Global Ceiling Fan Market Projected to Touch USD 4.7 BN By end of 2024
Posted On October 23, 2018
The latest market study by Value Market Research on the Global Ceiling Fan Market offers extensive data related to market trends and opportunities. The report begins with the overview and definition of the ceiling fan followed by factors influencing the growth of the market. This section also outlines the drivers and restraints of the market along with the latest key trends. According to the research conducted, the global ceilings fan market was valued USD 4 BN (by revenue) in 2017 and is anticipated to reach USD 4.7 BN by 2024 with a CAGR of 2.5%. The ceiling fan is one of the most popular energy efficient electric appliances which help to cut down the electricity bills especially during summer. They are basically used to equalize the temperature in rooms with high ceilings, such as industrial and warehouse spaces, gymnasiums, and shops.
It will remain popular because they allow users to raise their air-conditioner thermostats and lower electricity bills. With the growing housing sector and disposable income of the people at a high rate will continue to grow the demand for a ceiling fan. Though, the advent of the air-conditioning system in the market is the only major factor limiting the market growth.
The report - "Global Ceilings Fan Market Report By End-Use (Residential And Commercial), Type (Standard Fan, Decorative Fan, High Speed Fan, And Energy Saving Fan) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024"- offer detailed profiles of players, segment description, key developments related to market and strategic overview. Segmentation part comprises the end-use, type, and region.
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An electric fan has high penetration product category among users. Although ceiling fans may have become outdated in a few areas owing to the innovation in air conditioning and home temperature control devices, still, they are a simple and affordable source of relief from hot climates in tropical countries. The ceiling fans are considered to be environmentally sensitive, they offer style, comfort, energy saving abilities, and can be used throughout the year is what makes them so essential.
End-use include residential and commercial. Out of these two, residential is gaining hype in the market owing to rising population base leading to the growth in the housing construction. Type covers standard fan, decorative fan, high-speed fan, and energy saving fan. Among these, the standard fan is dominating the segment as they are most popular type of ceiling fan among others and is mostly used in living rooms and have huge demand mostly from the residential sectors. Regional analysis has been done across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific is ruling the global ceiling fan market owing to the rising residential as well as commercial construction. Therefore, growth in the construction industry is the major factor fueling the demand for the product in the region.
The Report Segments Global Ceiling Fan Market -
- Standard Fan
- Decorative Fan
- High Speed Fan
- Energy Saving Fan
- North America
- Latin America
- Middle East & Africa
Key Players Highlighted:
Crompton, Emerson Electric Co., Hunter Fan, NuTone, and Shell Electric MFG Co. Ltd.
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