The fan market size was $11.11 Billion in 2021 and is estimated to reach $16.84 Billion by 2031, registering a CAGR of 4.3% from 2022 to 2031.
The fan helps in circulating the air in a room or space and thus essentially creates a cooling effect and circulates fresh air. It is widely used in residential and commercial spaces to maintain the humidity level and circulate the air in the spaces. Fans of different types, colors, and styles are offered by the manufacturers.
As the climate is changing every year, there is an Increase in humidity that causes individuals to carry or use fans. The market for fans is expected to witness an Increase in demand from regions that are highly humid. An Increase in the level of carbon dioxide and depletion of the ozone layer are factors that have led to the rise in temperature across the globe. Such a rise in temperature and humidity has Increased the need for fans in various regions to maintain fresh air ventilation. With the rise in temperature and climatic changes, the demand for the innovative and fast fan is Increasing day by day. The change in climatic conditions is expected to fuel the growth of the fan market in the upcoming years.
Innovative and advanced home appliances have gained major popularity among customers. People tend to prefer and replace traditional air ventilation systems with smart and advanced-featured fans. Smartphone compatibility, voice & remote control, and Wi-Fi connectivity are some of the key features that have gained major popularity among people. With the rise in awareness about technologically advanced home appliances Including fans, AC, and heaters, the manufacturers are offering voice-controlled system-based fan that is integrated with popular voice-operated systems such as Amazon Alexa, Apple HomeKit, and Google Assistant. Consumers look forward to innovations and aesthetic designs of fans, which is expected to propel the growth of the fan market.
The rise in trends for outdoor activity globally has Increased the demand for fans during the forecast period. As per the Outdoor Industry Association report, almost 49% of the U.S. population participated in any kind of outdoor activity at least once in the year 2017. Electric fans such as table fan, pedestal fan, and others are available in a wide range of styles and configurations in the market that are widely used in outdoor activity. The main benefit offered by the portable fan is that it does not require installation. Thus, they are easy to carry anywhere. In addition, the manufacturers offer a battery table fan, which is powered by a battery and is easy to move from one place to another place. The aforementioned reasons are some of the key factors for the growth of the fan market.
People are getting involved in home improvement and designing through various advanced household consumer goods such as smart fans. The surge in innovation in home appliances promotes people to replace their traditional appliances with new smart appliances. Increased personal disposable Income and affordable credit facilities promote people to improve and design their living rooms, and kitchens which are expected to create more opportunities for the key player in upcoming years.
The rise in urbanization and the adoption of Western culture have transformed the lifestyle of customers, especially in developing countries. Demand for advanced home appliances has Increased due to extensive marketing strategies and growth in awareness among customers about innovative home appliances. Through effective marketing, companies can reach their targeted audiences and cater to their needs. Companies operating in the market invest heavily in marketing and advertising campaigns to promote their innovative products among the masses and to Increase their revenue. The effective marketing of fan is expected to create more opportunities for key players in the upcoming years.
The fan market is segmented into product type, end user, distribution channel, and region. By product type, the market is divided into ceiling fan, pedestal fan, table fan, exhaust fan, wall fan, and others. By end user, the market is bifurcated into residential and light commercial. By distribution channel, the market is classified into multi brand store, hypermarkets, exclusive store, online, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA).
The impact of the COVID-19 outbreak was high on the growth of the global fan market. The trade restrictions and lockdown resulted in the halting of production and manufacturing units. The recovery of the fan market is expected in near future.
Some of the key players profiled in the fan market analysis Include Ajanta Electricals, Broan-NuTone, LLC, Crompton Greaves Consumer Electricals Limited, Emerson Electric Co., Fanimation, Hunter Fan Company, Minka Lighting Inc, Panasonic Holdings Corporation, The Henley Fan Company, and Westinghouse Electric Corporation.
The players in the fan market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to Increase profitability and improve their position in the fan market.
The fan helps in circulating the air in a room or space and thus essentially creates a cooling effect and circulates fresh air. It is widely used in residential and commercial spaces to maintain the humidity level and circulate the air in the spaces. Fans of different types, colors, and styles are offered by the manufacturers.
