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Adopting Development Strategies such as Research & Development, News Product Launches, and Mergers & Acquisitions to Achieve Growth in Hearth Market
The growth of the hearth market is propelled by factors such as the weather conditions in the cold regions and the growing interest for aesthetically appealing home decor products by the customers. Furthermore, the availability of various automation technologies, modern designs, and smoke-free fuel types are providing opportunities for better adoption rate of these products. Currently, the key players in this market are adopting development strategies such as research & development, news product launches, and mergers & acquisitions to achieve growth in the market.
Some of the major players in this market are HNI Corporation (U.S.), Travis Industries Inc. (U.S.), Innovative Hearth Products LLC (U.S.), FPI Fireplace Products International Ltd. (Canada), Napoleon Products (Canada), Empire Comfort Systems, Inc. (U.S.), Hearth Products Controls Co. (U.S.), Hearthstone Stoves (U.S.), Montigo (Canada), and Pacific Energy (Canada) among others.
HNI Corporation (U.S.) is a leading company in the hearth market and held the first rank in 2015. The company was founded in 1944 and was headquartered at Iowa, U.S. The company is one of the leading contributors in the market in terms of producing and installing innovative and superior fireplace products. The company offers its products under different brand names such as Heatilator, Heat & Glo, Majestic, Monessen, Quadra-Fire, Harman StoveTM, Vermont Castings, and PelPro. The operating unit Hearth & Home Technologies LLC (“Hearth & Home”) contributes in the hearth products industry. The retail and distribution brand for this operating unit is Fireside Hearth & Home. The corporation offers a range of products such as gas, wood, and pellet burning fireplaces, inserts, stoves, facings, and accessories. In October 2014, the company acquired leading hearth provider Vermont Castings Group (U.S.), which is known for its expertise in free standing hearth stoves and fireplaces. These acquisitions are helping the company to tap newer markets.
Travis Industries Inc. (U.S.) held the second rank in the market in 2015. The company was founded in 1988 and is headquartered at Washington, U.S. It offers various products under four brand names, namely, Fireplace Xtrordinair, Avalon, Lopi, and the Tempest Torch. The company offers wood-, pellet-, and gas-based stoves, fireplaces, and inserts. It operates its business through its network of dealers in geographies such as U.S., Canada, Australia, and China. It caters to the hearth market with the help of a network of approximately 1,200 authorized retailers.
Hearth Market by Fuel Type (Gas, Wood, Electricity), Product (Fireplace, Stove, and Insert), Design (Traditional, and Modern), Placement (Indoor, Outdoor, and Portable), Technology, Application, and Geography - Global Forecast to 2022
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