The global ceiling fan market size is set to gain momentum from the surging global temperature in the regions. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Ceiling Fan Market, 2022-2029.” Additionally, the rise in home construction growth is also leading to an increase in product demand.
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Segments-
The market is distributed into standard, decorative, high speed, and others based on the product type.
On the basis of application, the market is classified into residential and commercial.
Depending on the distribution channel, the market is split into e-commerce and retail stores.
Regionally, the market is classified into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Report Coverage-
The market report gives an overview of:
Valuable insights into the growing ceiling fan market share.
A section of the competitive landscape is covered to emphasize the rising competition.
Significant growth of the market attributed to various factors is also depicted in this report.
The market segmentation based on different attributes is shown in the report.
Multiple products and their adoption cause are also covered in the report.
Drivers & Restraints-
The Hike in Global Temperature to Drive Demand for Ceiling Fans
The rising global temperature to boost the usage of ceiling fans and will become the factor driving major growth in the market. The rise in home construction development also leads to an increase in product demand. The fostering of tourist accommodation places, such as cottages, resorts, and lodges, is also helping in raising the product demand in the market.
However, alternative products such as air conditioners, room coolers, and table fans are expected to consume ceiling fans and limit the market growth in the forecast period.
Regional Insights-
A Large Number of Homes Without Air-Conditioning to Drive Demand for Ceiling Fan
Many homes without air-conditioning to resist the humid climatic conditions will drive the ceiling fan market growth in the Asia Pacific region. This factor is expected to be the major cause of Asia Pacific’s global market dominance. For instance, as per the data provided by the Economic Times in January 2020, Delhi experienced a rise in sales of homes with a growth of 5% year on year with a residential launch increase of 45%.
The Second-highest growth to be exhibited by the Middle East & Africa region is due to economic development in many countries resulting in surging expenditure made on the product.
Competitive Landscape-
Key Competitors Introducing Innovative Products to Gain Market Attention
The global market is competitive in every aspect. It includes major key players such as Big Ass Fans, Hunter Fan Company, Crompton Greaves, Del Mar Fans & Lighting, and others. These companies are increasing their parameters to compete and gain global market share. Different players are expanding their services to face barriers in the forecast period. The companies introduce innovative remote control fans to attract the general population to buy their product. The global competitors are declaring their retail partnerships with other companies in order to offer an affordable range of ceiling fans. Moreover, the key players such as Big Ass Fans, Crompton Greaves and others are adopting new technologies to gain expansion in the global market.
Industry Developments-
March 2021- India’s first air purifying product launch was announced by Havells. This air purifying fan has advanced features such as under light and air purifying indicator and remote control operation. This development brought a new aspect to the product.
March 2019- Fanzart declared its retail partnership with ‘Future Group Home Stores’ for its luxury affordable fans range.
List of Key Players Present in the Market:
Mega Home Appliances (India)
Big Ass Fans (U.S.)
Hunter Fan Company (U.S.)
Crompton Greaves (India)
Del Mar Fans & Lighting (U.S.)
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