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The electric fans market is estimated to grow at a CAGR of 3.96% between 2022 and 2027. The size of the market is forecasted to increase by USD 3,604.96 million. The growth of the market depends on several factors, including the cost-effective supply chain of electric fans, the rising demand for premium fans, and the growth of the housing sector.
This report extensively covers market segmentation by product (ceiling fans, door fans, and wall-mounted fans), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising demand for premium fans is notably driving the market growth, although factors such as the increasing use of air conditioners may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Electric Fans Market Driver
Significant Electric Fans Market Trend
The demand for personalized home decorations has increased over the past few years. Hence, electric fan manufacturers are offering customized decorative fans.
The customization depends on the blade design, prints on the fan blades, lighting fixtures, and finishing.
For instance, Bajaj Electricals manufactures customized Disney and Marvel Ceiling Fans.
Emerson Electric offers customized fans with various lighting fixtures and a variety of blade shapes.
Therefore, the growing demand for customized fans is expected to contribute to the growth of the global electric fans market during the forecast period.
Major Electric Fans Market Challenge
Key Electric Fans Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Electric Fans Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aucma Co. Ltd - The company offers a silent pro noiseless fan, which provides 50% energy saving with activBLDC technology. It is designed to provide high air delivery with reduced noise levels.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the ceiling fans segment will be significant during the forecast period. Ceiling fans are used widely owing to their enhanced safety features and cooling effects when compared to floor fans and wall-mounted fans. The growth of this segment is attributed to the increasing use of ceiling fans as decorative appliances and the rising number of product innovations.
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The ceiling fans segment was valued at USD 9,435.61 million in 2017 and continued to grow until 2021. The increasing demand for luxury ceiling fans is expected to drive the growth of the segment during the forecast period. For instance, Hunter Fan manufactures Casablanca luxury fans for the residential sector. Similarly, Bajaj Electricals Ltd. offers various designer fans, namely Anti-Viral, Anti-Bacterial, Bye-Bye Dust, and Designer and Underlight Series of premium ceiling fans, which can be customized as per consumers' requirements.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Government initiatives for the housing sector, a cost-effective supply chain, the increasing demand for luxury fans, and numerous product innovations will drive the growth of the market in APAC. India, the Philippines, Vietnam, and China are among the key consumers of electric fans in the region. Vendors in the region offer a wide range of affordable and premium fans at competitive rates. This intense competition has encouraged vendors to focus on the development and launch of innovative products. Therefore, the electric fans market in the region is expected to grow during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 negatively impacted the growth of the electric fans market in APAC in 2020. The lockdown restrictions were relaxed in 2021 due to the implementation of large-scale COVID-19 vaccination drives, which led to the resumption of operations in manufacturing plants. Moreover, the increasing consumer spending on residential homes and apartments is expected to drive the growth of the regional electric fans market during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global electric fans market as a part of the household appliances market, which covers revenue generated by manufacturers of electric household appliances and related products. Household appliances include power and hand tools, including garden improvement tools. The global household appliance market is categorized into five segments, namely major household appliances, small household appliances, hand tools, power tools, and garden improvement tools. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Electric Fans Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.96% |
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Market growth 2023-2027 |
USD 3,604.96 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
2.68 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 41% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Luminace Holdings LLC, Aucma Co. Ltd, Crompton Greaves Consumer Electricals Ltd., Delta T LLC, Emerson Electric Co., Fantasia Ceiling Fans, Fantech Pty Ltd., GREE ELECTRIC APPLIANCES INC. OF ZHUHAI, Haier Smart Home Co. Ltd., Havells India Ltd., Hunter Fan Co., Lian Li, Midea Group Co. Ltd., Minka Lighting Inc., Orient Electric Ltd, Panasonic Holdings Corp., Shell Electric Holdings Ltd., The Henley Fan Co. Ltd., Usha International Ltd., and Westinghouse Electric Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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