The report "Hearth Market by Fuel Type (Gas, Wood, Electricity), Product (Fireplace, Stove, and Insert), Design (Traditional, and Modern), Placement (Indoor, Outdoor, and Portable), Technology, Application, and Geography - Global Forecast to 2022", The hearth market is expected reach USD 18.43 Billion by 2022, at a CAGR of 2.5% between 2016 and 2022. The market, on the basis of volume, is expected to register a shipment of 6,877.38 thousand units by 2022, at a CAGR of 4.1% during the forecast period. The growth of this market is driven by factors such as necessity of hearth products due to the extreme cold climate in certain regions and growing interest for aesthetic home décor products among the customers.

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Electricity-based hearths to lead the overall market

The electric hearths are expected to hold the largest share of the overall market between 2016 and 2022. The benefits of using an electric hearth is 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 is produced inside it. These are also more economical than other hearths as they require low maintenance and installation costs.

The market for fireplace product held the largest share in 2015

The fireplaces are one of the oldest forms of space heating appliance hence they have a major foothold in the market. In the earlier times, they were used for cooking, heating water for laundry, and other domestic purposes. 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 the heating units that can fit into an existing fireplace.

North America held the largest share of the hearth market in 2015

North America held the largest share of the hearth market in 2015 because of the presence of many key companies in the hearth market expanding their production and distribution across North America. The U.S. and Canada are the major contributors for this region. The extreme cold climate of the region along with people’s growing interest towards home décor products are the key drivers for the growth of this market in North America.

Some of the major players in this market are HNI Corporation (U.S.), Travis Industries Inc. (U.S.), Innovative Hearth Products LLC (U.S.), FPI Fireplace Products International Ltd. (Canada), Napoleon Products (Canada), Empire Comfort Systems, Inc. (U.S.), Hearth Products Controls Co. (U.S.), Hearthstone Stoves (U.S.), Montigo (Canada), and Pacific Energy (Canada) among others.