- Electric hearths to hold the largest share of the hearth market during the forecast period
- The market for fireplace products held the largest share in 2017
- North America held the largest share of the hearth market in 2017
Homes in cold climates need warmth, while most every home welcomes the warmth a hearth brings to a room. Be it necessity or simple aesthetic comfort, the Hearth Market fills the need for homeowners around the world.
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Electric hearths are expected to hold the largest share of the overall market between 2017 and 2023. The benefit of using an electric hearth is its efficiency in space heating, along with low emissions, which make it environmentally friendly. These hearths are easier to clean as there are no wood burns, ash, or carbon residue. These are also more economical than other hearths as they require low maintenance and installation costs.
The hearth market is expected to reach $19.01 Billion by 2023 from $15.72 Billion in 2018, at a CAGR of 3.87% between 2018 and 2023. The market, on the basis of volume, is expected to register a shipment of 7.5 million units by 2023, at a CAGR of 6.22% during the forecast period.
Fireplaces are among the oldest forms of space heating appliances; hence, they have a major foothold in the market. In earlier times, these were used for cooking, heating water for laundry, and other domestic purposes. These are now mostly used to create a relaxing and comfortable ambiance, indoor or outdoor. Modern fireplaces have better heat efficiency and sophistication in design. However, the market for inserts is expected to grow at the highest CAGR. Inserts are heating units that can fit into an existing fireplace.
North America held the largest share of the hearth market in 2017 because of the presence of many key companies in the hearth market expanding their production and distribution across North America. The US and Canada are the major contributors in this region. The extremely cold climate of the region, along with people’s growing interest in home decor products are the key drivers for growth of this market in North America.
HNI Corporation (US), Innovative Hearth Products LLC (US), Travis Industries Inc. (US), FPI Fireplace Products International Ltd. (Canada), Napoleon Products (Canada), Empire Comfort Systems Inc. (US), Hearth Products Controls Co. (US), Hearthstone Stoves (US), Montigo (Canada), and Pacific Energy (Canada) are some of the major players in this market.