(MENAFN- Ameliorate Digital Consultancy)
Electric fans have increased in installations over the years due to global warming and increase in temperatures around the world. Rise in disposable income coupled with increased preference for modular homes result in a high demand for decorative electric fans. This, in turn, is expected to bolster the growth of the global electric fan market. Moreover, recent product advancements and innovations such as various colour combinations, shapes, and designs are expected to support the growth of the target market in the near future. Technological advancements in electric devices and increasing development of customised electric fans by manufacturers to meet changing end-user demands are expected to support business expansion for players in the global market during the forecast period. The rise in living standards of consumers and the increased focus on adding aesthetic appeal to the interiors is driving the demand further. Smart technology fans that can be monitored through Wi-Fi or internet connection by remote control or application software on mobile devices are on the rise. It enables the use of functions like on and off and speed monitoring. However, the high prices of decorative and smart fans are expected to restrain market growth.
According to the research report,“ Outlook, 2027,” published by Bonafide Research, the market is expected to grow at a CAGR of 4.03% in terms of value. In terms of volume, it grew from 425.97 million units in 2016 to 466 million units in 2021. The average selling price of electric fans is constantly on the rise, contributing to higher revenues. However, the prices fell in 2020 due to pandemic disruptions and a fall in demand for electric fans globally. Ceiling fans are the most widely used fan type as they are suitable for providing relief from hot temperatures. Choosing a ceiling fan can be difficult as there are a vast array of styles and configurations on the market. They also differ in the number of blades and size. The most commonly used fan has 3 blades in hot climatic regions and 4 or 5 blades in cold regions. Depending on the size of the room, the fan size is chosen from small, medium, or large. Earlier, standard fans were more commonly used as they are less expensive and serve the purpose of circulating air in the room. However, today, with technological advancements and research and development, decorative and smart fans are available on the market. The rise in income levels and consumer lifestyle is propelling demand for these types of fans in the global market.
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The Asia-Pacific region is dominant in the electric fan market and is expected to continue its dominance over the forecast period. It is driven by infrastructure and construction activities in the developing countries of India, China, and Japan. Rapid changing weather conditions and an increase in temperature levels in North America and Europe contribute to the increased demand for electric fans in these regions. Growth in the Middle East & Africa regions' growth can be attributed to increased standards of living and increased expenditures on the interiors of residential homes with new technological advancements appliances.
Developing nations have higher demands for ceiling fans due to the rise in population and the number of houses for nuclear families. In India and China, government plans to provide low income level groups with houses are further bolstering the market growth for ceiling fans. With each increase in per capita income level, the purchasing power of consumers also rises. This drives the demand for decorative ceiling fans. Additionally, supplying rural areas with electricity in these developing countries further increases demand for ceiling fans. Urban culture is driving the demand for decorative and stylish ceiling fans at a CAGR of 4.30% over the forecast period. Accordingly, companies are innovating to meet existing demands and are launching several new electric fans on the market. Even commercial spaces, with the rise in interior infrastructure demand for stylish fans.
The pandemic halted the progress of construction of new properties, which decreased the volume of electric fans demanded during this period. There was a change in consumer buying as it was focused on essential products. The electric fan manufacturing companies saw a drop in production due to a lack of raw materials and manpower. However, the post-lockdown economy has recovered in 2021, and the market is growing rapidly. Further, no new properties were bought by consumers during the pandemic times, so no new markets were developed. Online sales gained popularity among consumers amid the pandemic.
Major Companies present in the market: Luminance, Westinghouse Electric Corporation, Big Ass Fans, Hunter Fan Company, Minka Lighting Inc, The Henley Fan Company Ltd, Orient Electric, Midea Group, Singfun Fans, Panasonic Corporation, Crompton Greaves, Shell Electric, Havells India Ltd, Fantasia Ceiling Fans, Usha International Ltd.
Considered in this report
Geography: Global Base year: 2021 Estimated year: 2022 Forecast year: 2027
Aspects covered in this report
Global Electric Fan market with its value and forecast along with its segments Various drivers and challenges On-going trends and developments Top profiled companies Strategic recommendation
Regions & Countries covered in the report
North America (USA, Canada, Mexico) Europe (Germany, UK, France, Spain, Italy, Russia) Asia-pacific (China, Japan, India, Australia) South America (Brazil, Argentina, Colombia) Middle East & Africa (Qatar, Saudi Arabia, South Africa, UAE)
By Electric Fan Type in the report
Ceiling Fan Wall mount Desk/ Table Fan Floor Standing/ Pedestal Fan Others ( battery operated, etc)
By Application in the report
Household use Commercial use
By Technology in the report
By Ceiling Fan type in the report
Standard Fan Decorative Fan High Speed Fan BLDC (energy saving) fan Others (LED fan, etc)
By Ceiling Fan size in the report
By Ceiling Fan Application in the report
Household use Commercial use
By Ceiling Fan Sales Channel in the report
Table of Content
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definitions
4. Economic /Demographic Snapshot
5. Global Electric Fan Outlook
5.1. Market Size
5.1.1. By Value
5.1.2. By Volume
5.2. Market Share
5.2.1. By Type
5.2.2. By Application
5.2.3. By Technology
5.2.4. By Region
5.2.5. By Country
…continue
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