive information about factors that will challenge the growth of Electric Fireplaces Manufacturers
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Electric Fireplaces market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Electric Fireplaces market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Electric Fireplaces Manufacturers, Electric Fireplaces Distributors/Suppliers, Raw Material Suppliers, Potential Investors, Research Firm and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.