Hearth Market by Fuel Type (Wood, Gas, Electricity, and Pellet), Product (Fireplace, Stove, and Insert), Design (Traditional Hearth, and Modern Hearth), Placement, Application, Technology, and Geography - Global Forecast to 2023
“Increasing demand for esthetic home decor among customers is expected to drive the hearth market”
The hearth market is expected to be valued at USD 15.72 billion in 2018 and is expected to reach USD 19.01 billion by 2023, at a CAGR of 3.87% between 2018 and 2023. On the basis of volume, the market is expected to register a shipment of 7.5 million units by 2023, at a CAGR of 6.22% during the forecast period. The hearth products are efficient space heaters and popular as home decor. Designer hearths are available in the market and are in high demand. These products hold a certain appeal to people who still want decorative hearths in their houses, even in the era of central heating systems. However, the regulations for environment protection over the use of wood-based hearth products by agencies such as those of EPA and substitutes for room heating such as induction-based room heaters are the factors restraining the growth of the hearth market.
“Institutional application is likely to grow at the highest rate during the forecast period”
The institutional segment is gaining prominence as hearths are being installed in reading rooms, libraries, hostel common rooms, and dining halls for adding esthetic value. The hearths used in institutions generate peaceful ambience to create an ideal environment for students to focus on their academic works. Cost, cleanliness, and heat efficiency are some of the other factors that influence the use of hearths in institutions.
“Hearth market in Europe to grow at the highest CAGR”
Europe is expected to hold growth potential for the market in the near future and is likely to grow at the highest CAGR during the forecast period. The major reason for this is the extreme cold weather that necessitates the adoption of various heating appliances in and around the houses. The home builders and interior designers also use hearth products due to the esthetic appeal of the bright flame of fireplaces.
Extensive primary interviews have been conducted with key people in the industry to determine and verify the size of several segments and subsegments of the market. The breakup of the primary participants has been shown below:
By Company Type: Tier 1 = 30 %, Tier 2 = 35%, and Tier 3 = 35%
By Designation: C-Level Executives = 35%, Directors = 40%, and Others = 25%
By Region: North America = 42%, Europe = 14%, APAC = 42%, and RoW = 2%
The report also profiles the key players in the hearth market. The prominent players profiled in this report are 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), Pacific Energy (Canada), RH Peterson Co. (US), GHP Group Inc. (US), Wilkening Fireplace (US), Jøtul AS (Norway), Nordpeis (Norway), Rassmussen Gas Logs (US), EuropeanHome (US), Barbas Bellfires (Netherlands), Element4 (Netherlands), and Stellar Hearth Products Inc. (US).
This research report categorizes the market on the basis of fuel type, product, design, placement, application, technology, and geography. The report also discusses major drivers, restraints, challenges, and opportunities for the market. The key market players across the value chain have been strategically profiled in the report.
Key Benefits of Buying the Report:
The report will help leaders/new entrants in this market in the following ways:
1. This report segments the hearth market comprehensively and provides the closest market size estimation for major industry verticals across various regions.
2. The report would help stakeholders understand the pulse of the market through the information on drivers, restraints, challenges, and opportunities pertaining to the market.
3. This report would help stakeholders better understand their competitors and gain insights on ways to improve their position in the market. The competitive landscape section includes the competitor ecosystem, and product developments, partnerships, and mergers & acquisitions in the market.