North America Hearth Market Growth and Forecast 2031

The North America hearth market size is projected to reach US$ 7.33 billion by 2031 from US$ 4.12 billion in 2023. The market is expected to register a CAGR of 7.5% during 2023–2031. The growing adoption of electric fireplaces is likely to remain a key trend in the market.

North America Hearth Market Analysis

Increasing implementation of smart home automation technologies for aesthetically appealing fireplaces is one of the prime drivers for the North America hearth market. Companies operating in the hearth market are also focusing on advancing their products or services as per the changing consumer demand. For instance, in March 2024, URC, a global smart commercial and residential automation company, launched next-generation integration with a smart hearth control system for residential and commercial applications. Additionally, countries such as the US and Canada are witnessing a rise in the number of households. Hearth has widespread application in residential households for space heating.

North America Hearth Market Overview

The North America hearth market is driven by the increasing demand for energy-efficient space heating solutions across the residential sector and the growing proliferation of hearth in commercial spaces. A growing population and rising number of housing units are also anticipated to propel the growth of the North America hearth market over the forecast period. Changing consumer preferences for smart home automation technology and growing demand for aesthetically appealing hearth is also acting as a major trend, which is having a positive impact on the North America hearth market. The stakeholders in the North America hearth market include raw material and component suppliers, hearth manufacturers, distributors, and end users. Raw material suppliers and component suppliers provide products such as stones, marble, granite, slate, cover plates, grates, and screens to hearth system manufacturers. Hearth manufacturers then utilize the raw materials and components to make the final fireplace products, which are further supplied to the distributors or directly to the customers.

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North America Hearth Market Drivers and Opportunities

Rising Demand for Hearths in Commercial Spaces

Hearth products are widely used in commercial spaces such as restaurants, hotels, and cafes for space heating. These products use fireplaces and enhance the customer experience of space heating. In the US, commercial hotels, restaurants, resorts, and cafes are incorporating hearth products into guest accommodations to create aesthetics and welcoming environments. According to the US Environmental Protection Agency Organization, space heating accounts for ~36% of the energy usage in commercial buildings across the country, whereas in commercial buildings, responsible authorities spend approximately US$ 27 billion on space heating across the US.

The US commercial buildings in cold climates require more than five times of energy for space heating as compared to energy consumed during hot climates. According to the Commercial Buildings Energy Consumption Survey (CBECS), during cold climates in the US, the average energy consumption was ~36,800 British thermal units per square foot in 2022. Thus, the rising demand for hearth across commercial spaces in North America drives the market.

Growing Popularity of Outdoor Living Areas

Hearth products are installed in the outdoor living areas, including decks, patios, and gardens, to offer heating solutions. Outdoor fireplaces, fire pits, and patio heaters allow homeowners to extend living areas into the outdoors and enjoy a warm ambiance. Homeowners are increasingly spending on outdoor hearth fireplaces for space heating. Approximately 54.0% of US consumers are willing to pay for additional accessories required for outdoor living areas. Also, more than 53% of Americans want to spend on additional accessories to create enjoyable and functional outdoor living areas. In North America, citizens are increasingly seeking private retreat places for entertainment, thereby upgrading their outdoor living spaces.

According to the Outdoor Living Report Forbes, in 2023, ~82% of the residential population in the region planned to update their outdoor living areas. In the US, more than 63% of Americans prioritized investing in an outdoor living space. Also, according to a Forbes report, ~66% of homeowners in North America reported using fire pit or hearth products as additional accessories for their outdoor living areas. Thus, the growing popularity of creating outdoor living spaces across various countries in the region is expected to create ample opportunity for the North America hearth market during the forecast period.

North America Hearth Market Report Segmentation Analysis

Key segments that contributed to the derivation of the North America hearth market analysis are fuel type, product type, and application.

• Based on fuel type, the North America hearth market is segmented into gas, electric, wood, and pellet. The gas segment held the largest market share in 2023.
• By product type, the market is divided into vented and unvented. The vented segment held a larger market share in 2023.
• In terms of application, the market is bifurcated into residential and commercial. The residential segment dominated the market in 2023.

North America Hearth Market Share Analysis by Geography

The geographic scope of the North America hearth market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The North America hearth market is segmented into the US, Canada, and Mexico. The US and Canada acquire the majority of the share in the North America hearth market as there is a constant demand for fireplaces in these countries. This can be mainly attributed to the rise in the deployment of electric hearth systems across residential applications, which is supported by the increase in replacements from gas/fuel-powered hearths to electric and pellet-based hearths.

The presence of a large number of hearth manufacturers, such as HNI Corporation; Wolf Steel Ltd; Empire Comfort Systems, Inc.; Travis Industries, Inc.; Innovative Hearth Products; FPI Fireplace Products International Ltd; Pacific Energy Fireplace Products Ltd.; GHP Group Inc; Glen Dimplex Americas; and Stove Builder International, is one of the major drivers for the North America hearth market. These companies are constantly working on providing reliable solutions to their respective customers to remain competitive in the highly fragmented market.

North America Hearth Market Regional Insights

The regional trends and factors influencing the North America Hearth Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses North America Hearth Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

North America Hearth Market Report Scope

North America Hearth Market Players Density: Understanding Its Impact on Business Dynamics

The North America Hearth Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the North America Hearth Market are:

1. SBI - International Stove Manufacturer Inc.
2. Glen Dimplex Europe Holdings Limited
3. GHP Group Inc.
4. Pacific Energy Fireplace Products
5. FPI Fireplace Products International Ltd.
6. HNI Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

North America Hearth Market News and Recent Developments

The North America hearth market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the North America hearth market are listed below:

• Following a strategic review of its island-wide operations, Glen Dimplex has briefed staff on plans to invest more than US$ 50 million to reorientate its manufacturing operations Ireland as well as in Continental Europe to meet the growing demand for increasingly sustainable and smart heating and ventilation solutions for homes and businesses. (Source: Glen Dimplex, Press Release, February 2024)
• HNI Corporation acquired the assets of Trinity Hearth and Home for approximately US$ 30 million. The transaction was structured as an asset acquisition and consummated entirely in cash. Trinity generates approximately US$ 40 million of annual revenue. (Source: HNI Corporation, Press Release, October 2021)

North America Hearth Market Report Coverage and Deliverables

The “North America Hearth Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• North America hearth market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• North America hearth market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• North America hearth market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the North America hearth market
• Detailed company profiles