Ceiling Fans Market Size, Share, Trends, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

  • TBI877444
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: Ceiling Fans Market

The global ceiling fans market size was valued at USD 9.3 billion in 2018. Rising spending on the premium quality home decor at the global level is expected to promote the utility of ceiling fans with added features such as layered lighting fixture and interchangeable blades. Additionally, increasing awareness regarding convenient ceiling fans is projected to play a key role in promoting the importance of technologically advanced and smart fans, which offer voice control features and connectivity access to phones and tablets. Urbanization in developing countries such as China and India is expected to play a key role in promoting the establishment of new residential buildings. Additionally, over the past few years, the private and public sector banks of these countries have been providing home loans with reduced interest rates and low down-payments. As a result, the consumers are increasingly spending on purchasing new flats and stand-alone houses. This trend of purchasing new residential flats or houses is expected to promote the use of ceiling fans over the next few years. Governments of different countries are introducing schemes to provide electricity connection to rural household. For instance, in 2018, the government of India started an initiative to provide electricity connections to 100% households. Additionally, the China government started providing provide shelter to the low and middle-income groups in 2018. These favorable initiatives are projected to a major role in increasing the market reach in rural households over the next few years.

Product Insights of Ceiling Fans Market

Standard ceiling fan was valued at USD 6.3 billion in 2018. Low price and easy availability of these ceiling fans in the individual owned stores and brand outlets are expected to remain favorable factors for the segment growth. Furthermore, these products are considered to be safe, easy to clean, and convenient to use. Decorative ceiling fan is expected to expand at the fastest CAGR of 4.8% from the period of 2019 to 2025. Growing spending on interior decorations as a result of increasing awareness regarding various designs for house as well as commercial interiors through extensive campaigns on social media channels including Facebook, Pinterest, and Instagram is expected to have a positive impact on the segment growth. Companies are providing innovative designed ceiling fans to enhance interior appeal of households. In the urban areas, few companies are offering customized designed ceiling fans with 3 and 4 blades. Fan Size Insights Medium fan size variants generated a revenue of USD 7.1 billion in 2018. Consumers prefer to purchase these size variants due to easy access of these ceiling fans in brick and mortar stores. These products provide a better air circulation power, which drives consumers to purchase this product. Furthermore, they have the ability to provide cooling at a low velocity. Factors such as easy to install and affordability offered by these ceiling fans are expected to remain favorable for the segment growth in the upcoming years. Small fan size is expected to be the fastest growing segment with a CAGR of 7.7% from 2019 to 2025. Lack of air circulation space in urban congested rooms and workplaces is expected to promote the utility of small fans. Additionally, small size of these ceiling fans is expected to promote the utility in kitchens, where they are placed right on the countertop by facing cooks direction to increase air circulation in the kitchen.

Application Insights of Ceiling Fans Market

The residential application segment emerged as the largest segment and generated a revenue of USD 7.3 billion in 2018. The segment is driven by increasing government initiatives on household electrifications in the residential sector, majorly in developing countries including India and China. Rapidly changing temperature, coupled with requirement of air circulation, is also driving the segment. The commercial application segment is expected to be the fastest growing segment, expanding at a CAGR of 5.1% from 2019 to 2025. The segment is driven by rise in demand for continuous air circulations in offices to maintain a cool environment among employees. Growing demand for ceiling fans with air conditions in summer time to maintain temperature inside offices is also a key driving factor.

Distribution Channel Insights

In 2018, offline channel generated a revenue of USD 7.2 billion. These channels have the ability to provide the access to a wide range of ceiling fans from all the major companies under a single platform. Furthermore, offline channels, particularly supermarkets, offer various add-on benefits such as membership plans for the customers and attractive warranty plans to the consumers. These features play a vital role in ensuring the better retention of customer relationships with the offline channels. Online channel is expected to expand at the fastest CAGR of 5.1% from 2019 to 2025 as they provide consumer-friendly benefits in terms of cashback, free home delivery, and coupons. Rising number of smartphone users at the global level as a result of improved network connectivity and digitalization across various sectors is expected to expand the scope of e-commerce portals as a selling channel among the buyers. Furthermore, these channels provide the customer review on their home pages, which provides buyers a choice in order to purchase any product.

Regional Insights of Ceiling Fans Market

As of 2018, Asia Pacific dominated the ceiling fans market, accounting for 51.9% share of the global revenue. Growing middle-class population in China and India on account of improvement in urban infrastructure by implementing supportive government-sponsored schemes is expected to play a key role in launching new ceiling fans in the region. For instance, in May 2019, LG launched a smart ceiling fan with a LED display for India. This ceiling fan has features including special sleeping mode, along with an ability to operate silently using its biomechanically designed blades. Middle East and Africa is expected to be the fastest growing market for ceiling fans, expanding at a CAGR of 5.1% from 2019 to 2025. Increasing awareness regarding the benefits of ceiling fans among the consumers of African countries is generating the demand for the ceiling fan. Furthermore, supportive government initiatives to provide electricity connection in rural areas in Burundi, Liberia, Niger, Malawi, and Mozambique countries will continue to generate the demand for the product in the upcoming years.

Market Share Insights of Ceiling Fans Market

Major ceiling fans manufacturers include Crompton Greaves, Emerson Electric Co., NuTone, Hunter Fan Company, Shell Electric MFG Co. Ltd., Big Ass Fans, Ajanta Electricals, Del Mar Fans & Lighting, Mega Home Appliances, and The Henley Fan Company Ltd. Companies are working on product innovations to increase their market share. For instance, in January 2019, Orient launched a smart ceiling fan in the India market, which supports Amazon Alexa and Google Assistant.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Ceiling Fans Market Research Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global ceiling fans market report on the basis of product, fan size, application, distribution channel, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  • Standard
  • Decorative

Fan Size Outlook (Revenue, USD Million, 2019 - 2030)

  • Small
  • Medium
  • Large

Application Outlook (Revenue, USD Million, 2019 - 2030)

  • Residential
  • Commercial

Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)

  • Offline
  • Online

Table of Contents
Chapter 1. Methodology and Scope                     1.1. Market Segmentation & Scope                     1.2. Market Definition                     1.3. Information Procurement                          1.3.1. Purchased Database                          1.3.2. GVR’s Internal Database                          1.3.3. Secondary Sources & Third-Party Perspectives                          1.3.4. Primary Research                     1.4. Information Analysis                           1.4.1. Data Analysis Models                     1.5. Market Formulation & Data Visualization       
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