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Ceiling Fans Market Size, Share, 2019-2025 | Global Industry Report

Ceiling Fans Market Analysis Report By Product, By Fan Size, By Application, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Report ID: MN17619630  |  Published: May 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Consumer Goods  |  Publisher: Grand View Research

Industry Insights

The global ceiling fans market size was accounted for USD 9.3 billion, in 2018. Superior quality home decor appliances include ceiling fans with advance features like interchangeable blades and multi-layer lighting fixtures. Modern consumers prefer spending on such appliances that are durable as well as attractive. Moreover, growing popularity of convenient ceiling fans is anticipated to impact positively on market growth over the forecast period, 2019 to 2025. These fans can be easily connected to tablets and smartphones and they have voice control features. Such innovative features and technological advancements are expected to drive the market growth over the forthcoming years.

Rising disposable income levels, rapid urbanization, increasing number of residential infrastructures and financial assistance provided by public and private sector banks at lower interest rates and EMI facilities in emerging economies such as India and China are projected to drive the regional market over the forecast period.

U.S. ceiling fans market size

In many countries, the rural areas do not have electricity connections. Governments are launching various schemes and policies to provide 24/7 electricity supply in these remote areas. This factor is also projected to impact the demand for ceiling fans in the rural areas over the forecast period.

For example, in China, along with electricity connection, government has provided shelter to the people whose incomes are below than the average daily income. Moreover, in India, government has aimed to provide electricity supply to every household present across the country. Such initiatives and assistance from the governments are projected to proliferate the product demand in the rural areas.

Product Insights

In 2018, the standard product segment accounted for USD 6.3 billion. This product is widely available at majority of local self-owned electric stores as well as at exclusive and multi-brand outlets. Moreover, this product is highly affordable, easy to install, safe, and requires low maintenance. These features are anticipated to drive the product demand over the forthcoming years.

The decorative ceiling fans segment is projected to grow at a CAGR of 4.8% over the forecast period. People are renovating their homes, thus, spending large amount of money on interior designing and home décor. This factor is driving the demand for decorative appliances. Moreover, consumers get influenced by digital marketing campaigns on social media platforms such as Instagram, Pinterest, and Facebook. Furthermore, manufacturers are launching innovative products with an option of customization. This enhances the appearance of residential as well as commercial spaces, thereby, projected to proliferate the product demand from 2019 to 2025. For instance, few manufacturers offer customized products with 4 blades and different appealing designs.

Fan Size Insights

In 2018, medium sized fans segment accounted for the revenue of USD 7.1 billion. These products are easily available at local electric appliances store and it is convenient for mass consumers to purchase them from such stores. Therefore, consumers prefer medium sized ceiling fans over other fans. These fans circulate cooler air even at low speed. Moreover, factors such as effective air circulation, affordable price range, and easy installation are anticipated to drive the market growth over the forecast period.

Small sized fans segment is projected to grow at the fastest CAGR of 7.7% over the forecast period. Rising demand for small sized ceiling fans that provide better air circulation in suffocating rooms, offices, and cabins is anticipated to drive the segment growth over the forthcoming years. This product is majorly used in kitchens and balconies to provide effective air circulation.

Application Insights

Based on application, the ceiling fan market is divided into residential and commercial segments. In 2018, the residential segment held the largest market share which valued to USD 7.3 billion. Government regulations on electrification at domestic households in developing nations such as China and India are expected to drive the product demand from residential sector. Continuous fluctuation in atmospheric temperature is responsible for the need of proper air circulation. This is expected to have a positive impact in the market growth

The commercial segment is projected to grow at the fastest CAGR of 5.1% over the forecast period. Requirement for heavy air circulation at commercial spaces such as corporate offices to maintain a pleasant environment is driving the segment growth. The product is expected to witness rising demand in summer season due to the need for cooler air.

Distribution Channel Insights

The segment of offline distribution channel held the largest revenue share valued to USD 7.2 billion. Availability of wide range of products at affordable price under one roof is anticipated to drive the segment growth. Moreover, presence of organized retail stores such as supermarket and hypermarkets that offer loyalty plans and membership schemes for their loyal customers is driving the sales of ceiling fans through offline channels. Such plans and lucrative offers provide high level satisfaction to the consumers, thus, enhancing customer relationships. This factor is impacting positively to the growth of offline channel segment.

Global ceiling fans market share

The segment of online distribution channel is projected to grow at the highest CAGR of 5.1% over the forecast period. Attractive discounts, coupons, cash backs, and free doorstep delivery are the factors influencing customers to shop through online channels. Moreover, rising penetration of e-commerce platforms, increasing number of smartphone users, and availability of high-speed internet are the factors driving the segment growth. In addition, consumers can openly share their feedbacks and reviews on their websites and e-portals which thereby expected to positively impact the segment growth over the forecast period.

Regional Insights

Asia Pacific held the largest share of 51.9% across the global ceiling fans market in 2018. Rapid urbanization in countries such as India and China are leading to development of urban infrastructure, thus, proliferating the product demand among middle-class families. Moreover, governments are providing financial assistance by giving loans at lower interest rates. Manufacturers are thereby focusing on product innovation to suffice the rising demand in this region. For example, LG introduced a ceiling fan with smart features such as LED display, special sleeping mode, and biomechanical blades.

The market for ceiling fans in Middle East & Africa is projected to grow at the fastest CAGR of 5.1% over the forecast period. Rising awareness about the advantages of the product in providing better air circulation among the consumers in Africa is expected to drive the regional demand. Moreover, the government is putting efforts in providing electricity supply in remote areas such as Malawi, Liberia, Niger, Mozambique, and Burundi. This is anticipated to further drive the product demand in the regional market.

Ceiling Fans Market Share Insights

Some of the leading players in this industry include Emerson Electric Co., Crompton Greaves, Hunter Fan Company, NuTone, Shell Electric MFG Co. Ltd., Ajanta Electricals, Big Ass Fans, Mega Home Appliances, The Henley Fan Company Ltd. and Del Mar Fans & Lighting. In order to expand the market share, top players are focusing product innovations and new product launches. For example, Orient in January 2019, introduced a ceiling fan with smart features that support Google Assistant and Amazon Alexa, in India.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Report coverage      

Revenue forecast, company share, competitive landscape, growth factors and trends

Country scope

U.S. Germany, China, India, Australia, Brazil, and South Africa

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

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

• Product Outlook (Revenue, USD Million, 2015 - 2025)
    • Standard
    • Decorative

• Fan Size Outlook (Revenue, USD Million, 2015 - 2025)
    • Small
    • Medium
    • Large

• Application Outlook (Revenue, USD Million, 2015 - 2025)
    • Residential
    • Commercial

• Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
    • Offline
    • Online

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
    • Asia Pacific
        • China
        • India
        • Australia
    • Central & South America
        • Brazil
    • Middle East & Africa (MEA)
        • South Africa

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