Electric fans market size to grow by USD 3,604.96 million from 2022 to 2027; Growth driven by rising demand for premium fans

NEW YORK, April 21, 2023 /PRNewswire/ -- The global electric fans market size is estimated to increase by USD 3,604.96 million between 2022 and 2027. The market's growth momentum will be progressing at a CAGR of 3.96% during the forecast period. The market is driven by the rising demand for premium fans. These fans offer better performance efficiency and visual appeal. They are perceived to be status symbols. Also, premium fans complement the contemporary design of rooms and improve the aesthetics of living spaces. Such factors have increased the consumer demand for premium fans. To meet the growing demand, vendors in the market are offering a wide range of premium fans that are stylish and energy-efficient and consume less electricity. For instance, Bajaj Electricals offers various designer fans, such as Ornio, a shank-less ceiling fan that operates at high speeds. As a result, the market size will expand during the forecast period. Discover some key insights on the market size, historic period (2017 to 2021), and forecast period (2023-2027) before buying the full report - Request a sample report

Global Electric Fans Market – Vendor Analysis

The global electric fans market is fragmented, with the presence of several vendors. The market is subject to rapidly changing consumer demands and preferences. Changing consumer preference patterns may affect vendor performance in the market. It may also be affected by global and regional economic conditions and various other demographic trends. Vendors compete based on several factors, such as quality, price, service, brand image, distribution, and marketing. In addition, they are focusing on acquiring other small brands to increase their market presence. All these factors will intensify the competition in the market during the forecast period. Some of the key vendors covered in the report include:

Crompton Greaves Consumer Electricals Ltd. - The company offers ES 6 electric fans with inbuilt Bluetooth handheld remote, mobile application, and voice control.

Emerson Electric Co. - The company offers Elite Range Aero electric fans, which are designed with curved blades for better air flow movement and consume 60% less electricity than standard ceiling fans.

Fantasia Ceiling Fans - The company offers electric air fans, which are designed with green bionic noise reduction fan blades, along with concavo-convex waved shape to improve airflow.

Haier Smart Home Co. Ltd. - The company offers Stealth Air Cruise electric air fan, which is designed with the Aerofoil profile blade to deliver large volumes of air.

Luminace Holdings LLC

Delta T LLC

Fantech Pty Ltd.

GREE ELECTRIC APPLIANCES INC. OF ZHUHAI

Havells India Ltd.

Hunter Fan Co.

Lian Li

Midea Group Co. Ltd.

Minka Lighting Inc.

Orient Electric Ltd

Panasonic Holdings Corp.

Global Electric Fans Market - Segmentation Assessment

Segment OverviewTechnavio has segmented the market based on product (ceiling fans, door fans, and wall-mounted fans), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

The market growth in the ceiling fans segment will be significant over the forecast period. Ceiling fans offer enhanced safety features and cooling effects when compared to floor fans. In addition, the increased use of ceiling fans as decorative appliances and product innovations by vendors will drive the growth of the segment. The increased demand for luxury ceiling fans is another factor driving the growth of the segment.

Geography OverviewThe report provides actionable insights and estimates the contribution of all regions to the growth of the global electric fans market.

APAC will account for 41% of the market growth during the forecast period. The growth of the regional market is driven by various factors such as the increase in the number of government initiatives for the housing sector, the cost-effective supply chain of electric fans, increasing demand for luxury fans, and product innovations. The increasing consumer spending on residential homes and apartments will further drive the growth of the electric fans market in APAC during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Global Electric Fans Market – Market Dynamics

Key Trends –

The rising demand for customized fans is identified as the key trend in the market. The emphasis on personalized home decorations has grown among consumers. This has led to a rise in the demand for expensive and customized fans among consumers in both developed and developing countries. This growing consumer inclination has encouraged vendors to offer a wide range of decorative fans. For instance, Emerson Electric manufactures and offers customized fans with various lighting fixtures and a variety of blade shapes. Similarly, Bajaj Electricals offers fans various designs and themes such as Avengers, Princess, and Winnie the Pooh to attract consumers.

Major challenges –

The increasing use of air conditioners will challenge the growth of the market. Air conditioners are increasingly being adopted by consumers worldwide owing to effective cooling capabilities. The demand for air conditioners is increasing with a rise in disposable incomes and the increased consumer demand for convenience. Besides, air conditioners are equipped with temperature control functionalities, which enable them to function as both coolers and air conditioners. Such factors are limiting the adoption of electric fans, which is negatively affecting the growth of the market.

Drivers, trends, and challenges have an impact on market dynamics and businesses as well. Find more insights in the sample PDF report!

What are the key data covered in this electric fans market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the electric fans market between 2023 and 2027

Precise estimation of the size of the electric fans market and its contribution to the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the electric fans market across APAC, Europe, North America, South America, and Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of electric fans market vendors

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Electric Fans Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.96%

Market growth 2023-2027

USD 3604.96 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

2.68

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 41%

Key countries

US, China, India, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Luminace Holdings LLC, Aucma Co. Ltd, Crompton Greaves Consumer Electricals Ltd., Delta T LLC, Emerson Electric Co., Fantasia Ceiling Fans, Fantech Pty Ltd., GREE ELECTRIC APPLIANCES INC. OF ZHUHAI, Haier Smart Home Co. Ltd., Havells India Ltd., Hunter Fan Co., Lian Li, Midea Group Co. Ltd., Minka Lighting Inc., Orient Electric Ltd, Panasonic Holdings Corp., Shell Electric Holdings Ltd., The Henley Fan Co. Ltd., Usha International Ltd., and Westinghouse Electric Corp.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse through Technavio's Consumer Discretionary Market Reports

Table of contents:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global electric fans market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 Distribution Channel Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 Ceiling fans - Market size and forecast 2022-2027

6.4 Door fans - Market size and forecast 2022-2027

6.5 Wall-mounted fans - Market size and forecast 2022-2027

6.6 Market opportunity by Product

7 Market Segmentation by Distribution Channel

7.1 Market segments

7.2 Comparison by Distribution Channel

7.3 Offline - Market size and forecast 2022-2027

7.4 Online - Market size and forecast 2022-2027

7.5 Market opportunity by Distribution Channel

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 US - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 UK - Market size and forecast 2022-2027

9.12 India - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Crompton Greaves Consumer Electricals Ltd.

12.4 Delta T LLC

12.5 Fantasia Ceiling Fans

12.6 GREE ELECTRIC APPLIANCES INC. OF ZHUHAI

12.7 Havells India Ltd.

12.8 Midea Group Co. Ltd.

12.9 Minka Lighting Inc.

12.10 Orient Electric Ltd

12.11 Panasonic Holdings Corp.

12.12 Shell Electric Holdings Ltd.

12.13 The Henley Fan Co. Ltd.

12.14 Usha International Ltd.

12.15 Westinghouse Electric Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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