The global ceiling fans market is anticipated to reach USD 12.5 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 4.3% during the forecast period, 2019 to 2025. Convenient ceiling fans with smart features that support voice control operations and can be easily connected to smartphones are gaining traction among the consumers across the globe. Moreover, government schemes that provide electricity connection to the remote areas in countries such as India, Mexico, Bangladesh, and China is anticipated to drive the product demand from 2010 to 2025.
In 2018, the standard product segment held the largest revenue share owing to high affordability and availability of the product. Moreover, manufactures are launching high velocity ceiling fans that help in saving energy. Thus, it is anticipated to accelerate the demand from commercial and residential sectors. Medium sized fan segment held the largest market share in 2018 owing to ease of accessibility and effective air cooling feature.
Small sized fan segment is expected to grow at the fastest CAGR of 7.7% over the forecast period owing to requirement of better air circulation in suffocating rooms and cabins. This product is majorly used in kitchens and balconies to provide effective air circulation.
Asia Pacific dominated the ceiling fan market in 2018 and is anticipated to maintain its dominance over the forecast period. Rapid urbanization, rising disposable income levels of middle-class population, and assistance provided by private and public sector banks that give loans at lower interest rates in Asian countries such as India, Philippines, China, and Bangladesh is anticipated to drive the regional market growth from 2019 to 2025.
Some of the prominent players in this market 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.Leading players are concentrating on product innovations and expanding their distribution network across online and offline channels.
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Further key findings from the report suggest:
• In 2018, the medium sized fan segment accounted for the revenue share of USD 7.1 billion.
• The segment of online distribution channels is projected to grow at a CAGR of 5.1% over the forecast period owing to convenience, doorstep delivery, and hassle free return policy
• By 2025, application of ceiling fans across the residential sector is anticipated to hold the ceiling fans market share exceeding 70%.
• In 2018, Asia Pacific held the largest market share of 51.9% due to rising demand from middle-class population in developing countries such as India and China
Million Insights has segmented the global ceiling fans market based on product, fan size, application, distribution channel, and region:
Ceiling Fans Product Outlook (Revenue, USD Million, 2015 - 2025)
Ceiling Fans Size Outlook (Revenue, USD Million, 2015 - 2025)
Ceiling Fans Application Outlook (Revenue, USD Million, 2015 - 2025)
Ceiling Fans Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Ceiling Fans Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa