Market Size of Scandinavian Electric Fireplace Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Scandinavian Electric Fireplace Market Analysis
The Scandinavian electric fireplace market has generated a revenue of USD 972 million in the current year and is poised to achieve a CAGR of more than 4 % for the forecast period.
- Every year, the Scandinavian countries observe a steep decline in temperature during the winter, usually below 0 degrees celsius. This climate condition makes heating appliances an important segment of Scandinavian countries, especially for countries of Denmark, Iceland, and Norway.
- With rising awareness of global climate change and the availability of efficient heating appliances, people in the region are shifting from traditional heating methods of coal and firewood to electric fireplace appliances. Revenue from heating appliance manufacturers in the region has observed a continuous increase over the years, creating a positive externality for the sales of electric fireplace sales.
- Among the other factors in the region, the rising urban population, the adoption of smart appliances, increasing residential and commercial space, and energy efficiency are driving the sales of electric fireplaces in the region. Iceland, Finland, and Sweden are among the Scandinavian countries with the largest share of the Urban population, existing at around 70% with a rising expenditure on household appliances. Sweden, Norway, Denmark, Iceland, Finland, and Greenland are among the leading Scandinavian countries for tourism, and post-COVID, a rise in the number of hotels in these countries is leading to the creation of market demand for electric fireplaces in commercial space.
- As the electric fireplace is equipped with smart features of Wi-Fi connectivity and voice control, with a continuous rise in revenue of smart appliance in the region, sales for an electric fireplace is expected to increase. In addition to this, revenue from smart homes in the region is also observing a sharp rise, and more than 60% of the people in the region are heating their homes through electricity, leading to an increase in the number of firms in the region manufacturing electric heaters. Lowe, Menard, Bunnings group, and Home Depot are among some of the players making available Electric Fireplace and heaters in the Scandinavian countries.
