The Global Electric Fireplace Market is expected to register a CAGR of around 4% during the forecast period 2021-2027.
A comprehensive overview of the global electric fireplace market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the electric fireplace market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels. The Global Electric Fireplace Market is expected to register a CAGR of around 4% during the forecast period 2021-2027.
Market Overview
The electric fireplace market is expected to register a significant share of the market throughout 2021-2027. 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 they do not require a chimney and are often portable, safer to use as compared to a traditional fireplace, also they do not require remodeling to install, etc. Moreover, 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 some factors expected to boost the global electric fireplace market during the forecast period.
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COVID-19 Impact
The COVID-19 pandemic has adversely impacted the global mining industry. Covid-19 had a major impact on economic activities causing a problem for the manufacturing sector during the post-pandemic. The supply of the traditional fireplace had witnessed a downswing growth due to the shutdown of manufacturing activity. However, the demand of the electric fireplace market faced the opposite scenario, the extent people stayed at home encouraged them to renovate the interior, which in turn helped to boost the sale of the electric fireplace market.
The global electric fireplace market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By size, the market is primarily bifurcated into:
· Small (Up to 35")
· Medium (36" - 42")
· Large (43" - 48")
· Extra Large (49" & above)
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 (Up to 35") 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.
By installation, the market is primarily bifurcated into:
· Fixed
· Portable
Based on Installation, the market is categorized into fixed and portable. Among these, the fixed segment is set to have higher growth prospects and significant market growth across the globe. The manufacturing and development of high-powered units in fixed installation is the main reason behind the promising performance of the market, more the power unit more the heat generation. Hence, proliferating the market demand for electric fireplaces.
Global Electric Fireplace Market Geographical Segmentation Includes:
· North America
Ø United States
Ø Canada
Ø Rest of the world
· Europe
Ø Germany
Ø UK
Ø France
Ø Italy
Ø Spain
Ø Rest of Europe
· Asia-Pacific
Ø China
Ø Japan
Ø India
Ø Australia
Ø Rest of Asia-Pacific
· Rest of the World
For a better understanding of the market adoption of the global electric fireplace market, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, and the rest of North America); Europe (Germany, UK, France Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. 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 the wood fireplace to the electric fireplace.
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The major players targeting 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
· European Home
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global electric fireplace market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global electric fireplace market?
· Which factors are influencing the global electric fireplace market over the forecast period?
· What are the global challenges, threats, and risks in the global electric fireplace market?
· Which factors are propelling and restraining the global electric fireplace market?
· What are the demanding global regions of the global electric fireplace market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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