Household Fans Global Market Report 2024

The household 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 observed in the historic period can be attributed to consumer preferences favoring cooling solutions, concerns about energy efficiency, urbanization and housing trends, climate and weather patterns, as well as regulatory standards and certifications.

The household 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%. Forecasted growth stems from enhanced marketing strategies, consumer education, renewable energy integration, urbanization trends, health concerns, and design innovations. Anticipated trends involve quieter operation, energy efficiency, smart features, innovative design, and multifunctionality.

The expansion of electrification, particularly in rural areas, has significantly contributed to the historical growth of the household fan market. The increased availability of electricity, coupled with a simultaneous rise in disposable income, has spurred the demand for household fans. Notably, in India, the percentage of the rural population with access to electricity has risen to 89.3%. This, coupled with a per capita net disposable income increase to $2,018.53, has amplified the purchasing power of individuals, consequently fostering growth in the household fan market.

A growing proclivity towards home remodeling and renovations is anticipated to act as a driving force for the household fan market. Home remodeling and renovations involve the process of enhancing a residential property by making modifications to the interior or exterior, incorporating new features, or updating existing elements to improve functionality, aesthetics, and overall value. Fans play a pivotal role in providing comfort, energy efficiency, and aesthetic appeal in renovated homes, making them a common addition during home improvement endeavors. As of January 2023, data from the Joint Center for Housing Studies of Harvard University indicates a projected national spending of $485 billion on remodeling and repairs for owner-occupied homes, reflecting a 2.6% increase from the previous year, 2022. This inclination towards home remodeling and renovations is poised to be a significant driver for the household fan market in the foreseeable future.

The historical period witnessed a constraint on the household fan market due to heightened tariffs on raw materials, particularly steel and aluminum. These materials are integral in the production of components such as fan blades. The escalation of import tariffs on key raw materials, specifically steel, acted as a hindrance to the household fan market. As an illustration, the USA implemented tariffs of 25% on steel imports and 10% on aluminum imports. This increase in tariffs impacted the production cost and supply chain dynamics for household fan manufacturers, contributing to challenges in the market during the historical period.

Household fan manufacturers are increasingly prioritizing the production of energy-efficient products as part of their commitment to reducing carbon footprints and facilitating energy savings for consumers. The emergence of energy-efficient appliances is driven by both stringent government regulations on electric home appliances and continuous technological advancements. These energy-efficient fans are specifically engineered to minimize energy consumption. Currently, more than 80 countries have established standards and labels for energy-efficient appliances, reflecting a global commitment to sustainability. For instance, in the USA, ceiling fans that are ENERGY STAR-certified exemplify cutting-edge design, incorporate the latest technology, and boast a remarkable 60% increase in efficiency compared to conventional ceiling fans.

Prominent companies in the household fan market are strategically developing remote-controlled and advanced fan models, such as the BLDC Effecta SFR1500, to gain a competitive edge and augment their product offerings. The BLDC Effecta SFR1500, identified as an energy-efficient ceiling fan, encompasses key features such as dust resistance, remote control functionality, silent performance, an elegant superior metallic finish, and aerodynamic blades. As a case in point, in February 2023, Syska, an India-based electrical products company, introduced the BLDC Effecta SFR1500 ceiling fan. This innovative product incorporates energy-saving technology capable of reducing power consumption by up to 50%. The ceiling fan's features include dust resistance facilitated by corrosion-free paint, remote control operation, silent performance attributed to meticulously designed blades, an aesthetically pleasing superior metallic finish, and aerodynamic blades for optimized air delivery. This strategic approach aligns with the industry's focus on delivering technologically advanced, energy-efficient solutions to meet the evolving needs of consumers.

In May 2022, RR Kabel, an India-based wire and cable manufacturer, successfully acquired the Luminous Home Electrical business from Schneider for an undisclosed sum. This strategic acquisition is set to enhance RR Kabel's consumer electrical business, which encompasses a diverse portfolio consisting of fans, lighting, and appliances. The Luminous Home Electrical Business, the acquired entity, is an India-based electronics and electrical company.

Major companies operating in the household fans market report are Samsung Electronics Co. Ltd., Hitachi Appliances, LG Electronics, Panasonic Appliances, Qingdao Haier Co. Ltd., Daikin Industries Ltd., Haier Smart Home Co. Ltd., Gree Electric Appliances, Toshiba Corporation, Whirlpool Corporation, Sharp Corporation, Bosch-Siemens, Electrolux AB, Liebherr Group, Wolf Appliance, Candy Group, Hisense Group, Groupe SEB SA, Arçelik Global, Miele, Maytag Corporation, Vestel International, Fisher & Paykel, Indesit Company, Blue Star Limited, Thermador, Sub-Zero Group, DCS Appliances, Smeg, Viking Range, AGA Rangemaster, Gaggenau, Bertazzoni S.p.A., Dacor Inc., American Range, Asko Appliances, La Cornue, Hestan Commercial Corporation, Lynx Grills, ILVE Spa. The Asia-Pacific was the largest region in the household fans market share in 2023. Western Europe is the second-largest region in the global household fans market. The regions covered in the household fans market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Primary types include ceiling fans, table fans, pedestal fans, exhaust fans, and wall fans. Ceiling fans are mounted on ceilings, and variations include AC residential fans and DC residential fans. Distribution channels involve store-based retailing, direct sales, and non-store-based retailing. These fans find applications in both residential and commercial settings for air circulation purposes.

The household fans manufacturing market research report is one of a series of new reports that provides household fans manufacturing market statistics, including household fans manufacturing industry global market size, regional shares, competitors with a household fans manufacturing market share, detailed household fans manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the household fans manufacturing industry. This household fans manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the household fans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The household type fans market consists of sales of ceiling fans, table fans, pedestal fans, exhaust fans, wall fans, and other household type fans. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.