PUNE, India, July 16, 2024 /PRNewswire/ -- Without a real flame, electric fireplaces replicate the appearance and feel of a wood or gas fireplace. Instead, the usage of multicolored lights is mostly responsible for creating electric flame effects. Increasing consumer inclination for electric fireplaces due to their eco-friendliness of zero harmful products, along with low power consumption and efficient output virtues propels the demand for electric fireplaces.

Stellar Market Research, a leading Machinery & Equipment business research firm has published a report on the "Electric Fireplace Market". The report states that the total market size for the Electric Fireplace Market was USD 2065.91 Mn in 2023 and is expected to grow at a CAGR of 4.03 percent through the forecast period, reaching USD 2722.61 Mn by 2030. A bottom-up approach has been used to analyze the market size.

The Electric Fireplace Market Report offers a comprehensive analysis of the global Electric Fireplace industry, delving into various factors driving its growth, challenges encountered, and emerging trends shaping its trajectory. The report covers a wide range of topics, including market size, important market segments, regional analysis, competitive landscape, and prospects. Through a meticulous research methodology, the report leverages a blend of primary and secondary research techniques, enabling stakeholders to make informed decisions and capitalize on opportunities within the market.

Electric Fireplace Market Scope

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What's New: Recent Additions and Updates

• An in-depth analysis to understand the profitable trends and restraints to gain a stronger foothold.
• Analyze the supply chain for electric fireplaces, identifying key suppliers, manufacturers, and distribution channels.
• Provide real-world examples of corporate adoption of electric fireplaces. Focus on businesses and discuss the benefits they have experienced.
• Review the regulatory landscape affecting the electric fireplace market, including energy efficiency standards, safety regulations, and environmental policies.

Key Player Offerings

• Dimplex's Ignite Bold Linear Electric Fireplace (XLF7417-XD) offers versatile installation options and customizable features. Its patented reflective technology enhances flame depth for a realistic appearance. The fireplace includes advanced controls for personalization and comes with a multi-media bed featuring acrylic crystals and faux driftwood. This contemporary built-in unit is designed to make a striking visual impact in various room layouts, expressing both innovation and adaptability.

Key Findings of the Report

• The affordability and low maintenance requirements are significant drivers of consumer adoption in the electric fireplace market. Compared to conventional heating systems, electric fireplaces offer cost-conscious consumers a more economical long-term investment. Analysts recommend that companies emphasize these financial benefits in their marketing strategies to attract budget-conscious buyers seeking reliable and efficient heating solutions.
• Innovative marketing strategies are also critical to driving consumer awareness and adoption of electric fireplaces. The manufacturers should leverage their brand reputation and product excellence to effectively communicate the benefits of electric fireplaces to target audiences. Showcasing technological advancements and demonstrating product superiority through showroom experiences or virtual demonstrations will help build consumer confidence and stimulate demand.
• The aesthetic appeal of electric fireplaces remains a significant factor influencing consumer purchasing decisions. The manufacturers offer diverse design options that complement various interior styles and preferences. Customizable features such as flame colors, brightness settings, and interchangeable media beds enable personalization to suit different moods and occasions, enhancing the overall user experience.

Growth of Electric Fireplaces Regardless of Volatility in the Gas Market

Modern electric fireplaces are rapidly gaining popularity, revolutionizing home heating and decor with their sleek designs, 100% energy efficiency, and hassle-free installation and operation. Gas prices in the UK have been increasing year on year. According to Gas Infrastructure Europe, the UK has just ten terawatt hours (TWh) of gas available, with the UK's demand at 512 TWh per year, the limited supply leads to soaring prices in a capitalist market where supply dries up and demand remains the same or increases. The invasion of Ukraine has resulted in EU sanctions against Russia, disrupting the supply of many goods, including gas, and causing panic buying. Every time Russia threatens to cut off its gas supply to Europe, the situation worsens. Additionally, Asia and South America are buying more gas, with countries like China, Japan, and South Korea purchasing large quantities of LNG to transition from coal to gas power. While gas has been a relatively reliable and cost-friendly heating solution, its future stability is uncertain. Unlike traditional fireplaces, electric models do not require venting, making them easier and more affordable to install. Additionally, electric fireplaces are more environmentally friendly than their gas counterparts with the widespread adoption of sustainable energy sources like e-NRG bioethanol. They not only reduce carbon footprint but also add an element of eco-luxury to an interior. While traditional fireplace options continue to offer a cozy ambiance, the logistical demands of storing logs and the rising expense have made them less feasible for modern living spaces, where every inch counts in increasingly crowded homes.

