Hearth Global Market Report 2024

A hearth is a fireplace lined with brick or stone that may occasionally include an oven and is utilized for room heating, cooking, or heating water. Made from non-combustible materials, it serves to protect the floor from sparks, burning logs, radiant heat, and flying embers that might escape the fireplace.

The primary type of hearths includes fireplaces, stoves, and inserts. A fireplace is a framed opening in a chimney designed to hold an open fire. Heat sources for hearths and fireplaces include gas, electricity, wood, and pellet. A stove is a free-standing structure producing heat by burning renewable cord wood or fuel pellets made from condensed biomass materials such as wood chips and sawdust. Inserts are usually stoves, wood, or gas designed to be inserted into an existing fireplace. Hearths can be indoor, outdoor, and portable, serving commercial, residential, and other applications.

The hearth market research report is one of a series of new reports from The Business Research Company that provides hearth market statistics, including hearth industry global market size, regional shares, competitors with a hearth market share, detailed hearth market segments, market trends and opportunities, and any further data you may need to thrive in the hearth industry. This hearth market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hearth market size has grown steadily in recent years. It will grow from $12.72 billion in 2023 to $13.1 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth observed in the historical period can be attributed to the awareness of energy efficiency, aesthetic preferences, trends in renovation and home improvement, the popularity of outdoor living, and the increase in disposable income.

The hearth market size is expected to see steady growth in the next few years. It will grow to $14.96 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The anticipated growth in the forecast period can be attributed to a focus on environmental sustainability, increased demand for customization and personalization, the growth of e-commerce, the extension of outdoor living spaces, considerations for regulatory compliance and safety, and the impact of climate variability. Major trends expected in the forecast period include customization options for personalized fireplace experiences, the incorporation of energy-efficient heating technologies, a rise in demand for ventless fireplace solutions, a focus on environmentally friendly hearth materials, and the influence of home renovation and remodeling trends.

The hearth market is anticipated to grow with the increasing adoption of hearths, especially in countries facing extremely cold weather conditions. Hearths serve as a convenient heating option for rooms, helping to reduce electricity bills compared to other space heating systems. Countries with mean temperatures below 10 degrees Celsius, such as the UK, China, Russia, Germany, Ukraine, and Poland, witness widespread adoption of hearths in residential spaces, cafes, restaurants, and other indoor environments for both heating rooms and cooking. Therefore, the prevalence of cold weather conditions and the high adoption of hearths in these regions are expected to drive market growth in the forecast period.

The hearth market is expected to experience growth due to the expanding tourism industry. The tourism industry encompasses various activities, businesses, and services related to travel and leisure. Hearths in the tourism industry contribute to a cozy and inviting atmosphere in accommodations, enhancing the overall guest experience and satisfaction. According to the Ministry of Business, Innovation, and Employment in December 2022, tourism spending in New Zealand reached $26.5 billion, marking a 2.7% ($704 million) growth compared to the previous year. Overseas visitor arrivals to the country surged by 335.3%, reaching 229,370. Tourism made a direct contribution to the GDP amounting to $10.0 billion, equivalent to 3.0% of the GDP, showing a growth of 1.3%. The growing tourism industry is a key driver for the growth of the hearth market.

The hearth market is witnessing significant popularity in the launch of advanced eco-friendly hearths and related products. Key companies in the market are consistently involved in developing new eco-friendly products with advanced features, such as low emissions and reduced fuel consumption. For example, in October 2021, GlenDimplex, an Ireland-based consumer electronics company, introduced four new outdoor heat products, including the Dimplex Long-Wave Heater (DLW series). As part of its Heatstrip product line, the DLW series is designed for outdoor use, offering electric radiant heating with infrared waves to heat objects. It serves as an excellent option for heating outdoor and uninsulated indoor spaces.

Major companies are intensifying their focus on introducing innovative hearths, such as the DRL3613 DelRay Linear, to gain a competitive edge. The DRL3613 DelRay Linear is a contemporary and stylish gas fireplace renowned for its advanced technology and customizable features. Launched in May 2022 by Montigo, a Canada-based company specializing in custom gas fireplaces, this minimalist gas fireplace provides an elegant and efficient heating solution for residential spaces. With a slim 14 1/4" framing depth and 4/7 direct venting, it is suitable for both new construction and retrofit installations. The fireplace boasts a maximum BTU of 16,000 and a high-efficiency rating of 71.0% for both natural gas and propane.

In October 2022, Decisive Dividend Corporation, a US-based acquisition-oriented company, acquired ACR Heat Products Limited for $8.3 million. This strategic move marks Decisive's entry into the fireplace market for the second time, leveraging the acquisition of ACR. ACR Heat Products Limited, a UK-based manufacturer of hearth stoves, aligns with Decisive's expansion plans.

Major companies operating in the hearth market report are 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, Stuv America Inc., Town & Country Luxury Fireplaces, FireRock Holdings Ltd., Stellar Hearth Products, Handelsbanken Wealth & Asset Management Limited, Travis Industries Inc., Foyers Fournier Inc., Spartherm Feuerungstechnik GmbH

North America was the largest region in the hearth market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the hearth market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hearth market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The hearth market consists of sales of limestone hearth, slate hearth and marble hearth. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Hearth Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on hearth market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for hearth ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hearth market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Boley; Glen Dimplex; HNI Corporation; Hearth & Home Technologies; Pacific Energy
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.