Market Trends of United States Electric Fireplace Industry
Rising Demand From Residential Users
- The total population in the United States is observing a continuous rise over the years, creating demand for more residential and housing units. Rising units of households are creating rising opportunities for sales of Electric fireplaces in the country. Revenue for household appliances in the United States is observing a continuous increase with an annual growth rate of more than 3%, and the market size of heaters in household appliances exists with an annual growth rate of around 5%.
- Among the residential units, major opportunities for the sale of electric fireplaces exist in urban areas as they lack coal and firewood and have small living spaces, making electric fireplaces the most convenient option. New York, Los Angeles, Chicago, and Dallas have emerged as the leading metropolitan cities in the United States, with the largest population share and expenditure on home appliances. With these trends, residential segments are emerging as major demand-creating segments for electric fireplaces in the United States in comparison to commercial units.
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Increasing Demand For Smart Appliances
- Smart appliances are the category of appliances that help to save costs for the user and provide more comfortable and efficient service. With technology innovations, Electric fireplaces are enabled with Wi-Fi features, making them accessible through mobile apps and can be integrated into smart homes; they can also be controlled using voice assistance devices of Google Home and Amazon Alexa.
- The revenue of smart appliances in the United States has observed a continuous increase over the years, with the major share of users existing among the employed generation of 25-44 years. It is creating opportunities for smart electric fireplace manufacturers to focus more on a significant section of the population to increase their revenue and market share.
- Dallas, Chicago, Illinois, Texas, and Washington are emerging as the cities in the United States with the fastest adoption rate of smart appliances and are expected to drive the growth of smart electric fireplaces over the coming period.
