Fan Market By Product Type (Ceiling Fan, Pedestal Fan, Table Fan, Exhaust Fan, Wall Fan, Others), By End User (Residential, Light Commercial), By Distribution Channel (Multi Brand Store, Hypermarkets, Exclusive Store, Online, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031
The fan market size was $11,117.6 million in 2021 and is estimated to reach $16,848.6 million by 2031, registering a CAGR of 4.3% from 2022 to 2031.
The fan helps in circulating the air in a room or space and thus essentially creates a cooling effect and circulates fresh air. It is widely used in residential and commercial spaces to maintain the humidity level and circulate the air in the spaces. Fans of different types, colors, and styles are offered by the manufacturers.
As the climate is changing every year, there is an increase in humidity that causes individuals to carry or use fans. The market for fans is expected to witness an increase in demand from regions that are highly humid. An increase in the level of carbon dioxide and depletion of the ozone layer are factors that have led to the rise in temperature across the globe. Such a rise in temperature and humidity has increased the need for fans in various regions to maintain fresh air ventilation. With the rise in temperature and climatic changes, the demand for the innovative and fast fan is increasing day by day. The change in climatic conditions is expected to fuel the growth of the fan market in the upcoming years.
Innovative and advanced home appliances have gained major popularity among customers. People tend to prefer and replace traditional air ventilation systems with smart and advanced-featured fans. Smartphone compatibility, voice & remote control, and Wi-Fi connectivity are some of the key features that have gained major popularity among people. With the rise in awareness about technologically advanced home appliances including fans, AC, and heaters, the manufacturers are offering voice-controlled system-based fan that is integrated with popular voice-operated systems such as Amazon Alexa, Apple HomeKit, and Google Assistant. Consumers look forward to innovations and aesthetic designs of fans, which is expected to propel the growth of the fan market.
The rise in trends for outdoor activity globally has increased the demand for fans during the forecast period. As per the Outdoor Industry Association report, almost 49% of the U.S. population participated in any kind of outdoor activity at least once in the year 2017. Electric fans such as table fan, pedestal fan, and others are available in a wide range of styles and configurations in the market that are widely used in outdoor activity. The main benefit offered by the portable fan is that it does not require installation. Thus, they are easy to carry anywhere. In addition, the manufacturers offer a battery table fan, which is powered by a battery and is easy to move from one place to another place. The aforementioned reasons are some of the key factors for the growth of the fan market.
People are getting involved in home improvement and designing through various advanced household consumer goods such as smart fans. The surge in innovation in home appliances promotes people to replace their traditional appliances with new smart appliances. Increased personal disposable income and affordable credit facilities promote people to improve and design their living rooms, and kitchens which are expected to create more opportunities for the key player in upcoming years.
The rise in urbanization and the adoption of Western culture have transformed the lifestyle of customers, especially in developing countries. Demand for advanced home appliances has increased due to extensive marketing strategies and growth in awareness among customers about innovative home appliances. Through effective marketing, companies can reach their targeted audiences and cater to their needs. Companies operating in the market invest heavily in marketing and advertising campaigns to promote their innovative products among the masses and to increase their revenue. The effective marketing of fan is expected to create more opportunities for key players in the upcoming years.
The fan market is segmented into product type, end user, distribution channel, and region. By product type, the market is divided into ceiling fan, pedestal fan, table fan, exhaust fan, wall fan, and others. By end user, the market is bifurcated into residential and light commercial. By distribution channel, the market is classified into multi brand store, hypermarkets, exclusive store, online, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA).
The impact of the COVID-19 outbreak was high on the growth of the global fan market. The trade restrictions and lockdown resulted in the halting of production and manufacturing units. The recovery of the fan market is expected in near future.
Some of the key players profiled in the fan market analysis include Ajanta Electricals, Broan-NuTone, LLC, Crompton Greaves Consumer Electricals Limited, Emerson Electric Co., Fanimation, Hunter Fan Company, Minka Lighting Inc, Panasonic Holdings Corporation, The Henley Fan Company, and Westinghouse Electric Corporation.
The players in the fan market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the fan market.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fan market analysis from 2021 to 2031 to identify the prevailing fan market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the fan market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global fan market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Product TypeCeiling Fan
Pedestal Fan
Table Fan
Exhaust Fan
Wall Fan
Others
By End UserResidential
Light Commercial
By Distribution ChannelMulti Brand Store
Hypermarkets
Exclusive Store
Online
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa,
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Ajanta Electricals
Broan-NuTone, LLC
Hunter Fan Company
Minka Lighting Inc
Panasonic Holdings Corporation
Emerson Electric Co.
Westinghouse Electric Corporation
The Henley Fan Company
Crompton Greaves Consumer Electricals Limited
Fanimation
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