According to the latest report by IMARC Group, titled "Ceiling Fan Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global ceiling fan market size reached US$ 10.5 Billion in 2022. Ceiling fans are mechanical fans that are powdered electronically and are mounted on the ceiling of enclosed spaces. They consist of rotating blades that move in a clockwise direction and assists in creating movements in still air and circulating it in the room. Their use aids in cooling the space effectively while requiring very little maintenance. They are characterized by their cost-effectiveness, energy-efficiency and an extended service life. Consequently, they are widely utilized across both the residential and commercial establishments.
Global Ceiling Fan Market Trends:
The global market is majorly driven by the considerable growth in the construction sector across the globe, especially in the domestic segment. There has been a significant expansion in the housing sector, especially across the developing economies. This is further supported by the numerous initiatives undertaken by the governments of various countries to expand housing projects and smart cities. They are also introducing various schemes to accommodate individuals with low- and middle-income levels in housing schemes. Since ceiling fans are one of the most commonly used appliances across households, this is providing an impetus to their uptake on the global level. Apart from this, manufacturers have also introduced several premium products that are gaining widespread prominence among the urban population. This, along with the inflating per capita income levels of the masses and an enhanced focus on improving the aesthetic appeal of homes, is expected to provide a boost to the sales of lighting and decorative fans with unique designs and sleek appearance. Some of the other factors contributing to the market growth include significant growth in retail and hospitality sectors, along with the easy product availability through online shopping portals. On account of the aforementioned factors, the market is anticipated to reach US$ 12.9 Billion by 2028, exhibiting a CAGR of 3.6% during 2023-2028.
- On the basis of the product type, standard fans represent the most popular segment. Other major segments include decorative fan, high-speed fan, energy-saving fan and others.
- Based on the fan size, medium-sized fans exhibit a clear dominance in the market. The other major segments include small-sized and large-sized fans.
- On the basis of the end use, the market has been divided into the residential, commercial and industrial sectors, wherein the residential sector accounts for the majority of the total market share.
- Based on the distribution channel, the market has been bifurcated into offline and online stores. Among these, offline stores are the biggest market segment.
- Region-wise, China holds the leading market share in the global market. Some of the other key regions include India, the European Union, the United States and Brazil.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Emerson Electric Co., Hunter Fan Company, Crompton Greaves Consumer Electricals Ltd., Broan-NuTone LLC and Shell Electric Holdings Limited.
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