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Growing urbanization in emerging economies is promoting the establishment of new residential buildings. Coupled with this, the increasing tendency of frequent interior renovations among the developing regions is expected to drive the market with a CAGR of over 4% through the forecasted period. Apart from this, the hike in disposable income among the young population and the increase in the global temperature is to be cited as the major contributor to the market growth. In terms of volume, the market is expected to grow over a difference of 84.74 Million Units from the year 2020 till the end of the forecasted period. As the governments in the developing economies have been working on providing shelters to low-income groups, the household application of the electric fan had witnessed growth to over 70% of the market in 2020. Growth in commercial real estate, hospitality, and retail sectors and a need for cost-cutting which leads to a reduction in the use of air conditioners are to drive the commercial end user segment for the fan. Moreover, large-sized electric fans are an economically feasible option to ventilate a big space with a large number of people such as warehouses & factories, when compared to ACs. Thus by the end of the forecasted period, the market is expected to grow with an anticipated CAGR of 5.21%.
Today, the electric fan market can be broadly classified into four major categories of ceiling fan, wall mount, table or desk, standing fans, and others including exhaust fans, cabinet fans, misting fan, and industrial fans, to name a few. Long gone are those days when a fans only job was to produce some airflow in the room. Todays fans are while being extremely aesthetically appealing, equipped with modern technologies that enable them to be very functional while being equally efficient. The global fan market is dominated by the ceiling fan type, which accounts for over 45% of the global market throughout. Among the major segments of the electric fan, the standing floor fan segment is to show the lowest market value difference, expected to reach a value of USD 2.30 Billion by the end of the forecasted period. With the characteristics of saving the floor space, circulate air conditioning, and add instant evaporative air movement, the wall-mounted fan segment is expected to grow with the highest anticipated CAGR of 4.38%. The segment of desk/ table fan has gained immense popularity post the Covid outbreak, where employees working from home demanded a cost-effective and nonspace consuming ventilation option.
Globally, Panasonic Corporation, Emerson Electric, and Westinghouse Electrics are the top 3 companies, which barely put up to 6.32% of the market. Other key players in the market include Hunter Fan, Crompton, Shell Electric MFG Co. Ltd, Big Ass Fans, Minka Lighting, Orient Electric, Henley Fan, Fantasia, Midea Group, Singfun Fans, Usha International Limited, and others, including the unorganized players in Asian countries like China & India.
ASPECTS COVERED IN THE REPORT:
· Market Size By Value for the time period (2015-2026F)
· Market Size By Volume for the time period (2015-2026F)
· Market Share by Type ( Ceiling, Wall Mount, Desk/ Table, Floor, Standing & others)
· Market Share by Application (Household & Commercial)
· Market Share by Region
· Market Share by Country
· Market Share by Company
Middle East & Africa
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Table of Contents Covered In This Global Electric Fan Market:
Table of Contents
1. Executive Summary
2. Report Methodology
3. Global Electric Fan Market Outlook
3.1. Market Size
3.1.1. By Value
3.1.2. By Volume
3.2. Market Share
3.2.1. By Type
3.2.2. By Application
3.2.3. By Region
3.2.4. By Country
3.2.5. By Company
4. Global Ceiling Fan Outlook
4.1. Market Size
4.1.1. By Value
4.1.2. By Volume
4.2. Market Share
4.2.1. By Type
4.2.2. By Application
4.2.3. By Fan Size
4.2.4. By Sales Channel
4.2.5. By Region
4.2.6. By Country
5. North America Electric Fan Outlook
5.1. Market Size
5.1.1. By Value
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