USD 12.50 Billion
Ceiling Fans Market Size, Share, Growth Analysis, By Product(Standard and Decorative), By Fan Size(Small, Medium and Large), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25H2015 |
Region:
Global |
Published Date: July, 2024
Pages:
223
|Tables:
60
|Figures:
77
Ceiling Fans Market Insights
Global Ceiling Fans Market size was valued at USD 12.50 Billion in 2022 and is poised to grow from USD 13.05 Billion in 2023 to USD 18.42 Billion by 2031, at a CAGR of 4.4% during the forecast period (2024-2031).
The usability of ceiling fans with extra features such as tiered lighting fixtures and adjustable blades is anticipated to be promoted by rising spending on high-end home decor at a global level. Promoting the value of technologically advanced and smart fans, which give voice control features and connectivity access to phones and tablets, is also expected to be significantly aided by growing awareness of how convenient ceiling fans are. It is projected that the rising global temperature would substantially impact how the product is used, which will fuel market expansion. According to data from Berkeley Earth.Org, the world's average temperature rose to 1.27 degrees Celsius or 2.29 degrees Fahrenheit in 2020, which is 0.02 degrees Celsius warmer than in 2019. Also, the expansion of tourism-related investments supporting the building of resorts, cottages, lodges, and other tourist accommodations is boosting the use of ceiling fans. As an illustration, the Indian Brand Equity Foundation reported that India made the third-largest investment in the world in March 2021, investing USD 45.7 billion. Since most consumers choose ceiling fans to withstand humid weather, they have evolved into one of the most significant household appliances in nations all over the world. Consumers are drawn to the ceiling fan because of its capacity to serve as a decorative element to complement and enhance the ambience, mood, and style of a place.
US Ceiling Fans Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Standard
Fastest Growth
Decorative
Growth Rate
4.4% CAGR
Global Ceiling Fans Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Ceiling Fans Market Segmental Analysis
Ceiling Fans Market is segmented on the basis of Product, Fan Size, Application, Channels Outlook and region. By Product, the market is segmented into Standard and Decorative. By Fan Size, market is segmented into Small, Medium, Large. By Application, the market is segmented into the Residential and Commercial. By Channels Outlook, the market is segmented into the Online and Offline. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Ceiling Fans Market Analysis by Product
The standard segment dominated the global market. It is anticipated that these ceiling fans' low cost and easy accessibility at independently owned stores and brand outlets will continue to be supportive elements for the segment's growth. Moreover, these products are considered secure, practical, and simple to clean.
The Decorative segment is expected to grow at the fastest CAGR. Companies are offering creatively designed ceiling fans to improve homes’ interior appeal due to growing spending on interior decorations and increased awareness of various residential and commercial interiors designs, thanks to extensive campaigns on social media channels like Facebook. Few businesses offer ceiling fans with 3 or 4 blades that are specifically suited for urban environments.
Ceiling Fans Market Analysis by Application
The residential segment dominated the global market. The industry is being propelled by increased government programmers for residential electrification, particularly in developing nations like China and India. Another factor pushing the market is the rapidly fluctuating temperature and the need for air movement.
The commercial application segment is anticipated to experience the fastest growth. The increased need for continuous air circulation systems in offices to keep workers comfortable drives this market sector. Another major driving force is the growing demand for summer ceiling fans with air conditioners to regulate the temperature inside offices.
Global Ceiling Fans Market Size By Product (%)
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Ceiling Fans Market Regional Insights
Asia Pacific dominated the global market. New ceiling fans are anticipated to be introduced in the region largely due to the expanding middle class in China and India and the improvement in urban infrastructure brought about by the implementation of supportive government-sponsored initiatives. For instance, LG introduced a smart ceiling fan featuring an LED display in India in May.
The Middle East and Africa market is expected to grow at the fastest CAGR. The demand for ceiling fans in African nations is rising as consumers there become more aware of their advantages.