As the climate is changing every year, there is an Increase in humidity that causes individuals to carry or use fans. The market for fans is expected to witness an Increase in demand from regions that are highly humid. An Increase in the level of carbon dioxide and depletion of the ozone layer are factors that have led to the rise in temperature across the globe. Such a rise in temperature and humidity has Increased the need for fans in various regions to maintain fresh air ventilation. With the rise in temperature and climatic changes, the demand for the innovative and fast fan is Increasing day by day. The change in climatic conditions is expected to fuel the growth of the fan market in the upcoming years.
Innovative and advanced home appliances have gained major popularity among customers. People tend to prefer and replace traditional air ventilation systems with smart and advanced-featured fans. Smartphone compatibility, voice & remote control, and Wi-Fi connectivity are some of the key features that have gained major popularity among people. With the rise in awareness about technologically advanced home appliances Including fans, AC, and heaters, the manufacturers are offering voice-controlled system-based fan that is integrated with popular voice-operated systems such as Amazon Alexa, Apple HomeKit, and Google Assistant. Consumers look forward to innovations and aesthetic designs of fans, which is expected to propel the growth of the fan market.
The rise in trends for outdoor activity globally has Increased the demand for fans during the forecast period. As per the Outdoor Industry Association report, almost 49% of the U.S. population participated in any kind of outdoor activity at least once in the year 2017. Electric fans such as table fan, pedestal fan, and others are available in a wide range of styles and configurations in the market that are widely used in outdoor activity. The main benefit offered by the portable fan is that it does not require installation. Thus, they are easy to carry anywhere. In addition, the manufacturers offer a battery table fan, which is powered by a battery and is easy to move from one place to another place. The aforementioned reasons are some of the key factors for the growth of the fan market.
People are getting involved in home improvement and designing through various advanced household consumer goods such as smart fans. The surge in innovation in home appliances promotes people to replace their traditional appliances with new smart appliances. Increased personal disposable Income and affordable credit facilities promote people to improve and design their living rooms, and kitchens which are expected to create more opportunities for the key player in upcoming years.
The rise in urbanization and the adoption of Western culture have transformed the lifestyle of customers, especially in developing countries. Demand for advanced home appliances has Increased due to extensive marketing strategies and growth in awareness among customers about innovative home appliances. Through effective marketing, companies can reach their targeted audiences and cater to their needs. Companies operating in the market invest heavily in marketing and advertising campaigns to promote their innovative products among the masses and to Increase their revenue. The effective marketing of fan is expected to create more opportunities for key players in the upcoming years.
The fan market is segmented into product type, end user, distribution channel, and region. By product type, the market is divided into ceiling fan, pedestal fan, table fan, exhaust fan, wall fan, and others. By end user, the market is bifurcated into residential and light commercial. By distribution channel, the market is classified into multi brand store, hypermarkets, exclusive store, online, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA).
The impact of the COVID-19 outbreak was high on the growth of the global fan market. The trade restrictions and lockdown resulted in the halting of production and manufacturing units. The recovery of the fan market is expected in near future.
Some of the key players profiled in the fan market analysis Include Ajanta Electricals, Broan-NuTone, LLC, Crompton Greaves Consumer Electricals Limited, Emerson Electric Co., Fanimation, Hunter Fan Company, Minka Lighting Inc, Panasonic Holdings Corporation, The Henley Fan Company, and Westinghouse Electric Corporation.
The players in the fan market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to Increase profitability and improve their position in the fan market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fan market analysis from 2021 to 2031 to identify the prevailing fan market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the fan market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global fan market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Ceiling Fan
- Pedestal Fan
- Table Fan
- Exhaust Fan
- Wall Fan
- Others
By End User
- Residential
- Light Commercial
By Distribution Channel
- Multi Brand Store
- Hypermarkets
- Exclusive Store
- Online
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
Key Market Players
- Ajanta Electricals
- Broan-NuTone, LLC
- Hunter Fan Company
- Minka Lighting Inc
- Panasonic Holdings Corporation
- Emerson Electric Co.
- Westinghouse Electric Corporation
- The Henley Fan Company
- Crompton Greaves Consumer Electricals Limited
- Fanimation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FAN MARKET, BY PRODUCT TYPE
CHAPTER 5: FAN MARKET, BY END USER
CHAPTER 6: FAN MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: FAN MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Fan Market,' The fan market was valued at $11.1 billion in 2021, and is estimated to reach $16.9 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.The fan market is likely to experience a significant growth rate of 4.3% from 2022-2031 owing to an increase in disposable income of the consumer and an increase in the adoption of technologically advanced consumer appliances.