To understand in-depth the Opportunities in the Electric Fireplace Market

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Wall-Mounted Segment Rises the Space-Saving Comfort

Electric fireplaces that are wall-mounted are becoming more popular because of their attractive appearance, practical construction, and simplicity of installation. The appeal of this sector is especially noticeable in cities where space is limited. For instance, wall-mounted fireplaces offer a useful heating option without taking up important floor space in big cities like New York and Tokyo, where the typical apartment size is less than 500 square feet. A wall-mounted unit usually costs between $100 and $500 to install, which is a lot less than the $1,000 to $3,000 needed for a standard wood-burning or gas fireplace. Electric fireplaces also cost around $0.15 an hour to operate, which adds up to about $30 a month for a home with six hours of fireplace use every day. Compared to the monthly operating expenses of wood-burning fireplaces, which may surpass $100 owing to the cost of wood and chimney. Energy-efficient heating components, realistic flame effects, and LED lighting are common features of modern units. The installation of smart home technology enhances consumer appeal by enabling consumers to operate their fireplaces using smartphone applications or voice assistants like Google Home and Amazon Alexa. In addition to enhancing user experience, these technical advancements raise the average selling price of these products, which raises revenue growth. For example, Wall-mounted unit sales increased by 12% in 2023 according to Dimplex, mostly due to high demand in North America and Europe.

Electric Fireplace Market Key Players

• Napoleon Fireplaces
• Glen Dimplex
• Amantii Electric Fireplaces
• Modern Flames
• Twin-Star Home
• Others

Key questions answered in the Electric Fireplace Market are:

• What is an Electric Fireplace?
• What is the current growth rate of the Electric Fireplace Market?
• Who are the key players in the Electric Fireplace Market?
• What are the factors affecting growth in the Electric Fireplace Market?
• Who held the largest market share in the Electric Fireplace Market?
• What is the demand pattern for the Electric Fireplace Market?
• What are the key trends in the Electric Fireplace Market?
• What are the strategies used by competitors in the Electric Fireplace Market?
• What are the growth prospects in developing countries for the Electric Fireplace Market?
• Which segment is expected to witness the fastest growth and why in the Electric Fireplace Market?

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by type, Installation, Application, and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Stellar Market Research a leading Machinery & Equipment research firm, has also published the following reports:

Electric Wall Heater Market: The market is expected to grow at a CAGR of 8% during the forecast period. Electric Wall Heater Market is expected to reach US$ 6.71 Bn. in 2030 from US$ 3.92 Bn. in 2023.

Smart Electricity Meters Market: The market size was valued at USD 22.67 billion in 2023. The global Smart Electricity Meters Market is expected to reach USD 40.14 billion by 2030 with a CAGR of 8.5% from 2024 to 2030.

Electric Capacitor Market: The market was valued at USD 25.00 billion in 2023. Global Electric Capacitor Market size is estimated to grow at a CAGR of 4% over the forecast period.

Electrical Conduit Market: The market was valued at USD 6.94 billion in 2023. The Global Electrical Conduit Market size is estimated to grow at a CAGR of 6.9 % over the forecast period.

Electric Fencing Market: The market size was valued at USD 352.3 Mn. in 2023 and the total market revenue is expected to grow at a CAGR of 6.06% from 2024 to 2030, reaching nearly USD 531.8 Mn. by 2030.

About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.

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