DUBLIN, March 2, 2023 /PRNewswire/ — The “Ceiling Fan Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global ceiling fan market size reached US$ 10.5 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 12.9 Billion by 2028, exhibiting a CAGR of 3.49% during 2022-2028.
Ceiling fans refer to electrically powered mechanical devices that are suspended from the ceiling of a room to circulate air. They induce evaporative cooling and slow movement into the still, thereby cooling the hot air in the room effectively. Ceiling fans have hub-mounted rotating paddles which move much slower when compared with electric desk fans. They are highly preferred by consumers due to their advantageous properties over air-conditioners like high energy-efficiency, better shelf-life, low power consumption and cost-effectiveness.
Global Ceiling Fan Industry Drivers:
Growth in the housing sector is boosting the demand for ceiling fans, especially in the developing economies. For instance, the governments of China and India are coming up with new schemes to provide shelter to the low- and middle-income groups. In addition to this, development in the commercial real estate, hospitality and retail sectors are bolstering the market growth.
The demand for ceiling fans has been rapidly increasing due to rising income levels of the consumers and increasing availability of electricity. Moreover, manufacturers are introducing premium products such as lighting fans, decorative fans, etc. which offer higher margins, thereby increasing their profitability.
The governments of various emerging countries have set up the goal of providing electricity to the remote rural areas which is expected to influence the demand for ceiling fans in the upcoming future. For instance, India has aimed to supply electricity to more than a million households.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global ceiling fan market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type, fan size, end-use and distribution channel.
Breakup by Product Type:
- Standard Fan
- Decorative Fan
- High Speed Fan
- Energy Saving Fan
- Others
On the basis of product types, standard fans represent the most popular type of ceiling fans, accounting for more than a half of the total global market. The popularity of standard fans can be attributed to their easy usage and cost-effectiveness.
Breakup by Fan Size:
Based on fan sizes, medium-sized fans represent the largest segment, holding around three-fourths of the market share. They can be easily installed, provide cooling at a lower velocity and are affordable by the middle-income group.
Breakup by End-Use:
- Residential
- Commercial
- Industrial
The global ceiling fan market has also been bifurcated on the basis of end-use into the residential, commercial and industrial sectors. Amongst these, the residential sector holds the largest share due to ongoing constructional activities across the globe.
Breakup by Distribution Channel:
- Offline Stores
- Online Stores
On the basis of distribution channels, offline stores are majorly preferred by the consumers as they can physically examine ceiling fans and instantly purchase the product.
Regional Insights:
- China
- India
- European Union
- United States
- Brazil
- Others
Region-wise, China represents one of the largest producers and exporters of ceiling fans worldwide. Warm weather conditions along with the huge population are majorly propelling the consumption of ceiling fans in the region.
Key Questions Answered in This Report
1. What was the size of the global ceiling fan market in 2022?
2. What is the expected growth rate of the global ceiling fan market during 2023-2028?
3. What are the key factors driving the global ceiling fan market?
4. What has been the impact of COVID-19 on the global ceiling fan market?
5. What is the breakup of the global ceiling fan market based on the product type?
6. What is the breakup of the global ceiling fan market based on the fan size?
7. What is the breakup of the global ceiling fan market based on the end-use?
8. What is the breakup of the global ceiling fan market based on the distribution channel?
9. What are the key regions in the global ceiling fan market?
10. Who are the key players/companies in the global ceiling fan market?
Companies Mentioned
- Emerson Electric Co
- Hunter Fan Company
- Crompton Greaves Consumer Electricals Ltd
- Broan-NuTone LLC
- Shell Electric Holdings Limited
For more information about this report visit https://www.researchandmarkets.com/r/mnioqd
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SOURCE Research and Markets
