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Decorative ceiling fans to drive the growth of the Global Electric fan market at a CAGR of 4.03% during 2022-2027: Bonafide Research.
Sep, 23
2022

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Decorative ceiling fans to drive the growth of the Global Electric fan market at a CAGR of 4.03% during 2022-2027: Bonafide Research.

 

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Due to rising temperatures, ceiling fans are one of the essentials of any property, whether residential or commercial. A decorative ceiling fan adds to the aesthetic appeal of the room's decor, feel, mood, and style. The rising renovation and interior decoration industry is the major revenue-generating industry. The variety of options available in terms of colour, shape, size, design, and other patterns further influences consumer buying. The low energy consumption of electric fans makes them a wise choice for consumers. Additionally, ceiling fans with smart technology are driving the growth of the market as they are convenient to operate, especially for the ageing population and physically disabled consumers globally.

The recent publication of Bonafide Research, "Global Electric Fan Market Outlook, 2027," offers a valuable insight with an emphasis on the global market from the period of 2016 to 2027. Growing urbanisation 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 growth 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 by a difference of 86.36 million units from the year 2021 to the end of the forecasted period. The electric fan market will be a boon because the young population has an eye for interior design, which is one of the major contributors to the industry. Other than monetary reasons, 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 government's efforts to provide houses to low-income groups in developing countries have further escalated the demand for electric fans. The residential segment has 70% of the market share. 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, commercial spaces are always in need of cost-cutting, which leads to the high use of fans over ACs.

The electric fan market has been categorised broadly into four major categories: ceiling fans, wall mount, table or desk, standing fans, and others, including exhaust fans, cabinet fans, misting fans, 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 more than 45% of the electric fan market. Among the major segments of the electric fan, the standing floor fan segment is expected to show the lowest market value difference, expected to reach a value of USD 2.39 billion by the end of 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 are 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 with an ever-increasing temperature, is leading the global electric fan market. The region holds a share of over 50%, which is to increase over the forecasted period. China has been leading the global fan market since 2021, with a share of over 18% in 2021, and ever since has been in a decreasing trend without compromising on its market dominance. The Middle East & Africa, which held the second lowest growth in the global market, is expected to grow at the highest anticipated CAGR of 5.91%. Due to increasing demand for customised or specifically designed electric fans in countries in the region, North America is expected to register significant growth in the global market in terms of revenue. 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 developed countries like the USA, UK, etc.