HEARTH MARKET ANALYSIS

Market Challenges And Opportunities

Drivers

• Growing importance of hearth as an aesthetic decorative in homes

Growing importance of the hearth as an aesthetic decoration 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 is also used in the hotels and restaurants which is further expected to foster the market growth of the hearth.

• Increasing number of independent houses in North America and Europe region

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 hearths as a luxury showpiece among high-income populations coupled with the availability of a wide variety of the hearth is also anticipated to foster market growth. Furthermore, an expanding number of market participants is another important element projected to boost hearth market expansion.  For instance, in February 2022, Glen Dimplex an product innovation and design in medicine, acquired Smarter DM, a corporation that specializes in the development of software and hardware. Both companies are likely to benefit from this transaction in terms of subject expertise and customer base.

Market Restraints

• High cost

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 the hearth requires a qualified technician for proper performance and safety of the hearth product, thus increasing 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.

• Market Opportunities

Growing population

Growing use of the hearth across the hospitality, commercial, institution, and residential sectors 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 hearths is projected to offer enormous growth opportunities to the market of the hearth. Moreover, the growing demand for portable hearth and the 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.