| The global ceiling fan market size was USD 10.60 billion in 2022. The market is set to rise from USD 10.98 billion in 2023 to USD 14.65 billion by 2030 at a CAGR of 4.21% during 2023-2030. A ceiling fan is a device used for cooling and is hung in the space for the circulation of air through rotation of blades. An increase in the availability of ceiling fans in different designs, colors, and features is driving their demand for home décor purposes. Rapid innovations in products using advanced technology to boost their performance are fueling market expansion. Segments Surging Demand for Affordable and Easily Available Ceiling-Mounted Fans Fostered Standard Fan Segment Growth By type, the global market is classified into standard fan, decorative fan, energy saving fan, and others. The standard fan segment accounted for the largest ceiling fan market share. Surging demand for affordable and easily available ceiling-mounted fans is driving segment growth. The increasing availability of these fans in various sizes is boosting segment expansion. Rise in Households with Ceiling-mounted Fans Fueled Residential Segment Growth In terms of application, the global market is bifurcated into residential and commercial. The residential segment led the market. A rise in households with ceiling-mounted fans for ventilation and cooling is augmenting the segment expansion. Rising Introduction of Stores Offering Electronic Devices AcceleratedOffline Segment Growth On the basis of distribution channel, the global market is segregated into online and offline. The offline segment is set to gain its dominance over the forecast period. The segment growth is attributed to the rising introduction of stores offering electronic devices. From the regional ground, the market is classified into North America, Asia Pacific, Europe, South America, and the Middle East & Africa. Report Coverage The market research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment and prominent product categories. Moreover, the report offers valuable insights on market trends and significant industry developments. Apart from the factors above, the report includes many factors that have boosted market expansion in recent times. Drivers and Restraints Increase in Global Temperature and Government Regulations to Fuel Market Progress Deforestation, industrial development, and overpopulation leads to a rise in temperature across the globe, which is driving the demand for cooling devices. As per the U.S. Environmental Protection Agency, a Washington D.C.-based government agency, since 1901, the average worldwide temperature has surged at a rate of 0.17°F (average) by decade. Moreover, 2012–2021 was the hottest decade since thermometer-based assessment commenced. Hence, increasing temperature is expected to boost market growth in the coming years. A rise in government rules is assisting market growth. In August 2023, the Department for Promotion of Industry and Internal Trade, under the Commerce Ministry in India, launched regulations to check the quality of electric ceiling fans produced by key players. However, the presence of alternatives is hampering market growth. Regional Insights Rise in Production and Adoption of Affordable Fans Fueled Market Growth in Asia Pacific Asia Pacific was valued at USD 6.65 billion in 2022. A rise in production and adoption of affordable fans in India, Indonesia, China, and Malaysia is driving market growth in the region. Market growth in North America is attributed to the rapid growth of the residential and commercial sectors in the region. An increase in fan offerings by many retailers is also supporting the market expansion in the region. Competitive Landscape Growing Emphasis on Product Development by Leading Companies to Accelerate Market Growth Leading companies are concentrating on product development to get a competitive advantage and boost market share. In September 2019, LG Corporation launched its Smart ThinQ ceiling fan, which consists of dual Wing fan blades, an innovative inverter motor, and an IoT function. Key Industry Development February 2023: India-based consumer durable producer, Usha International increased its product offering with the introduction of the Onio Series, including fifty-four ceiling fans. These novel products are energy efficient and 5-star rated. They feature copper BLDC motors and silent operations. List of Key Players Profiled in the Market Report Crompton Greaves Consumer Electricals Limited (India) Orient Electric (India) Havells (India) Hunter Fan Company (U.S.) The Henley Fan Company Ltd (U.K.) Mega Home Appliances (U.S.) Emerson Electric Co. (India) NuTone Inc. (U.S.) Shell Electric Holdings Limited (Hong Kong) Fantasia Ceiling Fans (U.K.) Browse Detailed Summary of Research Report: https://www.fortunebusinessinsights.com/ceiling-fan-market-106216 |
Ceiling Fan Market Size, Share, Overview, Outlook, Industry Projections, Dynamics & Growth Forecast to 2030
