The hearth market has demonstrated steady growth, with its size increasing from $12.72 billion in 2023 to $13.1 billion in 2024, reflecting a CAGR of 3.0%. This growth is attributed to energy efficiency awareness, renovation trends, and rising disposable income. The market is projected to reach $14.96 billion by 2028, with a CAGR of 3.4%. Future growth drivers include environmental sustainability, customization options, and e-commerce growth. Notable trends include energy-efficient heating technologies, ventless fireplace solutions, and influences from home renovation trends.
Major Driver In The Hearth Market
The hearth market is poised for growth, driven by the increasing adoption of hearths, particularly in regions with extremely cold weather conditions. Hearths serve as a convenient and cost-effective option for room heating, contributing to reduced electricity bills compared to other heating systems. Countries with mean temperatures below 10 degrees Celsius, such as the UK, China, Russia, Germany, Ukraine, and Poland, witness widespread use of hearths in residential spaces, cafes, restaurants, and indoor settings for both heating and cooking purposes. The market is expected to thrive due to the demand for effective heating solutions in cold climates, with projected growth in 2023, 2024, and 2028.
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Hearth Market Competitive Landscape
Boley, Glen Dimplex, HNI Corporation, Hearth & Home Technologies, Pacific Energy, Napoleon Products, Innovative Hearth Products LLC, FPI Fireplace Products International Ltd., Regency Fireplace Products, RH Peterson Co., Stove Builder International, Empire Comfort Systems Inc., GHP Group Inc., Valor Fireplaces, Montigo Fireplaces, Hearth Products Controls Co., BFM Europe Ltd. Holdings Limited., Travis Industries Inc., Vermont Castings, Hearthstone Quality Home Heating Products Inc., Harman Stove Company, Rais A/S, Ortal USA Inc, Mendota Hearth, Stellar Hearth Products Inc., Element4 B.V., Barbas Bellfires, European Home, Wilkening Fireplace., Heat & Glo, Escea LIMITED, Stûv America Inc, Town & Country Luxury Fireplaces, FireRock Holdings Ltd, Stellar Hearth Products, Handelsbanken Wealth & Asset Management Limited, Travis Industries Inc., Foyers Fournier Inc., Barbas Bellfires, Spartherm Feuerungstechnik GmbH
Key Hearth Market Trend
The introduction of advanced eco-friendly hearths is gaining significant popularity in the hearth market. Key market players are continually developing new eco-friendly products with features such as low emissions and reduced fuel consumption to meet end-user demands and expand their product portfolios. For example, in October 2021, GlenDimplex, an Ireland-based consumer electronics company, launched four new outdoor heating products, including the Dimplex Long-Wave Heater (DLW series). This long-wave heater is designed for outdoor use, providing electric radiant heating with infrared waves to heat objects, making it suitable for both outdoor and uninsulated indoor spaces.
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Hearth Market Segmentation
The hearth market covered in this report is segmented –
1) By Product: Fireplace, Stove, Insert
2) By Fuel Type: Gas, Electricity, Wood, Pellet
3) By Design: Traditional, Modern
4) By Placement: Indoor, Outdoor, Portable
5) By Application: Commercial, Residential, Other Applications
By Geography:The regions covered in the hearth market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the hearth market in 2023.
The Hearth Global Market Report 2024 furnishes information about the global hearth market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
