Propane Fire Pits to Stay Warm in the Outer Space is Sparking the Market Growth. The Fire Pits Market is Likely to Record a CAGR of 6.5% During the Forecast Period. The booming Asian Pacific economy promises great opportunity and growth for the fire pits market, with projected CAGR of 7.6%. The increasing household incomes mean greater support to drive further expansion in this sector.
NEWARK, Del, Feb. 02, 2023 (GLOBE NEWSWIRE) — From 2023 to 2033, the fire pits market is projected to record a CAGR of 6.5%, reaching a value of US$ 7.24 billion in 2023. In 2033, it is predicted that the fire pits market would be worth US$ 13.59 billion.
The fire pits market is being driven by homeowners’ rising demand to evoke an inside ambiance in outdoor locations. One of the favored trends among homeowners looking to improve their outdoor living spaces by the installation of fire pits.
Global expansion of outdoor recreational activities is propelling market expansion. Camping, hiking, adventure racing, mountaineering, cycling, and other outdoor pursuits are examples of leisure activities. Customers are utilizing fire pits for both indoor and outdoor pleasure. These elements are projected to fuel market expansion.
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Emerging Technologies by Manufacturers to Speed Up Market Expansion
It is anticipated that technological advancements made by various producers may quicken market expansion. For example, EcoSmart Fire provides fire pits that are plumped with natural gas, propane, or environmentally friendly bioethanol fuel system. These initiatives should accelerate market expansion.
To capture a significant proportion of the market, manufacturers are increasing their geographic reach. Over the next few years, it is anticipated that developing strategic ties with customers and introducing ground-breaking products may continue to be crucial success factors.
The fire pits market is predicted to be dominated by North America, followed by Europe and the Asia Pacific region. Due to the western way of life and rising personal incomes, North America and Europe are predicted to see a large increase in the market share of fire pits.
The Asia Pacific region’s demand for fire pits is increasing as a result of the construction industry’s rapid development and expansion in developing nations like China and India. In the upcoming years, living space is anticipated to gain importance in urban living environments.
- With an expected fire pits market share of roughly 48.8% throughout the anticipated period, the wood-burning section of the product type category is expected to rule.
- The product type category’s propane segment is anticipated to record a CAGR of 9.4% between 2023 and 2033.
- With a market share of roughly 40.0% throughout the anticipated period, the traditional fire pit sector of the type category prevailed.
- Over the projected period, it is anticipated that the tabletop fire pit section of the type category may see a CAGR of 10.2%.
- The end-user category’s outdoor section had a strong presence over the projection period, at 66.6%.
- Over the projection period, it is anticipated that the indoor segment of the end-user category may see a CAGR of 7.1%.
- During the anticipated period, the B2C segment of the sales channel category held a commanding fire pits market share of almost 65.0%.
- From 2023 to 2033, the CAGR for the B2B section of the sales channel category is anticipated to be 7.1%.
- With a 39.8% fire pits market share over the anticipated period, North America dominated the industry.
- From 2023 to 2033, the Asia Pacific market is anticipated to register a CAGR of 7.6%.
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Numerous small and sizable businesses have left the market fragmented. The market leaders concentrate on product development and introduce fresh innovation into the goods. To remain competitive in the market and to satisfy client demand, players employ a range of strategies while also growing their businesses in various geographical areas.
Heininger Holdings LLC, Galaxy Outdoor, Frepits UK, Buck Stove, The Outdoor Greatroom Company, Az Patio Heaters, Uniflame, Best Choice Products, Serenity Health & Home Decor, and a host of other leading companies are just a few of the leading participants in the world fire pits market.
Introduction of Interactive Software for Installation and On-site Troubleshooting
In September 2021, HPC, a Warming Trends trademark, debuted interactive software for fire pit installation and on-site troubleshooting. The app provides step-by-step visual instructions for every installation and maintenance procedure for any HPC gas fire pit for the installer or field technician.
Launch of a New Design Concept Store
In January 2020, Customers got assistance in designing a room from scratch using 3D renderings, mood boards, floor plans, and home décor suggestions that include fire pits at a brand-new concept shop that Crate & Barrel opened in Pasadena, California.
Fire Pits Market Key Segments
By Product Type:
- Wood Burning
- Others (Ethanol, Gel-Fueled)
- Classic Fire Pit
- Fire Table
- Fire Pit Bowls
- Tabletop Fire Pits
- Others (Ring, Pagoda, Column)
By End User:
By Sales Channel:
- North America
- Asia Pacific
- The Middle East & Africa (MEA)
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Table of Content
1. Executive Summary | Fire Pits Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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