Ceiling Fan Market Projected USD 17.8 Billion by 2032 with a 4.70% CAGR | Market Research Future (MRFR)
Research Reports
Oct 06, 2023
Ceiling Fan Market Overview
In 2022, the size of the ceiling fan market was estimated at USD 11.8 billion. During the forecast period (2023-2032), the Ceiling Fan market Distribution Channel is anticipated to increase from USD 12.4 billion in 2023 to USD 17.8 billion, at a compound yearly growth rate (CAGR) of 4.70%. The primary market drivers boosting market expansion are the rising global expenditure on high-end home furnishings and the expanding public awareness of useful ceiling fans.
Urbanisation in developing countries like China and India is predicted to greatly help new residential construction. Additionally, for the past few years, banks in both the public and private sectors of these nations have been providing home loans with low down payments and declining interest rates. Customers are paying extra to purchase brand-new flats and single-family homes as a result. The purchase of new residential units or residences is expected to increase the use of ceiling fans during the next years. The electricity grid is being extended to rural families through various government schemes.
Low- to middle-income households choose ceiling fans since they consume less energy than air conditioning does. The longer lifespan of ceiling fans compared to air conditioners is another example of how they are more cost-effective. Additionally, the surge in spending on high-end home furnishings as a result of an increase in disposable income is fueling the demand for ceiling fans with new innovative features like smart fans, which provide capabilities like voice control, Wi-Fi connectivity, lighting fans, and replacement blades. These are a few of the primary driving forces behind the ceiling fan market’s expansion.
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Key Companies in the Ceiling Fan market include
Mega Home Appliances
Big Ass Fans
Hunter Fan Company
Crompton Greaves
Del Mar Fans & Lighting
Segmentation
Standard, decorative, high speed, and other product types are included in the segmentation of the ceiling fan market based on product type. In 2022, the standard segment dominated the world market.
Residential and commercial applications make up the segmentation of the ceiling fan market. In 2022, the ceiling fan market was led by the residential segment.
E-commerce and brick-and-mortar retailers are included in the segmentation of the ceiling fan market based on distribution channel. In 2022, the retail shops sector will rule the world market.
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Regional Insights
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, the Asia Pacific Ceiling Fan market held a 45.80% share of the market. Demand for the product is likely being fueled by the large number of households in this area that lack air conditioning to combat the oppressively humid heat. For instance, according to Teriin.Org data from November 2020, only 8% of Indian households had air conditioning in 2018. The market is also predicted to grow significantly as a result of the rapidly increasing number of residences being purchased.
According to data from the Economic Times released in January 2020, Delhi NCR saw a rise in home sales in 2019 with a 5% year-over-year improvement and a 45 percent increase in new residential construction. In addition, the Indian ceiling fan market had the highest rate of growth in the Asia-Pacific region, while China’s ceiling fan market had the largest market share.
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