Pune, India, July 14, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Ceiling Fans Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2027 - COVID-19 Impact and Global Analysis By Product, Fan Size Industry, End User, and Geography”, the global ceiling fans market size is expected to grow from $10.18 billion in 2019 to $16.17 billion by 2027; it is estimated to grow at a CAGR of 6.0% from 2020 to 2027. The key players operating in the global ceiling fans market include Big Ass Fans, Kichler Lighting LLC, Minka Lighting Inc., Luminance Brands, Crompton Greaves Consumer Electricals Limited, Havells India Ltd., Hunter Fan Company, Westinghouse Electric Corporation, Fantasia Ceiling Fans, and Panasonic Corporation.
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Global Ceiling Fans Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 10.18 Billion in 2019 |
| Market Size Value by | USD 16.17 Billion by 2027 |
| Growth rate | CAGR of 6.3% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
| No. of Pages | 154 |
| No. of Tables | 83 |
| No. of Charts & Figures | 74 |
| Historical data available | Yes |
| Segments covered | Product, Fan Size Industry, End User, and Geography |
Global Ceiling Fans Market: Competition Landscape and Key Developments
The major players operating in the global ceiling fans market include Big Ass Fans, Kichler Lighting LLC, Minka Lighting Inc., Luminance Brands, Crompton Greaves Consumer Electricals Limited, Havells India Ltd., Hunter Fan Company, Westinghouse Electric Corporation, Fantasia Ceiling Fans, and Panasonic Corporation. Players in the global ceiling fans market focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as investments in research and development activities, new product launches, and expanding production capacities.
In 2020, Hunter Industrial Fans—the industrial division of Hunter Fan Company—launched its commercial fan line known as "Trak." The Trak extends the catalog of commercial fan lines offered by the Hunter Fan Company, which currently includes the existing XP HVLS fan, Stingray fan, and Beck fan. The Trak ceiling fan is designed and engineered with a commercial-grade motor and extruded aluminum blades for a long lifespan and optimal airflow.
In 2019, Big Ass Fans released its next "big" thing to the public. With a design that encourages an airflow that awes you, the i6 by Big Ass Fans brings comfort to your everyday spaces. Industrial design, aircraft grade aluminum composition, three size options (60", 72", 84"), four finishes (brushed silver, matte black, matte white, oil rubbed bronze).
Increase in spending on premium quality decorative items:
Modern customers tend to spend on appliances that are both durable and attractive. The increasing spending on high-quality home decor at the global level is expected to encourage the use of ceiling fans with added features such as layered light fixtures and interchangeable blades. Furthermore, manufacturers are introducing premium products, such as lighting fans, decorative fans, etc., increasing the demand for decorative ceiling fans in the market. Moreover, the expenditure on interior decoration as a result of growing awareness of different designs for the home as well as commercial interiors through robust campaigns on social media platforms, including Facebook, Pinterest, and Instagram, is expected to have a positive impact on the growth of the ceiling fans market Furthermore, companies are offering creative ceiling fans to improve the internal appeal of households. In urban areas, few companies sell custom ceiling fans with 3 and 4 blades. After a certain period, growing customer demand for home renovation increases the availability of different decorative ceiling fans, such as rustic ceiling fans, contemporary ceiling fans, black ceiling fans, fancy ceiling fans, etc. Globalization has led to a broader consumer market, encouraging more accessible product selection of a wide range of goods across multiple distribution networks. In addition, the development of the interior design industry paved the way for fancy and luxury ceiling fans to provide visitors with an enriching experience, further increasing the demand for premium quality decorative ceiling fans.
Browse key market insights spread across 154 pages with 83 list of tables & 74 list of figures from the report, "Ceiling Fans Market Size and Forecasts (2020 - 2027), Global and Regional Growth Opportunity Analysis" in detail along with the table of contents: https://www.theinsightpartners.com/reports/ceiling-fan-market
Impact of COVID-19 Pandemic on Global Ceiling Fans Market:
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The ceiling fans industry suffered severe disruptions in supply chains and shutdowns of many processing, wholesale, and smaller retail businesses in the initial phases of the COVID-19 pandemic. The COVID-19 pandemic hindered the supply chains, manufacturing, delivery schedules, and goods sales. However, after some relaxation during the lockdown, ceiling fan sales surged.
Global Ceiling Fans Market: Segmental Overview
Based on product, the ceiling fans market is segmented into standard and decorative. The decorative segment is expected to register a higher CAGR during the forecast period. The market for decorative appliances is increasing with the rise in home renovation and consumer inclination toward modern home décor. In addition, the expenditure on interior decoration due to growing awareness of various home designs and commercial interiors through comprehensive campaigns on social media platforms, including Facebook, Pinterest, and Instagram, is expected to impact the segment's growth positively. In addition, manufacturers introduce creative goods with a personalization option. This increases the appearance of residential and industrial spaces, which are expected to increase product demand. For example, few manufacturers offer customized products with four blades and attractive designs. Different types of decorative ceiling fans are available in the market, such as rustic ceiling fans, black ceiling fans, contemporary ceiling fans, and others. Moreover, companies are offering innovative ceiling fans to improve the internal appeal of households. In urban areas, few companies offer custom ceiling fans with 3 and 4 blades.
Based on fan size, the ceiling fans market is categorized into small, medium, and large. The medium segment is predicted to register a higher CAGR during the forecast period. Most medium-sized ceiling fans are between 40 and 58 inches in size and work well for spaces between 75 and 175 square feet. This includes spacious baths, large bedrooms, medium-sized living rooms, dining rooms, media rooms, and kitchens. These fans come in various colors and have a wide range of design choices since most ceiling fans on the market are in this size group. Consumers tend to buy these size models because of the convenient access to these ceiling fans in brick-and-mortar shops. These products provide better air circulation that, drives consumers to buy this product. They can also provide cooling at a low speed. These products are conveniently available in the local electrical appliances store, and it is easy for mass customers to buy them from such stores. Therefore, consumers prefer medium-sized ceiling fans over other fans. Moreover, these ceiling fans' ease of installation and affordability are expected to remain favorable for segment growth in the coming years.
Based on end-user, the ceiling fans market is categorized into residential, commercial, and industrial. The online commercial segment is predicted to register the highest CAGR during the forecast period. Ceiling fans are widely utilized in commercial sectors such as office buildings, institutions, hospitals, shopping malls, restaurants, etc. Ceiling fans are used in commercial spaces where air conditioning is more common; however, increased air movement from ceiling fans will help reduce costs significantly-30 percent of running costs can be anticipated. Typical commercial uses include churches, office complexes, airport terminals, fitness centers, and schools. The demand for ceiling fans in the commercial industry is driven by increased demand for continuous air circulation in offices to maintain a relaxed atmosphere among employees. Moreover, increased demand for ceiling fans with air temperatures during the summer to maintain the office temperature is also a key driver.
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In 2022, Asia Pacific accounted for the most significant global ceiling fans market share. Asia Pacific region comprises several developing economies such as India, China, Japan, South Korea, and Australia. These emerging countries are witnessing an upsurge in industrialization and urbanization activities, offering ample opportunities for the key market players in the ceiling fan market. The ceiling fan industry in the countries of Asia Pacific has experienced a considerable shift over the years. The massive growth of the Asia-Pacific region is due to the expanding construction sector in emerging economies, such as India and China. Ceiling fans contribute considerably to residential electricity consumption, especially in developing countries of Asia Pacific with warm climates. A vast population coupled with warm weather conditions are majorly fueling the consumption of ceiling fans in the Asia Pacific region.
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