Global Ceiling Fans Market Size By Geography
- Largest
- Fastest
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Ceiling Fans Market Dynamics
Ceiling Fans Market Drivers
Energy efficiency
- Ceiling fans are an energy-efficient alternative to air conditioners, making them an attractive option for consumers who want to save on energy costs. With rising energy costs and concerns over environmental impact, consumers are increasingly turning to ceiling fans as a more sustainable and cost-effective cooling solution.
Home renovation and construction projects
- Ceiling fans are a popular addition to home renovation and construction projects, particularly in regions with warmer climates. As homeowners seek to improve the functionality and aesthetics of their homes, they often install ceiling fans as a cost-effective and energy-efficient cooling solution. The popularity of home renovation projects is increasing due to changing lifestyle patterns and a growing preference for home improvement. As consumers invest in improving their living spaces, ceiling fans are increasingly being installed as a practical and stylish addition to home décor.
US Ceiling Fans Market Restraints
Competition from air conditioner
- Air conditioners are a popular alternative to ceiling fans, particularly in regions with high temperatures and humidity levels. Air conditioners can provide a more effective and immediate cooling solution, and they are often perceived as a status symbol or a luxury item. The availability of low-cost air conditioning units may also deter some consumers from purchasing ceiling fans, particularly in regions where the price difference between the two is not significant. This can affect the demand for ceiling fans, leading to lower sales and production.
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Ceiling Fans Market Competitive Landscape
The Henley Fan Company Ltd., Del Mar Fans, Mega Home Appliances, Crompton Greaves, Emerson Electric Co., NuTone, Hunter Fan Co., Shell Electric MFG, Big Ass Fans, Ajanta Electricals, and Crompton Greaves are a few of the most well-known makers of ceiling fans. To enhance their market share, businesses are developing innovative products.
Ceiling Fans Market Top Player’s Company Profiles
- Hunter Fan Company (US)
- Minka Group (US)
- Fanimation (US)
- Casablanca Fan Company (US)
- Emerson Electric Co. (US)
- Kichler Lighting (US)
- Monte Carlo Fan Company (US)
- Panasonic Corporation (Japan)
- Crompton Greaves Consumer Electricals Limited (India)
- Westinghouse Electric Corporation (US)
- Big Ass Fans (US)
- Vaxcel International (US)
- Midea Group (China)
- Havells India Limited (India)
- Gulf Coast Fans (US)
- SMC (China)
- Litex Industries (US)
- TroposAir (US)
- Progress Lighting (US)
- Quorum International Inc. (US)
- Eglo (Austria)
- Matthews Fan Company (US)
Ceiling Fans Market Recent Developments
- In January 2023, since its inception in early 2022, Hunter Lighting has seen the addition of more than 600 SKUs, according to the Hunter Fan Company.
- In June 2022, EcoLink AeroFlo silent ceiling fans were introduced in India by Signify, the pioneer in lighting. The fan is equipped with aerodynamically designed blades and a powerful motor.
Ceiling Fans Key Market Trends
Energy-efficient designs
- Energy efficiency has become a key factor driving demand for ceiling fans. Many manufacturers are introducing new energy-efficient models that consume less electricity while still providing effective cooling. These designs may include features like DC motors, LED lighting, and advanced blade designs that improve airflow and reduce energy consumption.
Ceiling Fans Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global ceiling fans market analysis, the market growth is driven by the increasing demand for energy-efficient and cost-effective cooling solutions, particularly in emerging markets with warm climates. In addition, the trend towards home renovation and construction projects, particularly in developing economies, is expected to drive demand for ceiling fans as consumers seek to improve their homes' comfort and aesthetic appeal. The high initial cost of ceiling fans and the availability of low-cost air conditioning units may deter some consumers from purchasing ceiling fans, particularly in regions where the price difference between the two is not significant. The global market is expected to grow and evolve in response to changing consumer needs and trends. While challenges like competition from air conditioners and high initial costs remain, the market is poised for growth, particularly in emerging economies with warm climates and a growing middle class.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 12.50 Billion |
| Market size value in 2031 | USD 18.42 Billion |
| Growth Rate | 4.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ceiling Fans Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ceiling Fans Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ceiling Fans Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ceiling Fans Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ceiling Fans Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ceiling Fans Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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