The household fans market has grown steadily, with its size increasing from $31.3 billion in 2023 to $32.83 billion in 2024, at a CAGR of 4.9%. Growth factors include consumer preferences for cooling solutions, energy efficiency, and climate patterns. The market is expected to grow to $38.66 billion by 2028, with a CAGR of 4.2%, driven by marketing strategies, renewable energy integration, and air quality concerns. Major trends include quiet operation, energy efficiency, and smart features.
Major Driver In The Household Fans Market
The household fan market has witnessed growth, particularly in rural areas, attributed to increased electrification and rising disposable income. The expansion of electricity access to 89.3% of the rural population in India, coupled with a per capita net disposable income increase to $2,018.53, has stimulated demand for household fans. The augmented purchasing power resulting from higher disposable income levels has, in turn, contributed to the growth of the household fan manufacturing market. The market size for household fans is expected to rise from its 2023 value of Y to Y in 2024 and Y in 2028.
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Household Fans Market Competitive Landscape
Shell Electric MFG Co. Ltd., Hunter Fan Company, Crompton Greaves Consumer Electricals Limited, Bajaj Electricals Ltd., Panasonic Corporation, Midea Group Co. Ltd., Emerson Electric Co., Monte Carlo Fan Company, SMC Corporation, Westinghouse Electric Corporation, ACC Limited, Havells India Limited, Broan-NuTone LLC, Luminous Power Technologies Pvt. Ltd., Airmate Electrical Co. Ltd., Henley Fan Company Ltd., Kichler Lighting LLC, Craftmade International Inc., Minka Group Inc., Orient Electric Limited, Usha International Limited, Casablanca Fan Company, Fanimation Inc., Usha Shriram Enterprises Pvt. Ltd., Polar Industries Ltd., King of Fans Inc., Litex Industries Limited, Ajanta Electricals Ltd., Mountainair Fans Pvt. Ltd., Khaitan Electricals Ltd., Fantasia Ceiling Fans Ltd., GRANSO CO. Ltd., Guangdong Zhaoqing Deton Co. Ltd.
Key Household Fans Market Trend
Household fan manufacturers are increasingly producing energy-efficient products to reduce their carbon footprint and enable energy savings for consumers. The rise of energy-efficient appliances can be attributed to stringent government regulations on electric home appliances and advances in technology. Energy-efficient fans are designed to utilize minimum energy. Currently, over 80 countries have standards and labels for energy-efficient appliances. For example, in the USA, ENERGY STAR-certified ceiling fans provide cutting-edge design, use the latest technology, and are 60% more efficient than conventional ceiling fans.
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Household Fans Market Segmentation
The household fans market covered in this report is segmented –
1) By Type Of Product: Ceiling Fans, Table Fans, Pedestal Fans, Exhaust Fans, Wall Fans
2) By Type of Current: AC Residential Fans, DC Residential Fans
3) By Application: Home, Commercial
4) By Distribution Channel: Store-based Retailing, Direct Sales, Non-Store-based Retailing
By Geography:The regions covered in the household fans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The Asia-Pacific was the largest region in the household fans market share in 2023.
The Household Fans Global Market Report 2024 furnishes information about the global household fans market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
