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

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.