July 18, 2022 11:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, July 18, 2022 (GLOBE NEWSWIRE) -- The global electric fireplace market is expected to be worth US$ 2.18 billion in 2021, with a 1.4 percent year-on-year growth. Between 2022 and 2032, the market is expected to grow at a CAGR of 3.7%, from USD 2.21 billion in 2022 to USD 3.2 billion in 2032. In 2020, the global market grew by 2%, compared to the 2% average year-on-year growth from 2017 to 2019.
Companies in the electric fireplaces market are making inroads into newer regions with the help of data-driven research to maximize their gains amid the ongoing coronavirus crisis.
However, power outages tend to question customers in rural and underdeveloped economies of Asia Pacific and Middle East & Africa before purchasing electric fireplaces. Hence, companies should increase awareness about generators that help to ease comfort at home for families and advertise its advantages such as low environmental footprint and elimination of venting associated with conventional fireplaces. As such, the Asia Pacific electric fireplaces market is likely to expand at a prominent growth rate during the forecast period due to increasing job opportunities.
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Increase in Home Hours to Boost Product Demand amid Coronavirus Crisis
Since an increasing number of people are preferring to stay at home due to online schooling and work-from-home requirements, companies in the electric fireplaces market are capitalizing on this opportunity to boost sales amid the ongoing coronavirus crisis. Remote working flexibility and burgeoning growth of eCommerce & mobile shopping apps are projected to drive the global market.
As such, domestic and global companies are in the midst of rapid shift in supply chain planning, operations, and inventory management to address the impact of the pandemic. Several companies have already started re-evaluating their supply chains and in the process of shuffling their business operations to reduce concentration in a handful of countries.
Electric Fireplaces Market – Key Findings of Report
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Global Electric Fireplace Market: Market Participants
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 the electric fireplace across the global market are:
The research report presents a comprehensive assessment of the electric fireplace market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated electric fireplace market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to electric fireplace market segments such as geographies, application, and industry.
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Key Segments Covered in the Electric Fireplace Market Study
Electric Fireplace Market by Type:
Electric Fireplace Market by Size:
Electric Fireplace Market by Application:
Electric Fireplace Market by Region:
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3.5.1. Supply Side Participants and their Roles
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.8. PESTLE and Porter’s Analysis
4. Global Electric Fireplace Market Analysis 2017-2021 and Forecast, 2022-2032
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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