Electric Fan Market by Product and Geography - Forecast and Analysis 2020-2024
- Published: Nov 2019
- Pages: 142
- SKU: IRTNTR40168
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The electric fan market size has the potential to grow by USD 2.06 billion during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period.
This report provides a detailed analysis of the market by product (ceiling fans, floor fans, and wall-mounted fans) and geography (APAC, Europe, MEA, North America, and South America).
Electric Fan Market Share
Browse TOC and LoE with selected illustrations and example pages of electric fan market
Who are the Major Electric Fan Market Vendors?
This electric fan market analysis report provides information on the production, sustainability, and prospects of several leading electric fan manufacturers, including:
- Bajaj Electricals Ltd.
- Crompton Greaves Consumer Electricals Ltd.
- Delta T LLC
- Emerson Electric Co.
- Havells India Ltd.
- Hunter Fan Co.
- Orient Electric Ltd.
- Panasonic Corp.
- Phillips Lighting & Home
- Westinghouse Electric Corp.
The electric fan market is currently fragmented, and the degree of fragmentation will increase during the forecast period. Vendors are focusing on various product innovations and the development of eco-friendly fans and customized decorative fans to strengthen their positions in the electric fan market. This electric fan market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies.
Market drivers such as the rising demand for premium fans will create immense growth opportunities for vendors. However, challenges such as the increasing use of air conditioners may impede the growth of the market participants.
Which are the Key Markets for Electric Fan?
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APAC was the largest market for electric fans in 2019, and the region will continue to offer maximum growth opportunities to market vendors during the forecast period. Factors such as an increasing number of government initiatives for the housing sector, cost-effective supply chain of electric fans, increasing demand for luxury fans, and rising number of product innovations are contributing to the electric fan market growth in this region.
Over 41% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for the electric fan market in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
What are the Major Product Segments in the Electric Fan Market?
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Ceiling fans account for the largest electric fan market share in the product segment. Ceiling fans are incorporated with enhanced safety features and offer more cooling effect than floor fans and wall-mounted fans. The increasing use of ceiling fans as a decorative appliance, growing demand for luxury ceiling fan products, and rising number of product innovations are a few of the factors driving the growth of the electric fans market by the ceiling fans segment.
An in-depth scenario-based approach was followed in this electric fan market research report to identify the direct and indirect impact of COVID-19 on market growth. Buy the full market research report to gain actionable insights on the influence of COVID-19 on electric fan market segments.
What are the Key Electric Fan Market Drivers and Trends?
The rising demand for premium fans is one of the significant factors driving the growth of the electric fan market. This increasing demand for premium fans can be attributed to their high-performance efficiency and visual appeal. Vendors have been offering a wide range of premium fans, including designer fans and underlight ceiling fans, which are energy efficient. A few vendors also offer luminaire fans with light sources and multipurpose light fixtures that further enhance the aesthetics of a room. The rising demand for such premium fans will fuel the growth of the electric fan market during the forecast period.
- Increasing product innovations have been identified as one of the critical electric fan market trends.
- Market vendors are focusing on various product innovations to increase their shares in the electric fan market.
- The innovative products are incorporated with advanced technologies to provide better performance efficiency, design, appearance, and convenience.
- A few vendors are offering IoT-enabled ceiling fans that can be controlled remotely, and their speed can be automatically adjusted according to the temperature of the room.
- Anti-germ and bye-bye dust ceiling fans are other innovative products, which are coated with advanced polymer technology for preventing dust accumulation on the surface of the fan blades.
- The demand for bladeless fans, which increase the airflow and purify and circulate air in a room, is also growing.
- The rising popularity of such innovative products is expected to have a positive impact on the growth of the electric fan market.
- During 2020-2024, the electric fan market will grow at a CAGR of almost 3%.
Key Highlights of the Electric Fan Market Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will accelerate the electric fans market growth during the next five years
- Precise estimation of the electric fan market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the electric fan industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of electric fan vendors
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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.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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