Publication Month: Jan 2021 | Report Code: TIPRE00009703 | No. of Pages: 154 | Category: Consumer Goods | Status: Published
Ceiling fans facilitate air circulation and create a cooling effect by accelerating sweat evaporation and heat exchange through convection. Ceiling fans use considerably less power than air conditioning, and hence they are popular among middle-class populations. In addition to the cost benefits, they feature longer life span than air conditioners. Growing urbanization in emerging economies is promoting the establishment of new residential buildings. In addition, the increased spending on premium products of home décor is further propelling the demand for ceiling fans with new innovative features such as interchangeable blades and lighting fans, and smart fans with features such as voice control and connectivity access to tablets and smartphones.
In 2019, Asia Pacific held the largest share of the ceiling fans market. Rising urbanization and industrialization in developing countries such as India and China are playing a major role in the establishment of new residential buildings. Over the past few years, the public and private sector banks in these countries have been offering home loans with low down payments and reduced interest rates. Hence, customers are increasingly spending on purchasing stand-alone houses and flats. This trend of purchasing new residential properties has created immense opportunities for the ceiling fans market. Furthermore, ceiling fans contribute considerably to residential electricity consumption, especially in developing Asia Pacific countries with warm climates.
As of December 2020, the US, Brazil, India, Russia, Spain, and the UK are among the worst-affected countries in terms confirmed cases and reported deaths caused by COVID-19. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Manufacturing industry is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. China, is a manufacturing hub and the largest raw material supplier for various industries, is also one of the countries that experienced early effects of this pandemic. The lockdown of various plants and factories in China affected the global supply chains and disrupted manufacturing and delivery schedules, and sales of various materials. Different companies have already made announcements regarding possible delays in product deliveries and slump in future sales of their products. In addition, travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships. These factors are limiting the growth of several industries, including the consumer electronics industry.
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Modern customers tend to spend on durable and attractive appliances. The increasing spending on high-quality home decor in different countries is expected to encourage the use of ceiling fans with added features such as layered light fixtures and interchangeable blades. Moreover, the increasing expenditure on interior decoration as a result of growing awareness regarding different designs for home as well as commercial spaces through robust campaigns on social media platforms, including Facebook, Pinterest, and Instagram, is expected to have a positive impact on the growth of the ceiling fans market. Companies are offering creative ceiling fans such as rustic ceiling fans, contemporary ceiling fans, black ceiling fans, fancy ceiling fansto improve the internal appeal of households. In urban areas, they are selling custom-made ceiling fans with 3 and 4 blades. Growing customer tendency of renovating their homes after a certain period propels the demand for various decorative ceiling fans. Globalization has led to a broader consumer market, which encourages easier product selection of a wide range of goods across multiple distribution networks.
Based on product, the ceiling fans market has been segmented into standard and decorative. The standard segment led the market in 2019. Standard Ceiling Fans are widely used in homes and offices. Available in different types, specifications, and designs, their height ranges from 40 cm to 140 cm. Flexibility is the key factor leading to the popularity of standard ceiling fans, and they can also be customized. These fans can be easily equipped with different accessories, such as remote control, pull cord, and customizable blades. They are most commonly used in living rooms, dining rooms, game rooms, master bedrooms, etc., and their most advanced models operate without creating any noise. Further, low prices and easy availability in individual stores and brand outlets also favor the growth of the market for the standard segment.
Based on fan size, the ceiling fans market is segmented into small, medium, and large.The medium segment accounted for the largest share in the market in 2019. The sizes of a majority of medium-sized ceiling fans available vary in the range of 40–58 inch, and they work well for spaces of area 75–175 square feet. This includes spacious baths, large bedrooms, medium-sized living rooms, dining rooms, media rooms, and kitchens. These fans come in a wide variety of colors and design choices. Moreover, consumers tend to buy medium-sized models due to their easy availability in brick and mortar shops.
Based on end user, the ceiling fans market is segmented into residential, commercial, and industrial. The residential segment accounted for the largest share in the market in 2019. Ceiling fans help disperse cool air efficiently in summers and it is cost effective. These factors boost their use in the residential sector. Further, the market for this segment is driven by rising government initiatives toward household electrification, mainly in developing countries such as India and China.
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|Market Size Value in||US$ 10,189.33 Million in 2019|
|Market Size Value by||US$ 16,172.19 Million by 2027|
|Growth rate||CAGR of 6.0% from 2020-2027|
|No. of Pages||154|
|No. of Tables||83|
|No. of Charts & Figures||74|
|Historical data available||Yes|
|Segments covered||Product , Fan Size Industry , End User , and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The players present in the ceiling fans market are implementing mergers and acquisitions, and research and development strategies to enlarge the customer base and to gain significant share in the global market, which also permits them to maintain their brand name globally.
• Business growth strategies adopted by companies in developed and developing markets
• Quantitative analysis of the ceiling fans market from 2017 to 2027
• Estimation of the demand for ceiling fans across various industries
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario and the demand for ceiling fans
• Market trends and outlook, and factors driving and restraining the ceiling fans market growth
• Understanding of strategies that underpin the global ceiling fans market growth, which assists stakeholders in decision-making
• Ceiling fans market size at various nodes of market
• Detailed overview and segmentation of the global market and industry dynamics.
• Ceiling fans market size in various regions with promising growth opportunities
The List of Companies - Ceiling Fans Market