The global Ceiling Fans Market size is expected to reach USD 12.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3% over the forecast period. Increasing popularity of technologically advanced smart fans with various add-on convenience features including voice control and smartphone access is expected to play a key role in expanding the market reach. Additionally, implementation of new government initiatives to ensure the electricity access to the rural areas in developing economies including China, India, Bangladesh, and Mexico is expected to expand the demand for ceiling fans over the next few years.
Standard
product was the largest product segment in 2018. Consumers prefer to purchase
these products due to its wide range of availability, coupled with cost
effectiveness. Additionally, under this product category, the companies are
introducing high speed and energy saving products to cater to the growing
requirements from the residential and commercial segments.
Small
size fan is projected to be the fastest growing category with a CAGR of 7.7%
from 2019 to 2025. This product is used in small rooms to circulate air and
decrease temperature. Growing urbanization has led to room space problem in
metro cities, which will promote the utility of small size products in the
upcoming years.
Asia
Pacific is expected to remain one of the lucrative markets for ceiling fans
over the next few years. Expansion in the population of middle-class income groups
in emerging economies including China, India, Bangladesh, and Philippines is
expected to remain a favorable factor, which, in turn, will promote the usage
of the product. Furthermore, implementation of various policies by the
governments of China and India aimed at ensuring the electricity access to the
rural households at the domestic level is projected to open new opportunities
for the ceiling fan industry.
Key
ceiling fan manufacturing firms include Crompton Greaves, Emerson Electric Co.,
NuTone, Hunter Fan Company, Shell Electric MFG Co. Ltd., Big Ass Fans, Ajanta
Electricals, Del Mar Fans & Lighting, Mega Home Appliances, and The Henley
Fan Company Ltd. Some of the manufacturers are focusing on new product
developments and alliance formation with distributors in order to expand their
reach to the consumers. Moreover, they are expected to increase spending on the
launches of advanced products including smart fans.
Request a
free sample copy or view report summary: Ceiling Fan Market Report
Ceiling
Fan Market Report Highlights
- Medium size
products generated a revenue of USD 7.1 billion in 2018
- Online
channel is expected to ascend at the fastest CAGR of 5.1% from 2019 to
2025 as it provides excellent convenience to the buyers
- The
residential application segment is expected to account for more than 70.0%
share of global revenue by the end of 2025
- Asia Pacific
dominated the ceiling fan market in 2018, accounting for a share of 51.9%
owing to high concentration of middle-income groups in countries such as
China and India.
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment