Surging Consumer Demand For Technologically Advanced Consumer Durables
According to our latest market study on “Ceiling Fans Market Forecast to 2027 - COVID-19 Impact and Global Analysis - By Product (Standard and Decorative), Fan Size Industry (Small, Medium, and Large), and End User (Residential, Commercial, and Industrial),” the market was valued at US$ 10,189.33 million in 2019 and is projected to reach US$ 16,172.19 million by 2027; it is expected to grow at a CAGR of 6.0% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
A ceiling fan, fixed on a room's ceiling, helps air circulation and creates a cooling effect by evaporating sweat and increasing heat exchange through convection. Ceiling fans use considerably less power than air conditioning, which is popular among middle-class customers. In addition to cost efficiency, ceiling fans also have a long lifespan. Urbanization in emerging economies globally is promoting the establishment of new residential buildings and subsequently aiding market expansion. Furthermore, the increased spending on premium home décor products further propels the demand for ceiling fans with new innovative features such as interchangeable blades, lighting fans, and smart fans with voice control and connectivity to tablets and smartphones.
Global Ceiling Fans Market Breakdown – by Region
Ceiling Fans Market Size and Forecasts (2020 - 2027), Global and Regional Growth Opportunity Analysis
Ceiling Fans Market Size, Share, Growth & Industry Report 2027
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The key players operating in the global ceiling fans market include Big Ass Fans, Kichler Lighting LLC, Minka Lighting Inc., Luminance Brands, Crompton Greaves Consumer Electricals Limited, Havells India Ltd., Hunter Fan Company, Westinghouse Electric Corporation, Fantasia Ceiling Fans, and Panasonic Corporation. Players in the global ceiling fans market focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as investments in research and development activities, new product launches, and expanding production capacities. For instance, in 2019, Big Ass Fans has unveiled Powerfoil D, the product of 10 years’ experience and purpose-built design. The exceptionally engineered Powerfoil D is the first and only direct-drive overhead fan designed for harsh industrial environments. Powerfoil D illustrates the company’s continued commitment to building premium-quality products specifically designed for customer spaces. In 2020, Havells India Limited, a technology led Fast-Moving Electrical Goods (FMEG) and Consumer Durable company launched, country’s first intelligent Fan – Carnesia-I with smart mode. The new fan is one of the most technologically advanced - IoT fan that adds convenience and comfort to consumer’s fast paced life. The intelligent fan range comes at an attractive consumer price of approx. Rs 4500. In 2020, Hunter Industrial Fans—the industrial division of Hunter Fan Company—launched its commercial fan line known as “Trak”. The Trak extends the catalog of commercial fan lines offered by the Hunter Fan Company, which currently includes the existing XP HVLS fan, the Stingray fan, the Beck fan and more. The Trak ceiling fan is designed and engineered with a commercial grade motor and extruded aluminum blades for a long lifespan and optimal airflow.
Impact of COVID-19 Pandemic on Ceiling Fans Market
The COVID-19 pandemic initially affected the global ceiling fans market due to the shutdown of manufacturing units, shortage of labor, disruption of supply chains, and financial instability.
The ceiling fans market is a part of the consumer goods industry. The industry's disruption due to the economic slowdown caused by the COVID-19 outbreak restrained the demand for ceiling fans. However, businesses are gaining ground as previously imposed limitations have been eased across various countries. Moreover, the introduction of COVID-19 vaccines by governments of different countries eased the situation, leading to a rise in business activities worldwide. After the ease of lockdowns and movement restrictions, several consumer goods industry segments witnessed growth, including the ceiling fans market.
The report includes the segmentation of the global ceiling fans market as follows:
The global ceiling fans market is segmented into product, fan size, end-user, and geography. Based on product, the ceiling fans market is segmented into standard and decorative. Based on fan size, the ceiling fans market is categorized into small, medium, and large. Based on end-user, the ceiling fans market is categorized into residential, commercial, and industrial. The global ceiling fans market is broadly segmented by geography into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America ceiling fans market is further segmented into the US, Canada, and Mexico. The Europe ceiling fans market is sub-segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific ceiling fans market, is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The South & Central America ceiling fans market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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