PUNE, India — The global hearth market is forecast to grow to $18.43 billion by 2022, increasing at a compound annual growth rate (CAGR) of 2.5 percent between 2016 and 2022, according to a report published by MarketsandMarkets.
The market, on the basis of volume, is expected to register a shipment of 6,877,380 units by 2022, growing at a CAGR of 4.1 percent during the forecast period. The growth of this market is driven by factors such as the necessity of hearth products due to the extreme cold climate in certain regions and growing interest in aesthetic home décor products among consumers.
Electric hearths are expected to hold the largest share of the overall market between 2016 and 2022. The benefits of using an electric hearth are its efficiency in space heating along with low emissions, which make it environment-friendly. These hearths are easier to clean as there are no wood logs or ash produced inside it. They are also more economical than other hearths as they offer low maintenance and installation costs.
Fireplace products held the largest share in 2015. Fireplaces are one of the oldest forms of space heating appliance, thus they have a major foothold in the market. These are used to create a relaxing and comfortable ambiance, indoor or outdoor. Modern fireplaces have better heat efficiency and sophistication in design. However, inserts are expected to grow at the highest CAGR. These are heating units that can fit into an existing fireplace.
North America held the largest share of the hearth market in 2015, with many key companies expanding their production and distribution across North America. The U.S. and Canada are the major contributors for this region. The cold climate in much of the region along with people’s growing interest in home décor products are the key drivers for the growth of this market in North America.
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Publication date: 9/30/2016