Hearth Global Market Report 2024

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 ¼” 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, Stûv 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 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 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 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.


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