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Growth of the construction industry is to be a boon for the electric fan industry with anticipated CAGR of over 4%. - Bonafide Research
Mar, 31
2021

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Growth of the construction industry is to be a boon for the electric fan industry with anticipated CAGR of over 4%. - Bonafide Research

 

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The recent publication of Bonafide Research- ‘Global Electric Fan Market Outlook, 2026’ offers a valuable insight with an emphasis on the global market from the period of 2015 to 2026. 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. The segments considered for the study include type, application, and end-use industry along the main regions. 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. With the increase in disposable income and the increasing affordability of housing in developing countries, the market for the electric fan is to be in a boon as the young population has an eye for interior up-gradation which is one of the major contributors to the industry. Other than monetary reasons, the environmental disturbance has been a major driver in the market. As the temperature increases in Asia, Europe, and Africa, the demand for electric fans is justified, which on the other hand, has been a way to keep a warm temperature in the winters in North America.

The major driver for the household application of the electric fan segment is the efforts of governments in the developing economies, who have been keen on providing shelters to the low income population which indirectly have made the segment value to 70% of the total market in 2020. The growth in the commercial end user segment in the market is similar to a coin- two-sided. The commercial sectors have a larger space compared to the residential areas and thus a fan along with ACs would be able to keep a better environment. On the other hand, the commercial spaces are always in the need of cost-cutting which leads to the high use of fans over ACs.

The electric fan market is been categorized broadly 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. The ceiling fan remains the most common segment, which is being evolved from a simple standard fan to a decorative piece that is gradually replacing chandeliers. The overall ceiling fan segment accounts for a market of more than 45% in the electric fan market. 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. The much common wall mount fans are expected to show the highest CAGR of 4.38%, through the forecasted period. As more and more people are getting involved in self-recording content creation and the increase in the work from home culture, the desk/ table fan is gaining popularity. These fans available in various sizes with ease of portability, these fans are inexpensive and a non-space consuming ventilation option.

Asia with its high population, rise in infrastructural development, and construction activities along an ever-increasing temperature are leading the global electric fan market. The region holds to a share of over 50% which is to incline over the forecasted period. China has been leading the global fan market, with a share of over 20% in 2015, and ever since have been in a decreasing trend without compromising on its market dominance. Middle East & Africa is which held to the second lowest growth in the global market, is expected to grow with the highest anticipated CGAR of 5.92%. North America is expected to register significant growth in the global market in terms of revenue, owing to increasing demand for customized or specifically designed electric fans in countries in the region. The increasing demand for premium fans can be attributed to their high-performance efficiency and visual appeal. This has been the major reason for the growth of the electric fan market in the developed countries like the USA, UK, etc. The USA accounted for a share of 12.57% in the year 2015, which declined marginally to 12.04% by 2020.