Asia Pacific Ceiling Fans Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product (Standard and Decorative), Fan Size (Small, Medium, and Large), and End-User (Residential, Commercial, and Industrial)
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The ceiling fans market in APAC is expected to grow from US$ 4,352.58 million in 2019 to US$ 7,099.59 million by 2027; it is estimated to grow at a CAGR of 6.4% from 2020 to 2027.
France, Australia, China, India, Japan, and South Korea are major economies in APAC. Rising urbanization in developing countries is the major factor driving the APAC ceiling fans market. Urbanization in emerging and developing countries such as China and India are projected to play a crucial role in fostering the development of new residential buildings. For instance, new schemes to provide shelter to low- and middle-income groups are being introduced by the governments of China and India. Moreover, over the last few years, private and public sector banks in these countries have offered lower interest rates and low-down payment for home loans. As a result, buyers are steadily spending on buying new apartments and stand-alone homes and this trend of buying new apartments or houses is expected to stimulate the use of ceiling fans over the next few years. Governments of various countries are implementing schemes to provide electricity to rural households. For instance, in 2018, India's Government started an initiative to provide electricity to 100% of households. Further, the Chinese government began offering shelter to low-and middle-income groups in 2018. These progressive policies are expected to play a key role in growing the business reach of rural households over the next few years. Furthermore, increased infrastructure initiatives by governing bodies in developing countries are raising the market for ceiling fans in residential and commercial areas. With rising urbanization, these infrastructure development activities will bolster demand in the coming years.
Because of a massive rising number of cases the APAC region is greatly affected by COVID-19. The region also homes the largest population across the world, thereby imposing greater risk of many individuals; it is also a world leader of many brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has also affected other major economies outside China, such as India, Australia and Japan, and the region is thus experiencing a downward inflation. The sudden closedown of all economic activities which includes manufacturing plants of both essential products and luxurious items has impacted the overall economy of the countries in the region. China being the manufacturing hub of the world has many major players and distributers located in the country. The temporary shutdown of supply chain to manufacturers of the ceiling fans is expected to negatively impact the market. Additionally, the reduction in demand from commercial sector has been observed across countries like India. This decrease in demand, combined with slow recovery, would have a negative effect on the ceiling fans market across the region owing to the pandemic.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC ceiling fans market. The Asia Pacific ceiling fans market is expected to grow at a good CAGR during the forecast period
APAC Ceiling Fans Market Segmentation
APAC Ceiling Fans Market – By Product
- Standard
- Decorative
APAC Ceiling Fans Market – By Fan Size
- Small
- Medium
- Large
APAC Ceiling Fans Market – By End-User
- Residential
- Commercial
- Industrial
APAC Ceiling Fans Market, by Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Ceiling Fans Market - Companies Mentioned
- Big Ass Fans
- Crompton Greaves Consumer Electricals Limited
- Fantasia Ceiling Fans
- Havells India Ltd.
- Hunter Fan Company
- Minka Lighting Inc.
- Panasonic Corporation
- Westinghouse Electric Corporation
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC ceiling fans market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the APAC ceiling fans market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the ceiling fans market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution