The Household Type Fans by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Household Type Fans, The household type fans market size has grown steadily in recent years. It will grow from $31.3 billion in 2023 to $32.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, low-interest rate environment, government schemes and initiatives for housing, growth in world population and increased electrification.
The household type fans market size is expected to see steady growth in the next few years. It will grow to $38.66 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to global population growth and urbanization, faster economic growth, growth of e-commerce, internet of things (iot), an increase in global construction activity, energy savings and benefits and steadily increasing global temperatures. Major trends in the forecast period include manufacturing more energy efficient fans, launching new products based on iot, launching bladeless fans, deploying ai to improve efficiency, offering fans with air purification technology and offering bldc (brush-less direct-current) motor fans.
Increased electrification especially in rural areas will contribute to the growth of the household fans market in the forecast period. Electrification coupled with the rise in disposable income has boosted the demand for household fans. According to the Energy Information Administration, a US-based government agency, in the US, total electricity end-use consumption in 2022 was about 2.6% higher than in 2021, with retail electricity sales to the residential and commercial sectors being higher than in 2021. The net disposable income per capita rose, According to the Bureau of Economic Analysis, in July 2023, disposable personal income increased by $7.3 billion (less than 0.1 percent). The rise in disposable income increased the purchasing power of the people which in turn has increased the growth of the market for household fans.
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The household type fans market covered in this report is segmented –
1) By Type Of Product: Ceiling Fans, Table, Pedestal and Wall Fans, Exhaust Fans And Others
2) By Type of Current: AC Residential Fans, DC Residential Fans
3) By Application: Home, Commercial
4) By Distribution Channel: Store-based Retailing, Direct Sales, Non Store based Retailing
Household fan manufacturers are increasingly producing energy-efficient products to reduce their carbon footprint and enable energy savings for consumers. The rise of energy-efficient appliances can be attributed to stringent government regulations on electric home appliances and advances in technology. Energy efficient fans are designed to utilize minimum energy. Currently, over 80 countries have standards and labels for energy-efficient appliances. For example, in the USA, ENERGY STAR-certified ceiling fans provide cutting-edge design, use the latest technology, and are 60% more efficient than conventional ceiling fans.
The household type fans market report table of contents includes:
1. Executive Summary
2. Household Type Fans Market Characteristics
3.Household Type Fans Market Trends And Strategies
4.Household Type Fans Market analysis
5. Household Type Fans Market Size And Growth
6.Household Type Fans Segmentation
7.Household Type Fans Regional And Country Analysis
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27.Household Type Fans Competitive Landscape And Company Profiles
28.Household Type Fans Key Mergers And Acquisitions
29.Household Type Fans Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Midea
- Crompton Greaves
- Orient Electric
- NuTone Inc.
- Havells India
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