Covina, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Ceiling fan is a non-portable device suspended from ceiling which help in circulating air by rotation of fan blades. It is composed of metal arms, electric motor, flywheel, rotor, blades or paddles and other components.
Rapidly growing population and increased spending on premium quality home décor across globe has fruitful the demand for target market growth. Further, growing awareness regarding convenient ceiling fans has projected to play major role in promoting importance of advanced technology and smart fans which in turn, is expected to boost the demand for Ceiling Fans market growth over the forecast period.
Key Highlights:
- In March 2021, Havells launched new fans with air purification technology which has become India’s first ceiling fan with air purifier. The new launched Havells Stealth Puro Air is featured with air purification technology. The company has also launched ‘Fanmate’ a table fan equipped with carbon filter for purifying air and to remove bad odors.
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Segmentation analysis:
- By type, the global ceiling fan market is segmented into standard, decorative, high speed, energy saving, and others.
- By fan size, the global ceiling fan market is segmented into small, medium, and large.
- By distribution channel, the global ceiling fan market is segmented into offline and online.
- By region, The Asia Pacific estimated to hold major share in global ceiling Fans market. The warm weather conditions and the huge population are factors mainly responsible for the growth of ceiling Fans in this region.
Analyst View:
Global ceiling fans market is driven by growing demand for ceiling fans from developing economies owing to growth in the housing sector. Development in the commercial real estate, hospitality and retail sectors is also a key factor drives the growth of the global Ceiling Fans market.
The prominent player operating in the global ceiling fans market includes,
- Hunter Fans Company
- Casablanca Fan Company
- Emerson Ceiling Fans
- Minka, Monte Carlo
- Craftmade
- Litex
- Fanimation
- Kichler Lighting llc.
- Panasonic.
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Market Trends:
- Energy Efficiency: Energy-efficient ceiling fans that meet or exceed regulatory standards were gaining popularity. Consumers and businesses were looking for ways to reduce energy consumption and lower utility bills.
- Smart Ceiling Fans: The integration of smart technology into ceiling fans continued to grow. Smart ceiling fans can be controlled remotely through smartphones or voice assistants, and they often come with energy-saving features.
- Customization and Aesthetics: Consumers were increasingly interested in ceiling fans that match their interior decor. Manufacturers offered a variety of blade designs, finishes, and styles to cater to diverse aesthetic preferences.
- Outdoor Ceiling Fans: Outdoor living spaces and patios were becoming more common, leading to an increased demand for outdoor ceiling fans designed to withstand outdoor conditions.
- Global Market Growth: Ceiling fans found a significant market in regions with hot and humid climates where cooling is essential. Emerging markets were showing a growing interest in ceiling fans.
- Innovative Materials: Manufacturers were exploring the use of innovative materials, including sustainable and recycled options, to create eco-friendly ceiling fans.
- Quiet Operation: Quiet operation was a key trend, with manufacturers focusing on reducing noise levels while maintaining high performance.
Market Drivers:
- Energy Conservation: Rising energy costs and environmental concerns were driving demand for energy-efficient ceiling fans as consumers sought to reduce their carbon footprint.
- Seasonal Demand: Seasonal factors played a significant role in the ceiling fans market. Warmer months saw increased sales as people looked for ways to stay cool without relying solely on air conditioning.
- Government Regulations: Energy efficiency regulations and standards set by governments and organizations encouraged the development of energy-efficient ceiling fans.
- Cost Savings: Ceiling fans offered a cost-effective alternative to air conditioning, helping consumers save on cooling costs.
- Sustainability: An increasing focus on sustainable living and green building practices was driving interest in eco-friendly ceiling fan options.
- Improving Indoor Air Quality: Ceiling fans played a role in improving indoor air quality by helping to circulate and ventilate air.
- Technological Advancements: Advancements in motor technology and the integration of sensors and controls enhanced the performance and energy efficiency of ceiling fans.
- Urbanization and Housing Boom: Urbanization trends and a growing demand for residential and commercial properties contributed to the market's growth.
- Home Renovations: An increase in home renovations and remodeling projects boosted the demand for ceiling fans as homeowners sought to update their living spaces.
- Outdoor Living Spaces: The expansion of outdoor living spaces led to greater demand for outdoor ceiling fans, especially in regions with favorable climates.
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