Ceiling Fan Market To Develop At A Steady 4.70% CAGR with USD 17.8 Billion By 2032 – Report by Market Research Future (MRFR)
Ceiling Fan Market Research Report Information By Product Type (Standard, Decorative, High Speed, and Others), By Application (Residential and Commercial), By Distribution Channel (E-commerce and Retail Stores), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032 – MRFR
New York, USA, Aug. 24, 2023 (GLOBE NEWSWIRE) — Ceiling Fan Market Synopsis
As it is the appliance of choice for most consumers to withstand humid weather conditions, the ceiling fan has evolved into one of the most significant home appliances in nations worldwide. For instance, the administrations of China and India are developing new plans to give low- and middle-income individuals’ shelter. The market’s growth is supported by commercial real estate, hospitality, and retail
developments. Low- to middle-income households prefer ceiling fans since they use less energy than air conditioning. The financial advantages of ceiling fans versus air conditioners are also reflected in their longer lifespan. Furthermore, the demand for ceiling fans with new innovative features like smart fans, which offer capabilities like Wi-Fi connectivity, voice control, lighting fans, and replacement blades, is fueled by the surge in expenditure on high-end home furnishings due to an increase in disposable income.
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These are some of the main factors supporting the expansion of the ceiling fan market. Customers are drawn to the product by the ceiling fan’s capacity to serve as a decorative element to complement and enhance a space’s ambiance, mood, and design. Even for poor and moderate-income individuals, the price and low energy use contribute to the demand rise. Additionally, the market is expected to rise as smart ceiling fans become more prevalent. Voice-activated devices can operate these fans and offer convenience, particularly for those who are physically disabled. Particularly in developing nations, the housing market expansion is increasing the demand for ceiling fans.
|Market Size 2032||USD 17.8 Billion|
|CAGR||4.70% (2023 to 2032)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Variety, Caffeine Content, Product Type, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rising spending on the premium quality home décor at the global level|
Market Competitive Landscape:
- Hunter Fan Company
- Crompton Greaves
- Mega Home Appliances
- Big Ass Fans
- Del Mar Fans & Lighting
Market U.S.P. Covered:
The usability of ceiling fans with extra features such as tiered lighting fixtures and adjustable blades is anticipated to be promoted by rising spending on high-end home décor worldwide. Additionally, it is anticipated that raising public knowledge of the value of advanced technology and smart fans, which provide voice control capabilities and connection access to phones and tablets, will be crucial in promoting the importance of these fans. Urbanization in emerging nations similar to China and India is anticipated to aid new residential construction significantly. In addition, these countries’ private and public sector banks have offered home loans with low down payments and decreased interest rates during the previous few years.
Because consumer incomes are rising and power is becoming more widely available, the popularity of ceiling fans has been rising quickly. Companies are introducing premium goods with larger profit margins, such as lighting and ornamental fans, to boost their profitability. The governments of several rising nations have established the goal of bringing electricity to isolated rural areas, and it is anticipated that this will soon impact the requirement for ceiling fans. India, for instance, wants to provide energy to over one million homes. As a result, buyers are paying more money to buy brand-new apartments and standalone homes. Over the next several years, the trend of buying new residential apartments or homes is anticipated to encourage the usage of ceiling fans. Various governments are planning to connect rural families to the electrical grid.
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Spending more money on attractive and enduring appliances is a trend among consumers. The global construction market is expanding. In addition to assisting the general populace in finding shelter, it also aids in the nation’s overall growth. Even the construction business contributes significantly to a country’s GDP. The US once led the building sector, but China has subsequently overtaken it. For every building that was being built, a ceiling fan had to be purchased. As more buildings are constructed globally, more fans for the ceiling are being bought.
As consumers in various nations spend more on high-quality home designs, ceiling fans with added features like stacked light bulbs and changeable blades are expected to grow in popularity. Further boosting the market expansion for ceiling fans is projected to increase expenditures on interior design with various designs for residential and commercial spaces thanks to active social media marketing.
The market offers basic, ornamental, and high-speed products. The market is divided into housing and commercial applications. The market includes retail outlets and e-commerce as distribution channels.
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The Asia-Pacific area is dominating the geographic sector. China is one of the world’s major builders and exporters of ceiling fans, regionally and globally. The region’s high population and warm weather are two significant factors driving ceiling fan demand. Europe, South America, and the United States follow it. The desire for the product is probably fueled by the large number of households in this region that lack air conditioning to endure the humid climate. In addition, it is projected that the rapidly increasing number of purchased properties would significantly contribute to the market’s expansion. Due to the rapid economic growth, many nations have experienced, the Middle East and Africa area is anticipated to have a significant foothold in the ceiling fans market.
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