US: 1.646.568.9797 (24x5)
UK: 44.330.808.0580 (24x5)
Worldwide: 91.703.051.960 (24x7)
Industry Insights, Market Size, CAGR, High-Level Analysis: Smart Ceiling Fans MarketThe global smart ceiling fans market size was valued at USD 698.4 million in 2018. Rising consumer preference for convenient products along with the rapid adoption of advanced technology is expected to drive the market. Furthermore, high demand for technologically advanced products, especially from millennial consumers coupled with easy access to a wide range of products is expected to positively affect the market growth. Changing consumers lifestyle and rising inclination for convenience and latest technology are some of the major factors driving the demand for smart ceiling fans. Rising adoption of smart household appliances including smart ceiling fans that can be controlled through internet and smartphones, is anticipated to drive the growth. Smart fans have wireless connection, advanced cooling functions, and automatic temperature control among other features. Consumers can effortlessly operate these products by downloading the compatible app including Google Assistant and Alexa on their mobile phones and connecting them through Bluetooth or Wi-Fi. The consumers can maintain appropriate humidity, ventilation, and keep the air free from dust and aerial microorganisms with the help of these fans. The advanced features such as climate control and energy-efficiency have been encouraging consumers to opt for these products. Rising adoption of smart ceiling fans with LED lights in innovative styles and designs is anticipated to drive innovation in the market. The manufactures have been emphasizing on technological advancements and innovative styles to cater to the consumer demand. For instance, the introduction of bladeless ceiling fan has been gaining significant popularity in modern homes. However, the relatively high price of smart fans compared to their conventional counterparts is expected to hamper the smart ceiling fans market growth.
Distribution Channel InsightsOffline distribution channel accounted the largest market share of more than 80% in 2018. Consumer preference for brick and mortar distribution channels, especially the specialty stores, due to the provision of detail instructions about installation and after-sale services by the professionals, is anticipated to fuel the segment growth. Furthermore, the easy availability of compatible product accessories has been attracting buyers to purchase from these channels. Online distribution channel segment is anticipated to expand at a CAGR of more than 6% from 2019 to 2025. Rising spending on e-commerce for purchasing home appliances among middle-income population due to rising use of smartphones and internet is anticipated to drive the segment growth. In addition, growth of online retailers, especially company-owned shopping portals, such as Ottomate International, Orient Electric Limited, and LG Electronics among others is expected to speed up the online sales in the upcoming years.
Application Insights of Smart Ceiling Fans MarketResidential application held the largest share of the smart ceiling fans market, accounting for more than 80% of revenue share. Rising adoption of smart devices has been boosting the product demand from the residential sector. Furthermore, rising demand for silent and energy-saving fans is driving the segment growth. Consumers opt for these products as they complement the modern and smart homes. These products offer room-specific climate. In March 2019, Ottomate International, launched Ottomate Smart Fan, which enables Bluetooth mesh connectivity. The Otto mode of the product allows it to adjust the airflow automatically by sensing the climate conditions of a particular room. Commercial segment is expected to witness the fastest CAGR of 5.5% from 2019 to 2025, due to rising demand for products with energy-efficiency and automatic temperature control features. The advanced technology makes it easy to control multiple fans at the same time. Therefore, the application of the product is expected to witness a significant rise in commercial buildings including manufacturing facilities, offices, and malls. Over the past few years, manufacturers have been launching products to expand their reach to this sector. For instance, in May 2019, Delta T, LLCs Big Ass Fans introduced Powerfoil D suitable for harsh industrial environments.
Regional Insights of Smart Ceiling Fans MarketIn 2018, Asia Pacific led the market, contributed to more than 60% of the global revenue share. Rise in middle-class population in the developing countries, including China, Bangladesh, India, and Indonesia is driving the regional demand for premium home appliances. Additionally, hot climate South Asian countries is expected to promote the use of smart cooling devices, including smart ceiling fans. Over the past few years, the key market participants have been expanding their business in this region to cater to the rising product demand. For instance, in May 2019, LG Electronics entered the smart fan industry in India by launching its The Fan. It is compatible with Amazon Alexa and LG SmartThinQ and is also equipped with the mosquito away feature.
Market Share Insights of Smart Ceiling Fans MarketKey market participants include Hunter Fan Company; Orient Electric; Delta T, LLC; Ottomate International; Minka Lighting Inc.; Modern Form; Fanimation; OCECO; Havells India Ltd.; and CG Power and Industrial Solutions Limited. Over the past few years, the companies have been investing in product innovation o gain a competitive advantage. For instance, in October 2018, Orient Electric, a CK Birla group company, collaborated with Tata Elxsi to improve product performance and design. In another development, Orient Electric launched an energy-efficient Orient Ecogale ceiling fan under its Eco-series range, which consumes 32-watt power compared to the 70-watt power consumed by the fans operating on induction motor.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Smart Ceiling Fans Market Research ReportThis report forecasts revenue growth at 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 smart ceiling fans market based on application, distribution channel, and region:
Application Outlook (Revenue, USD Million, 2019 - 2030)
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)
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 1. | read more...