“Growing demand for aesthetic home décor among the customers is expected to drive the hearth market”
The hearth market size, in terms of value, is expected to reach USD 18.43 billion by 2022, at a CAGR of 2.5% between 2016 and 2022. On the basis of volume, the market is expected to register a shipment of 6,877.38 thousand units by 2022, at a CAGR of 4.1% during the forecast period. The hearth products are efficient space heaters and popular as home decor. There are designer hearths which are in high demand and are available in the market. These products hold a certain appeal to people who still want decorative hearths in their houses, even in the era of central heating systems.
“Hospitality application is likely to grow at the highest rate during the forecast period”
The recreational places such as hotels, restaurants, bars, and cafes install indoor and outdoor hearths to provide customers a good experience, comfort, and artistic appeal. They even install their grilling and barbeque set up in the outdoors to give the customers a better dining experience. Even hospitals are installing hearth appliances for the comfort of patients.
“Hearth market in Europe to grow at the highest CAGR”
The European region holds growth potential for the market in the near future and is expected to grow at the highest CAGR during the forecast period. The major reason for this is the extreme cold weather which necessitates the adoption of various heating appliances in and around the houses. The home builders and interior designers also use the hearth products due to the aesthetic appeal of the bright flame of fireplaces.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people. The break-up of the profile of primary participants has been given below:
- By Company Type: Tier 1 – 25 %, Tier 2 – 35%, and Tier 3 – 40%
- By Designation: C-Level Executives – 35%, Directors – 25%, and Others– 40%
- By Region: North America – 43%, Europe – 29%, APAC – 14%, and RoW – 14%
Companies that provide a range of modern fireplaces with customized solutions are expected to emerge as the game changers in this market.
The key players in the hearth market profiled in the report are as follows:
- HNI Corporation (U.S.)
- Travis Industries Inc. (U.S.)
- Innovative Hearth Products LLC (U.S.)
- FPI Fireplace Products International Ltd. (Canada)
- Napoleon Products (Canada)
- Empire Comfort Systems, Inc. (U.S.)
- Hearth Products Controls Co. (U.S.)
- Hearthstone Stoves (U.S.)
- Montigo (Canada)
- Pacific Energy (Canada)
- To define, describe, and forecast the global hearth market on the basis of fuel type, product, design, placement, application, and geography
- To describe the technology used in the hearth market
- To forecast the market size with respect to four main geographies—North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW)
- To strategically analyze the micro-markets1 with respect to individual growth trends, future prospects, and contribution to the total market
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To provide a detailed Porter's analysis and value chain analysis, along with technology and standards for the market
- To strategically profile the key players and comprehensively analyze their market shares and core competencies 2
- To analyze the competitive developments such as collaborations, joint ventures, mergers and acquisitions, new product launches and developments, and R&D activities in the hearth market
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the overall market comprehensively and provides the closest approximations of the global market size and that of the sub segments across the different verticals and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders to better understand their competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions in the hearth market.