Northbrook, IL 60062 -- (SBWIRE) -- 07/08/2022 -- The global hearth market was valued at USD 9.3 billion in 2021 and is projected to reach USD 14.8 billion by 2027, registering a CAGR of 7.7% during the forecast period. The rise in demand for hearth products is also attributed to the increasing demand for home automation and the availability of numerous standard and customized hearth design options.
Fireplaces held the largest share of ~42% of the hearth market in 2021, and a similar trend is expected to be observed during the forecast period. Fireplaces are among the oldest forms of hearth appliances used in many North American and European houses. Also, the growth stability of hearth products after COVID-19 in residential and commercial sectors is expected to create lucrative opportunities for fireplace manufacturers in the near future.
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Inserts are projected to grow at the highest CAGR of 9.0% during the forecast period. Modern fireplace inserts are highly efficient and help cut down heating costs. Moreover, these are easy to maintain and offer the same esthetic appeal as traditional fireplaces in residences. These factors are expected to drive the market growth of fireplace inserts.
Electricity fuel type accounted for the largest share of ~55% in 2021, and a similar trend is expected in the near future. This growth is mainly attributed to the factor that electrical hearth products are fuel-efficient, easy to set up, portable, and have controllable heat. Electric hearths are a safer option and give greater control over traditional hearths. They do not contain real fire and other hazards such as smoke, fire, and residual embers. Also, they do not release harmful gases such as carbon dioxide and carbon monoxide. Electric hearths are vent-free, making them environment-friendly. Modern electric hearths are more efficient and offer dynamic control to users, such as remote control, Bluetooth speakers' connectivity, programmable timers, nightlight features emitting the softest glow, and many others.
North America held the largest share of ~64% of the hearth market in 2021. The market growth in this region is rising predominantly due to the strong presence of key hearth manufacturers such as HNI Corporation, Glen Dimplex, Napoleon, Travis Industries (Axis Industrial Holding Inc.), and HPC Fire Inspired. These players dominate the global hearth market by focusing on their organic and inorganic growth and delivering hearth products with cost-efficient operations and environment-effective fuel modes. In addition, the cold climate and increasing demand for esthetic appeal and home decoration are some of the key driving factors for the hearth market's growth in the region.