The global smart ceiling fans market size is anticipated to generate revenue of USD 993.6 million by the end of 2025, according to a new report by Million Insights. It is projected to grow with a CAGR of 5.2% from 2019 to 2025. This growth can be attributed to rising influence of technology-driven appliances among the millennial population.
Salient features like automatic speed and temperature control is anticipated to drive growth of the market in the upcoming years. Moreover, these fans can be operated using mobile apps like Alexa or Google Assistant thereby driving the market demand in the upcoming years. Thus, manufacturers have also started launching smart ceiling fans with LED lights and improved design to cater to the rising consumer demand across the globe.
The residential segment of application held the highest share of around 80% of the global smart ceiling fan market in 2018 owing to rising adoption of smart electric appliances at homes coupled with its adaptability of adjusting room temperature according to the surrounding climate. The commercial application segment is anticipated to register a CAGR of 5.5% across the global market owing to rising number of offices, malls, and manufacturing facilities in the developed and developing regions.
Asia Pacific held the highest share of around 60% across the global market in 2018 due to the rising population across countries like China and India. In addition, rising disposable income across this region coupled with the hot and humid climate prevailing near the coastal areas is expected to drive the market growth during the forecasted years, 2019 to 2025. Moreover, product launches being carried out by prominent manufacturers like Havells and Orient Electric is projected to fuel the market demand in the near future.
Key players in this market are Orient Electric; Hunter Fan Company; Ottomate International, LG Electronics, and Havells India Ltd. These players have started to invest in R&Ds for product innovation and development. Moreover, emerging trend for usage of bladeless electric fans is expected to drive the growth of the market in the upcoming years. For instance, Exhale Europe in 2017 launched a bladeless fan that could distribute the air evenly across the entire room.
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Further key findings from the report suggest:
• The commercial application segment is projected to attain the fastest growth at a CAGR of 5.5% over the forecast period.
• In 2018, the residential segment of application accounted for the market share of over 80%.
• The smart ceiling fans market in Asia pacific dominated the global market with a revenue share of over 60% in 2018.
• The segment of online distribution channels is projected to grow at a CAGR of more than 6% over the forecast period.
Million Insights has segmented the global smart ceiling fans market on the basis of application, distribution channel, and region:
Smart Ceiling Fans Application Outlook (Revenue, USD Million, 2015 - 2025)
Smart Ceiling Fans Distribution channel Outlook (Revenue, USD Million, 2015 - 2025)
Smart Ceiling Fans Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa