Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The hearth is a brick-lined fireplace that is used for heating purposes. It is used for managing the room temperature during winters as well as for cooking purpose. The hearth is made up of different materials brick and stones. It is used to improve the interiors of the house and also gives esthetical appeal. Moreover, it is also used to protect the home from flying embers, radiant heat, sparks, and burning logs.
The global hearth market is projected to surpass US$ 4.4 billion by the end of 2027, in terms of revenue, growing at CAGR of 3.7% during the forecast period (2020 to 2027).
Drivers
Growing importance of hearth as an aesthetic decorative in homes is expected to propel the market growth of the hearth. Traditionally it was used for maintaining indoor temperature but now its application has been expanded to enhance the aesthetic appeal of the living room. The use of the product is not limited to the house but are also used in the hotels and restaurants which is further expected to foster the market growth of the hearth.
An increasing number of independent houses in North America and Europe region is expected to augment the market growth of the hearth. Moreover, the growing use of hearth as a luxury showpiece among high-income population coupled with the availability of the wide variety of the hearth is also anticipated to foster market growth. Additionally, an increasing number of players in the market is another major factor expected to augment the market growth of the hearth.
Regionally, North America dominated the global hearth market in 2019, reporting 38% market share in terms of revenue, followed by Europe and Asia-pacific, respectively.
Figure 1. Global Hearth Market, Revenue Share (%), By Region, 2019
Market Restraints
The high cost of the hearth along with the additional charges associated with the installation is expected to hinder the market growth of the hearth. Installation of hearth requires a qualified technician for proper performance and safety of the hearth product, thus increase the overall price of the product.
The availability of various substitutes for space heating is expected to adversely affect the market growth of the hearth over the forecast period. Moreover, the lack of advertising activities by manufacturers for promoting is also expected to hamper the market growth of the hearth.
Hearth Market Report Coverage
| Report Coverage |
Details |
| Base Year: |
2019 |
Market Size in 2019: |
US$ 3.3 Bn |
| Historical Data for: |
2016 to 2019 |
Forecast Period: |
2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: |
3.7% |
2027 Value Projection: |
US$ 4.4 Bn |
| Geographies covered: |
- North America: U.S., Canada
- Latin America: Brazil, Mexico, Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, Rest of Asia Pacific
- Middle East & Africa: South Africa, GCC Countries, Rest of Middle East & Africa
|
| Segments covered: |
- By Fuel Type: Wood,Gas, Electric
- By Style: Traditional, Contemporary
- By Fireplace Type: Single-sided, Multisided
- By Vent Type: Direct Vent, B Vent, Vent-Free
|
| Companies covered: |
HNI Corporation, Innovative Hearth Products, Empire Comfort Systems Inc., HearthStone Quality Home Heating Products Inc., Travis Industries, Regency Fireplace Products, Napoleon Fireplaces, BFM Europe, and Bigwoods Hearth Products
|
| Growth Drivers: |
- Growing importance of hearth as an aesthetic decorative in homes
- Increasing number of independent houses in North America and Europe region
|
| Restraints & Challenges: |
- Lack of advertising activities by manufacturers for promoting product portfolio
|
Market Opportunities
Growing use of the hearth across hospitality, commercial, institution, and residential sector is expected to serve major growth opportunities. An increasing number of recreational places such as bars, restaurants, cafes, and hotels that are widely installing outdoor and indoor hearths for enhancing consumer experience and make the place artistically appealing is expected to augment the market growth of the hearth.
Increasing home automation coupled with the growing demand for smoke-less hearth is projected to offer enormous growth opportunities to the market of the hearth. Moreover, growing demand for portable hearth and increasing focus of manufacturers on tapping emerging markets across developing regions by promoting their brand is further expected to propel the market growth of the hearth over the forecast timeframe.
Figure 2. Global Hearth Market – Opportunity Analysis
Market Trends
Increasing online shopping that enable easy accessible and convenient purchasing of the different range of products is expected to be a major trend in the market. Moreover, a growing number of brand conscious customers coupled with the increasing purchasing of the hearth from online stores across developing as well as developed regions are expected to propel the market growth of the hearth over the foreseeable timeframe.
Partnership and agreements among key players are a major trend in the market and this trend is expected to augment the market growth of the hearth. For instance, in July 2029, US Stove announced that they have finalized a partnership with Anvil Canada to distribute US Stove and Acadia Hearth (a US Stove brand) products into the specialty hearth market across Canada.
Figure 3. Global Hearth Market, Revenue Share (%), By Application, in 2019
On the basis of application, wood the global hearth market in 2019 with around 53% of market share in terms of revenue, followed by gas and electric, respectively.
Global Hearth Market - Impact of Coronavirus (Covid-19) Pandemic
Owing to the adverse effects of the Coronavirus (Covid-19) pandemic, there has been an impact on the real estate sector. Nation-wide lockdowns have been implemented by governments across the globe which has caused rapid changing in consumer spending. People are now reluctant to more on non-essential products which will reduce the demand for hearth globally. These factors are expected to dampen the demand for global hearth market during 2020-2021.
Competitive Section:
Key players are operating in the global hearth market are HNI Corporation, Innovative Hearth Products, Empire Comfort Systems Inc., HearthStone Quality Home Heating Products Inc., Travis Industries, Regency Fireplace Products, Napoleon Fireplaces, BFM Europe, and Bigwoods Hearth Products
Few Recent Developments
- In November 2018 FPI Fireplace Products International, Ltd. (Regency Fireplace Products) launched new electric fireplaces to its product line to give customers greater options for fireplace installations and fuel types.
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