Dublin, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The "Ceiling Fans Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global ceiling fans market has grown steadily in recent years. It will grow from $9.94 billion in 2023 to $10.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The expansion observed in the historical period can be attributed to various factors, including increased emphasis on energy efficiency, rising trends in interior design, heightened awareness of climate variability, growth in population, and the rapid pace of urbanization.
The ceiling fans market is expected to see steady growth in the next few years. It will grow to $12.34 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. Anticipated growth in the forecast period can be attributed to several factors, including the increasing environmental awareness, a rise in housing projects, market expansion in developing countries, growing disposable income, and an increasing population. Noteworthy trends expected in the forecast period encompass technological advancements, the development of cost-effective cooling solutions, integration with home automation systems, the adoption of customized products, and the emergence of smart ceiling fans.
The robust growth observed in the construction industry is playing a pivotal role in propelling the ceiling fans market. In the United States, the construction industry is anticipated to witness an increase of over 15% in 2021, according to the United States Construction Databook Series. Additionally, data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reveal that in December 2021, 1,873,000 building permits were granted, with 1,295,000 housing completions. This growth in the construction industry is a driving force behind the ceiling fans market.
The growing emphasis on energy efficiency is poised to drive the future expansion of the ceiling fans market. In the context of ceiling fans, enhancing energy efficiency delivers several advantages, including cost savings, environmental preservation, improved performance, extended lifespan, and heightened indoor comfort. European Union plans, as outlined by Eurostat in December 2022, aimed at achieving at least 32.5% energy efficiency by 2030, signaling a global commitment to energy-efficient solutions. This commitment to energy efficiency is a significant driver of the ceiling fans market.
An emerging trend in the ceiling fans market is the introduction of air-purifying ceiling fans. Companies within the industry are innovating to meet consumer demands and fortify their market positions. For example, in March 2022, Havells India Limited, an electrical equipment company based in India, unveiled the Stealth Puro Air. This product represents India's first air-purifying ceiling fan equipped with a three-stage air purifier capable of filtering PM2.5 and PM10 pollution, as well as Volatile Organic Compounds (VOCs). Boasting a Clean Air Delivery Rate (CADR) of 130 cubic meters per hour, the Stealth Puro Air aims to promote a healthy lifestyle by enhancing indoor air quality while providing optimal comfort and well-being for consumers in their fast-paced lives.
Major players in the ceiling fans market are strategically investing in the development of cutting-edge products, with a focus on IoT-enabled smart fans to boost their market share and revenue. IoT-enabled smart fans represent a technological leap in the ceiling fan industry, integrating connectivity to the internet for remote control through various smart devices such as smartphones and tablets. An example of this innovation is seen in the Atomberg Smart 2.0 series launched by Atomberg Technologies Pvt. Ltd., an India-based ceiling fan manufacturer. These smart fans are compatible with the Atomberg Home smartphone app, which is part of the Atomberg 2.0 platform. The app offers convenient features, including in-app voice control for hands-free operation through voice commands. Moreover, the app provides performance analytics, allowing users to monitor real-time fan parameters like run time, electricity usage, and energy savings.
In another strategic move, Griffon Corporation, a US-based management and holding company, made a significant acquisition in December 2021 by acquiring Hunter Fan Company. This acquisition is anticipated to strengthen Griffon's product portfolio, fostering accelerated growth and an expanded online market presence. Hunter Fan Company, a US-based manufacturer specializing in ceiling fans, is poised to contribute to Griffon Corporation's strategic objectives in the ceiling fans market.
Asia-Pacific was the largest region in the ceiling fans market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Report Scope
Markets Covered:
1) By Type: Standard Fan; Decorative Fan; High Speed Fan; Energy Saving Fan; Other Types
2) By End Use: Residential; Commercial
3) By Distribution: Offline; Online
Key Companies Mentioned: Emerson Electric Co.; Del Mar Fans & Lighting; Crompton Greaves Consumer Electricals Limited; Shell Electric Mfg Co. Ltd.; Broan-NuTone LLC
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Emerson Electric Co.
- Del Mar Fans & Lighting
- Crompton Greaves Consumer Electricals Limited
- Shell Electric Mfg Co. Ltd.
- Broan-NuTone LLC
- Minka Lighting Inc.
- Ajanta Electricals Pvt. Ltd.
- Big Ass Fans
- Casablanca Group Ltd.
- The Henley Fan Company Ltd.
- Monte Carlo Fashions limited
- Mega Home Appliances Pvt.Ltd.
- Havells India Ltd.
- Hunter Fan Company
- Craftmade International Inc.
- Kichler Fans Co. Inc.
- Matthews Fans Co.
- Visual Comfort Fan Company
- Quorum Fans
- Modern Forms Fans
- Westinghouse Fans
- Fanimation Inc.
- Orient Electric Limited
- Almonard Pvt. Ltd.
- Atomberg Technologies Pvt. Ltd.
- Bajaj Electricals Limited
- Gorilla Fans
- Khaitan Electricals Limited
- Luminous Power Technologies Pvt. Ltd.
- Polar Industries Ltd.
- Superfan Co.
- Surya Roshni Limited
- Usha International Limited
For more information about this report visit https://www.researchandmarkets.com/r/uyizgb
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