Electric Fan Market by Product and Geography - Forecast and Analysis 2020-2024
Global Electric Fans Market: About this market
Technavio’s electric fans market analysis considers sales from ceiling fans, floor fans, and wall-mounted fans. Our study also finds the sales of electric fans in APAC, Europe, MEA, North America, and South America. In 2019, the ceiling fans segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the growing demand for luxury ceiling fan products will play a significant role in the ceiling fans segment to maintain its market position. Also, our global electric fans market report looks at factors such as cost-effective supply chain of electric fans, rising demand for premium fans, and growth in housing sector. However, increasing use of air conditioners, stringent procedures associated with testing of fans, and threat from unorganized sectors may hamper the growth of the electric fan industry over the forecast period.
Global Electric Fans Market: Overview
Rising demand for premium fans
The demand for premium fans has increased considerably in recent years primarily due to their performance efficiency and visual appeal. Premium fans often complement the contemporary designs of modern rooms of the consumers, in turn, improving the aesthetics of living spaces. This has encouraged various vendors to offer a wide range of premium fans that are stylish, energy-efficient, and consume less electricity while catering to the customization requirements of the consumers. Thus, the increase in demand for premium fans will lead to the expansion of the global electric fans market at a CAGR of almost 3% during the forecast period.
Increasing product innovations
Vendors are increasingly focusing on innovating their products to improve performance efficiency, design, appearance, and convenience offered by technologies. Manufacturers are also emphasizing the deployment of IoT in modern electric fans which can be controlled remotely through cloud computing technology. These fans are connected through the Internet and automatically adjust their speed according to the temperature of the room. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global electric fans market during the forecast period 2020-2024, click here.
With the presence of several major players, the global electric fans market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading electric fans manufacturers, that include Bajaj Electricals Ltd., Crompton Greaves Consumer Electricals Ltd., Delta T LLC, Emerson Electric Co., Havells India Ltd., Hunter Fan Co., Orient Electric Ltd., Panasonic Corp., Phillips Lighting & Home, and Westinghouse Electric Corp.
Also, the electric fans market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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