The global ceiling fans market size is valued at USD 10.6 billion in 2022 and is projected to grow from USD 10.98 billion in 2023 to USD 14.65 billion by 2030, exhibiting a CAGR of 4.21% during the forecast period. Asia Pacific dominated the ceiling fans market in 2022 with a market share of 62.74%.
Get Free Sample Research Report PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/ceiling-fan-market-106216
Ceiling fans are cooling devices that are suspended in a space to circulate air with the help of rotating blades. Availability of ceiling fans in various designs, colors, and features has increased the demand for them for interior décor. Rapid innovation in products using advanced technology for better performance is fueling the expansion of the market.
segment
Rising demand for affordable and easily available ceiling mounted fans will drive growth of standard fan segment
Based on type, the global market is segmented into standard fans, decorative fans, energy-saving fans, and others. The standard fans segment accounts for the largest share of the ceiling fans market. Surge in demand for affordable and easily available ceiling mounted fans is driving the growth of the segment. Easy availability of these fans in various sizes is fueling the expansion of the segment.
More households installing ceiling fans drives growth in the residential sector
Based on application, the global market is divided into residential and commercial. The residential segment leads the market. The segment is expanding as more and more homes are installing ceiling fans for ventilation and cooling.
Increase in electronics stores fuels growth in offline sector
Based on distribution channel, the global market is divided into online and offline. The offline segment is expected to dominate during the forecast period. The growth of this segment can be attributed to the increasing introduction of stores offering electronic devices.
Based on region, the market is segmented into North America, Asia Pacific, Europe, South America, and Middle East & Africa.
Report Scope
The market research report presents a comprehensive market study highlighting key factors such as the competitive landscape and leading product categories. In addition, the report offers valuable insights into market trends and key industry developments. Apart from the above mentioned factors, the report also includes many other factors that have fuelled the recent market expansion.
Driver and restraints
Global warming and rising government regulations drive market development
Deforestation, industrial development, and overpopulation are causing rising temperatures around the world, boosting the demand for cooling equipment. According to the United States Environmental Protection Agency, a government agency based in Washington, DC, since 1901, the average global temperature has risen at a rate of 0.17°F (average) per decade. Moreover, 2012-2021 was the hottest decade since thermometers began to assess it. Thus, rising temperatures are expected to drive market growth in the coming years. Increasing government regulations are fueling market growth. In August 2023, India's Department of Industry and Trade Promotion under the Ministry of Commerce launched regulations to check the quality of electric ceiling fans manufactured by major companies.
However, the presence of substitutes is hindering market growth.
Regional Insights
Rising production and adoption of affordable electric fans will drive market growth in Asia Pacific
The Asia Pacific region was valued at USD 6.65 billion in 2022. Rising production and adoption of affordable fans in India, Indonesia, China, and Malaysia is driving the market growth in this region.
The market growth in North America is driven by the rapid growth in the residential and commercial sectors in the region. Increasing fan offerings by many retailers is also supporting the market expansion in this region.
Competitive Environment
To accelerate market growth, major companies are increasingly focusing on product development
Leading companies are focusing on product development to gain competitive advantages and expand 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 IoT capabilities.
Development of major industries
- February 2023: Usha International, an India-based consumer durables manufacturer, expands its product portfolio with the introduction of the Onio series, which includes 54 varieties of ceiling fans. These innovative products are energy efficient, 5-star rated, and feature copper BLDC motors and quiet operation.
List of key players profiled in the market report
- Crompton Greaves Consumer Electricals Limited (India)
- Orient Electric (India)
- Havells (India)
- Hunter Fan Company (USA)
- Henry Fan Company (UK)
- Mega Home Appliances (USA)
- Emerson Electric (India)
- NuTone Inc. (USA)
- Shell Electric Holdings Limited (Hong Kong)
- Fantasia Ceiling Fan (UK)
Read the detailed report summary:
https://www.fortunebusinessinsights.com/ceiling-fan-market-106216