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The electric fans market size is forecast to increase by USD 5.37 billion, at a CAGR of 5.6% between 2023 and 2028.
The market's expansion is influenced by various factors, including the cost-effective electric fan supply chain, increased demand for premium fans, and the growth in the housing sector. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The market is driven by the global demand for cooling solutions in residential spaces and light commercial areas. As essential ventilation devices, electric fans, including ceiling fans, pedestal fans, and table fans, play a crucial role in circulating fresh air and mitigating the impact of stale air. The market trends indicate a surge in demand for innovative designs and energy-efficient models. However, manufacturers face challenges in meeting diverse consumer preferences while ensuring optimal performance. Balancing style, functionality, and affordability remains a challenge in this competitive market. Our researchers analyzed the data with 2023 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.
Rising demand for premium fans is notably driving the market growth. The heightened demand for premium fans stands out as a major catalyst in the global electric fan market. This demand is chiefly propelled by the superior performance efficiency and visual appeal of premium products. Globally, premium appliances, including fans, are perceived as status symbols, with consumers evaluating various aspects like appearance, efficiency, functionality, and durability.
Premium products contribute to the modern design of rooms, enhancing the aesthetics of living spaces. Premiumization, especially in the ceiling fan segment, emerges as a pivotal driver for market growth. The market offers a diverse array of premium products renowned for their style, energy efficiency, and lower electricity consumption. An example is Bajaj Electricals, which provides premium offerings like designer fans and under-light ceiling fans. Some other types of fans include pedestal fan, table fan, exhaust fan, and wall fan. Among their range are various designer fans, including Ornio, a shank-less ceiling fan known for high-speed operation, and Cruzair Decor. Additionally, companies present various luminaire fans equipped with light sources, catering to the demand for both functionality and style in residential and light commercial spaces. Hence, such factors are driving the market growth during the forecast period.
Increasing product innovations in the electric fan market is an emerging trend in the market. The market is exhibiting a steady growth rate and is expected to attain maturity during the forecast period. Therefore, vendors are focusing on product innovations. In addition, innovations in this product aim at improving performance efficiency, design, appearance, and convenience offered by technologies.
Moreover, companies are emphasizing the use of IoT in their products. Orient, for instance, offers Aeroslim, an IoT-enabled ceiling fan that can be controlled remotely through cloud computing technology. In addition, IoT-enabled ceiling fans are gaining popularity. Furthermore, these products are connected through the Internet and automatically adjust their speed according to the temperature of the room. Hence, such factors are driving the market growth during the forecast period.
Increasing use of air conditioners is a major challenge hindering the market. The increased use of air conditioners poses a severe challenge in developed countries. In addition, air conditioners are among the widely adopted household devices across the world, owing to their increased functionality and effective cooling technologies. Furthermore, owing to a rise in disposable income and the increased demand for convenience, individuals are highly emphasizing household decoration.
Moreover, a significant increase in the disposable income of consumers in developed countries has a huge impact on the adoption of air conditioners. In addition, air conditioners are priced higher than electric fans. Godrej, LG, and Voltas are some of the companies that are launching affordable air conditioners across all end-user segments. Hence, such factors are negatively impacting the market which in turn hinders the market growth during the forecast period.
The market forecasting 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 market growth analysis strategies.
Customer Landscape
Companies 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.
1STOPlighting: The company offers electric fans such as 3MAVR88, 3AVLR54AGPD, and 5ASPR70MBK under the brand Monte Carlo Fans.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The global electric fan market is growing significantly worldwide due to rising demand for energy-efficient and technologically advanced fans. In addition, offline distribution channels remain a vital part of the global electric fan market, particularly in emerging economies where Internet penetration rates are lower.
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The offline segment was the largest segment and was valued at USD 13.10 billion in 2018. Moreover, offline distribution channels for electric fans can be broadly classified into two segments, namely organized and unorganized retail. In addition, organized retail refers to modern retail formats, such as department stores, hypermarkets, and specialty stores that sell branded products. Furthermore, on the other hand, unorganized retail includes small mom-and-pop stores, street vendors, and local dealers that sell unbranded or low-end products. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 43% 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. Some of the main factors contributing to the growth of the market in APAC include a significant increase in the number of government initiatives for the housing sector, the cost-effective supply chain of these products, the increasing demand for the luxury segment of these products, and numerous product innovations. In addition, India, the Philippines, Vietnam, and China are among the key consumers of electric fans in the region.
Moreover, the tendency to spend on premium products has increased over the past few years, and this is one of the major factors driving the demand for the luxury segment of this product in the region. Furthermore, owing to advances in manufacturing technologies and significant investments in production expansion, these companies are offering a wide range of affordable and premium products at competitive prices. In addition, this intense competition has led companies to focus on the development and launch of innovative products. Hence, such factors are driving the market growth in APAC during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is experiencing significant growth driven by various factors. The rise in temperature and climatic changes, including increased humidity and the impact of climate change, have led to a surge in the demand for this product. Consumers are now inclined towards energy-efficient fans with value-added features. Marketing and branding approaches, along with an extensive distribution network in large retail stores and supermarkets, contribute to increased sales. Developing economies, with improved economic conditions and rising per capita disposable income, witness a growing demand for premium household appliances, including smart featured home appliances like smart ceiling fans. Some other types of fans in residential spaces include pedestal fan, table fan, exhaust fan, and wall fan. In regions facing challenges in electricity access, there is a potential customer base for this product, and initiatives like the Alliance for Rural Electrification aim to address electrification needs. The market also caters to various segments, including residential, non-commercial, and industrial use, offering a variety of fan-related products in multi-brand stores and retail outlets. As lifestyle improves and spending capacity rises, the market continues to thrive, providing efficient and innovative solutions for diverse consumer needs.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.6% |
Market Growth 2024-2028 |
USD 5.37 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.96 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 43% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
1STOPlighting, Bajaj Electricals Ltd., Centek Industries, Crompton Greaves Consumer Electricals Ltd., Dyson Group Co., Emerson Electric Co., Ferguson plc, Godrej and Boyce Manufacturing Co. Ltd., Griffon Corp., Havells India Ltd., Lasko Products LLC, LG Electronics Inc., Matthews Fan Co., Midea Group Co. Ltd., Orient Electric Ltd, Orpat Group, Panasonic Holdings Corp., Swan Products Ltd., Voltas Ltd., and Westinghouse Electric Corp. |
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. |
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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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