Electric hearths are expected to hold the largest share of the overall market between 2016 and 2022
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.