The global hearth market size is estimated to be USD 7.7 billion in 2020 and is projected to reach 9.7 billion by 2025, at a CAGR of 4.7% during the forecast period. The market has a promising growth potential due to several factors, including the advancement in multicore technology for consumer electronics industry, increasing demand for modern SoC (system on chip) designs, mitigation of the continuously rising chip design cost and expenditure, growing adoption of connected devices for daily use. Moreover, increasing demand for electronics from healthcare industry due to COVID-19, and increasing demand for teleconference instruments amid the COVID-19 pandemic could play a key role in driving the growth of the hearth market.
“Traditionally, outdoor hearths were intended for cooking and barbeque purposes; nowadays, these are considered as a style statement for many users”
The outdoor hearth segment is projected to grow at the highest CAGR from 2020 to 2025 for hearth market, by placement. Traditionally, outdoor hearths were intended for cooking and barbeque purposes; nowadays, these are considered as a style statement for many users. These are used in residential, commercial, and hospitality settings. The most important aspect of an outdoor hearth is the aesthetic value. Currently, outdoor hearths are available in various designs. This is expected to boost their adoption across various applications during the forecast period.
“Unvented hearth is estimated to register higher CAGR growth during forecast period”
The unvented hearth segment for hearth market is estimated to register higher CAGR growth during the forecast period, by vent availability. The higher growth rate of unvented hearths is attributed to the increasing demand for electric fireplaces due to their low maintenance, modern design, and esthetic appeal. As they do not require venting, electric fireplaces can be easily installed anywhere inside a house while being energy-efficient and cost-effective. The growing adoption of ventless gas fireplaces is also expected to drive the market growth of unvented hearths.
“Europe is projected to become the second fastest geographical market between 2020 and 2025”
Europe is projected to grow at the second highest CAGR for hearth market during the forecast period. Many countries in Europe have cold climates. The need for a fireplace in and around homes is significant in this region. There has been a significant growth in the consumption of hearths in this region, which is expected to continue growing in the coming years. The region is witnessing a growing preference for modern, low-cost electric fireplaces among the consumers. This is because the convenience of flicking a switch rather than collecting, piling, and lighting firewood is a winning attribute in the case of electric hearths. The younger generation of fireplace buyers in Europe prefers a quick lighting fireplace that is cleaner and easier to maintain. All these factors are expected to drive the market growth of hearth in Europe.
Breakdown of profiles of primary participants:
- By Company: Tier 1 = 10%, Tier 2 = 20%, and Tier 3 = 70%
- By Designation: C-level Executives = 40%, Directors = 35%, and Others (sales, marketing, and product managers, as well as members of various organizations) = 35%
- By Region: APAC = 30%, North America = 10%, Europe=20%, and ROW=40%
Major players profiled in this report:
The hearth market is dominated by a few established players such as HNI Corporation (US), Travis Industries (Canada), Napoleon Fireplaces (Canada), Hearth Product Controls Company (HPC), Montigo (Canada), Innovative Hearth Products (IHP) (US), Empire Comfort Systems (US), GHP Group, Inc. (US), Hearthstone Quality Home Heating Products, Inc. (US), and RH Peterson (US).
This report offers detailed insights into the hearth market based on fuel type (wood, electricity, gas, pellet), product(fireplace, stove, insert), placement(indoor hearth, outdoor hearth, portable hearth), design(modern hearth, traditional hearth), vent availability (vented hearth, unvented hearth), ignition type (electronic ignition, standing pilot ignition), application (residential, commercial, hospitality, institutional), and region (North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW) which includes the Middle East and Africa (MEA)) and South America. The report also offers qualitative insights into the hearth market based on fireplace type and type of material.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the hearth market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the hearth market and provides them information on key market drivers, restraints, challenges, and opportunities.