The fan circulates air to cool & ventilate rooms and to control humidity. Different types of fans, such as ceiling fan, pedestal fan, table fan, exhaust fan, and wall fan, are available in the market. Manufacturers offer different types and styles of fan for commercial and residential spaces to circulate fresh air. A rise in disposable income and an increased desire for modular houses are expected to fuel the growth of the market.
Key factors driving the growth of the fan market include the rise in popularity of smart & Wi-Fi-enabled fan, global climatic changes, and a surge in urbanized population. The rise in trends for outdoor activity globally has increased the demand for fans market during the forecast period. As per the Outdoor Industry Association report, almost 49% of the U.S. population participated in any kind of outdoor activity at least once in the year 2017. Electric fans such as table fan and pedestal fan are available in a wide range of style and configurations in the market and is widely used during outdoor activity. The main benefit offered by the portable fan is that it does not require installation. Thus, they are easy to carry anywhere. In addition, the manufacturers offer battery table fan which is powered by the battery and easy to move from one place to another place. The aforementioned reasons are some of the key factors for the growth of the fan market.
The rise in demand for portable devices and rapid urbanization in emerging economies are the factors that fuel the demand for fans. People now consider portable electronic devices to be necessities rather than just indulgences. Electronics that are portable are lightweight and compact, making them simple to carry. The most common portable electronic device used on a daily basis is a smartphone, however, there are other types as well. PDAs, laptops, media players, game consoles, media players, portable fans, digital cameras, navigation systems, power banks, flash drives, and medical equipment are examples of portable electronics devices. With the increase in demand for portable devices, the manufacturers offer portable fans to cater to the increase in demand for portable fan. The rise in demand for portable devices is expected to fuel the growth of the market.
Energy prices are a significant part of domestic expenditures and play an important role in industrial competitiveness and influence energy consumption patterns. End-use prices—paid by final consumers are affected by movements in white goods as well as brown goods. As prices of electricity increase, the use of electrical appliances is expected to decrease. Sales of electrical household appliances significantly depend on the prices of the electricity.
The fan market is segmented into product type, end user, distribution channel, and region. By product type, the market is divided into ceiling fan, pedestal fan, table fan, exhaust fan, wall fan, others. By end user, the market is bifurcated into residential and light commercial. By distribution channel, the market is classified into multi brand store, hypermarkets, exclusive store, online, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA).
The key players profiled in the fan market analysis include Ajanta Electricals, Broan-NuTone, LLC, Crompton Greaves Consumer Electricals Limited, Emerson Electric Co., Fanimation, Hunter Fan Company, Minka Lighting Inc, Panasonic Holdings Corporation, The Henley Fan Company, and Westinghouse Electric Corporation.
Key Market Insights
- By product type, the ceiling fan segment was the highest revenue contributor to the market and is estimated to reach $10,908.9 million by 2031, with a CAGR of 3.9%. However, the pedestal fan segment is estimated to be the fastest-growing segment with a CAGR of 5.9% during the forecast period.
- By end user, the residential segment dominated the global market and is estimated to reach $11,092.5 million by 2031, with a CAGR of 3.9%. However, the commercial segment is expected to be the fastest-growing segment during the fan market forecast.
- By distribution channel, the multi-brand store segment was the highest revenue contributor to the market, with $4,083.3 million in 2021, and is estimated to reach $5,906.8 million by 2031, with a CAGR of 3.8%.
- By region, Asia-Pacific was the highest revenue contributor, accounting for $4,691.6 million in 2021, and is estimated to reach $6,879.3 million by 2031, with a CAGR of 3.9%.
Companies Mentioned
- Ajanta Electricals
- Broan-NuTone, LLC
- Hunter Fan Company
- Minka Lighting Inc
- Panasonic Holdings Corporation
- Emerson Electric Co.
- Westinghouse Electric Corporation
- The Henley Fan Company
- Crompton Greaves Consumer Electricals Limited
- Fanimation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 274 |
| Published | May 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 11.11 Billion |
| Forecasted Market Value ( USD | $ 16.84 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
