Ceiling Fan Market to Reach $16.8 billion, Globally, by 2033 at 4.3% CAGR: Allied Market Research

WILMINGTON, Del., April 12, 2024 /PRNewswire/ -- Asia-Pacific is expected to witness the highest CAGR during the forecast period. This is attributed to the presence of a large number of households in the region and their growing expenditure on home décor. Moreover, economic development, rise in disposable income, and growth in awareness regarding the benefits of energy-saving ceiling fans coupled with the rapidly growing number of residential real estate projects in the region are collectively expected to drive the growth of the ceiling fan market in the region.

Allied Market Research published a report, titled, "Ceiling Fan Market by Type (Standard, Decorative, Energy Saving, Others), Technology (Conventional, Smart), Application (Residential, Commercial), and Distribution Channel (Offline, Online): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the global ceiling fan market size was valued at $11.1 billion in 2023, and is projected to reach $16.8 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.

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Drivers, restraints, and opportunities

A significant growth in the expenditure on home renovation/remodeling projects among the millennials and the baby boomers especially in developed economies like the U.S. is fueling the demand for the décor ceiling fans. Moreover, the rising focus of the manufacturers on introducing advanced and innovative features such as Wi-Fi connectivity, IoT, and smart lighting in ceiling fans is expected to foster market growth. However, the lack of electrification in several rural areas of the developing economies may act as a major restraint during the forecast period.

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The standard segment to retain its dominance by 2033

By type, the standard segment accounted for the highest share in 2023, garnering around two-fifths of the global ceiling fan market revenue. This is attributed to various factors such as the universal need for air circulation in residential and commercial spaces, affordable prices, warmer climates, and easy availability. Further, the growing population in urban areas is fueling the demand for the standard fans segment. On the other hand, the energy saving segment would cite the fastest CAGR by 2033. This is majorly attributed to the rising awareness regarding the benefits of energy-saving fans, the growing focus on energy conservation, and the rising popularity of sustainable products across the globe.

The conventional segment to rule the market

By technology, the conventional segment held the major share in 2023, generating over four-fifths of the global ceiling fan market revenue. The affordability of conventional ceiling fans makes them accessible to a high number of consumers globally. On the other hand, the smart segment is expected to portray the fastest CAGR of 5.8% from 2024 to 2033. The significant increase in the adoption of digital technologies has fueled the integration of smart and innovative technologies such as Bluetooth, Wi-Fi, and IoT and is anticipated to foster the demand for smart fans, especially among tech-savvy consumers of Europe and North America.

The residential segment to dominate by 2033

By application, the residential segment accounted for more than two-thirds of the global ceiling fan market revenue in 2023 and is projected to rule the roost by 2033. The huge demand for ceiling fans among households across the globe has led to the dominance of the residential segment. The rapid increase in the disposable income of consumers, especially in developed and emerging nations has significantly fostered the growth of the residential segment. The commercial segment, on the other hand, would portray the fastest CAGR of 5.1% from 2024 to 2033. This is attributed to the growing number of commercial spaces across emerging nations which is expected to boost the growth of the commercial segment.

The offline segment to dominate by 2033

By distribution channel, the offline segment accounted for around three-fifths of the global ceiling fan market revenue in 2023 and is projected to rule the roost by 2033. The widespread presence of various offline channels such as supermarkets, hypermarkets, and electrical appliance stores has significantly contributed to the rapid growth of the offline segment in the global markets. The online segment, on the other hand, would portray the fastest CAGR of 5.5% from 2024 to 2033. This is attributed to the rapidly growing penetration of the internet and the growing adoption of smartphones across the globe, which provide easy access to online shopping platforms to people.

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Asia-Pacific garnered the major share in 2023

By region, Asia-Pacific generated around two-fifths of the global ceiling fan market revenue in 2023 and is expected to dominate by 2033. The presence of a huge number of households has significantly fostered the growth of the ceiling fan market in this region. Developing economies such as India and China are witnessing rapid growth in the real estate market which is further expected to fuel the demand for ceiling fans. Latin America, however, would showcase the fastest CAGR of 5.2% from 2024 to 2033. The growing population and rising investments in infrastructural developments in nations like Brazil and Peru are anticipated to foster the growth of the ceiling fan industry in the foreseeable future.

Key players in the industry:

• Crompton Greaves Consumer Electricals Limited
• Orient Electric Limited
• Havells India Ltd.
• Hunter Fan Company, LLC.
• The Henley Fan Company
• Mega Home Appliances
• Emerson Electric Co.
• Shell Electric Holdings Ltd.
• NuTone LLC.
• Fantasia Ceiling Fans

The report analyzes these key players in the global ceiling fan market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.

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• UAE Fan Market Opportunity Analysis and Industry Forecast, 2022-2031
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