Fire Pits Market Size, Share & Trends Analysis Report By Product Type (Wood Burning, Propane, Charcoal, Gas), By Type (Classic Fire Pit, Fire Table) By End-use, By Sales Channel, By Region, And Segment Forecasts, 2023 – 2030
New York, Jan. 05, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Fire Pits Market Size, Share & Trends Analysis Report By Product Type, By Type By End-use, By Sales Channel, By Region And Segment Forecasts, 2023 – 2030” – https://www.reportlinker.com/p06377970/?utm_source=GNW
Fire Pits Market Growth & Trends
The global fire pits market size is expected to reach USD 11.3 billion by 2030. The market is expected to expand at a CAGR of 6.5% from 2022 to 2030. The market is being fueled by an increase in home sales, the adoption of an urban lifestyle, and a growing necessity for fire pits. The market is mostly driven by northern countries with cold and severe climates. Fire pits are built to help consumers cope with the cold, which drives the increase in sales and also the expansion of the market.
Innovations brought by companies are expected to meet customers’ current demands and expectations.Hotel industries are providing royal touch to the atmosphere for visitors by focusing on the construction of architecturally built gas fire tables, which provide an attractive look both the inside and outside.
This is expected to propel the market growth over the forecast period.For instance, in January 2022, VIP Hospitality Group, LLC was undergone a multi-million-dollar renovation and repositioning of the Nordic Oceanfront Inn in Lincoln City, Oregon.
The main gathering point will be the hotel’s revamped courtyard, featuring fire pits, a bocce ball court, a beverage bar, a pet lawn, and BBQs.
The wood-burning segment of the bathroom vanities market is dominated in terms of product type, and it is anticipated that it would hold the largest market share during the projection period.Depending on the type of wood and the prevailing airflow in the area, wood logs can burn for four to eight hours.
Additionally, logs that have just half burned can be preserved for subsequent use.
North America held the largest market share in 2021, owing to the continuous expansion of the residential sector on account of the increasing number of households. Also, homeowners looking to upgrade and expand their outside living space are accelerating the demand for fire pits in the U.S. Additionally, the market growth of outdoor living space changed with the pandemic.
To achieve product differentiation, market players are investing heavily in research and development activities.This enables companies to obtain an advantage and thrives in competitive markets.
For instance, in September 2021, HPC, a Warming Trends brand, launched an interactive app for fire pit installation and in-field troubleshooting that visually guides the installer or field technician through every stage of the installation and servicing of any HPC gas fire pit.
Fire Pits Market Report Highlights
• The market for fire pits was valued at USD 6.86 billion in 2022 and is expected to register a CAGR of 6.5% over the forecast period. Consumers are embracing the outdoors and are looking to make the most of their outdoor spaces, which subsequently is driving the demand for outdoor fireplaces and fire pits. Consumers are increasingly creating outdoor rooms with different materials and color schemes and aesthetics
• The wood-burning segment is expected to witness substantial growth over the forecast period with a CAGR of 5.8% from 2023 to 2030. With more people dining out and the resulting increase in hotel & restaurant construction projects, there is an increased demand for aesthetic and comfortable outdoor furniture
• The tabletop fire pits segment is expected to witness substantial growth over the forecast period with a CAGR of 10.2% from 2023 to 2030. Fire tables offer warmth, beauty, and a place to eat, drink, and chat in one contemporary display. Several international brands are launching their products worldwide after adapting them to the requirements of regional consumers
• The outdoor segment was valued at USD 4.57 billion in 2022 and is expected to register a CAGR of 6.1% over the forecast period. The increased adoption of western culture and socializing trends such as outdoor dining, barbecuing, and grilling are among the factors expected to create different opportunities for the outdoor fire pits market
• The B2B segment is expected to witness substantial growth over the forecast period with a CAGR of 7.1% from 2023 to 2030. In the upcoming years, it is anticipated that rapid investments in hotel, spa, and café construction, along with the growth of smart city initiatives, would create new opportunities for market participants
• North America region was valued a USD 2.73 billion in 2022 and is expected to reach USD 4.29 million by 2030. Rapid growth in the installations of cabinets in new and existing homes, as well as in nonresidential buildings of Asia Pacific, will support the robust demand growth
• HPC, a Warming Trends brand one of the key players, announced the launch of an interactive app for fire pit installation and in-field troubleshooting, the app visually guides the installer or field technician through every stage of the installation and servicing of any HPC gas fire pit
Read the full report: https://www.reportlinker.com/p06377970/?utm_source=GNW
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