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Ceiling fan has become one of the most important home appliances in countries around the world for decades as it is an ideal choice of appliance to most consumers for enduring humid weather conditions. The ceiling fan's capability to act as a decorative agent to suit and improve the feel, mood, and style of a room is also attracting consumers towards the product. Its affordability and low energy consumption, even for low and middle earners, is helping to escalate the preference rate. In addition, the growing production of smart ceiling fans, which could be controlled by voice assistance devices, and create convenience, especially for people with a physical disability, acts as an opportunity for the market growth. According to Hindustan Times in November 2019, Orient Electric has announced the launch of the Aeroslim smart ceiling fan, which comes with an inverter motor fan and can even be operated using Google Assistant and Amazon Alexa.
The global temperature experiencing an upsurging rise is anticipated to have a significant impact on the usage of the product and thus drive the market growth. As per the data released by the Berkeley Earth.Org, in 2020, the global mean temperature is 1.27 Degree Celcius or 2.29 Degree Fahrenheit which is a rise from 0.02-degree Celcius warmer than that of 2019. Moreover, the growing investment made in tourism fostering the construction of tourist accommodation places such as resorts, cottages, lodges, and others is assisting in hiking the utilization of ceiling fans. For instance, the data presented by the Indian Brand Equity Foundation in March 2021, mentions that India has made the third largest investment in the world with an investment of USD 45.7 billion in 2018.
Nevertheless, its alternative products such as a room cooler, table fan, air conditioner, and others increasingly gaining more consumption act as a hampering factor for the market growth.
Key Market Driver -
The rising global temperature propelling the usage of the product act as a driving factor for the market growth.
Key Market Restraint -
Its substitute product progressively gaining preference act as a restraining factor for its growth.
Mega Home Appliances, Big Ass Fans, Hunter Fan Company, Crompton Greaves, Del Mar Fans & Lighting, and others are the key companies operating in the ceiling fan market.
The ceiling fan market is segmented into by product type, application, end-user, and geography.
On the basis of product type, the market is fragmented into standard, decorative, high speed, and others. Standard is estimated to be the leading segment on account of the product available at a reasonable price range for consumers of all financial backgrounds. Likewise, a standard ceiling fan possessing decent appeal while at the same time being able to satisfy most consumers in terms of its speed is making it preferable than other product types.
Based on application, the market is bifurcated into residential and commercial. Residential is projected to be the dominant market due to majority of household consumers often considered the purchase of ceiling fans for the use of humid summer season. In addition, the growing enlargement of residential places in countries around the world boosts segmental growth.
By distribution channel, the market is divided into e-commerce and retail stores. Retail stores are anticipated to be the larger segment owing to the presence of a salesman who is able to guide customers about the ideal fan, which best suited the budget and place of use. Likewise, the less complications in claiming of warranty or any other after-sale services make consumers prefer retail store channel over e-commerce stores.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Asia Pacific is estimated to embrace a leading share and is anticipated to continue throughout the forecast period of 2021-2028. Large number of homes in this region not being air-conditioned to withstand the humid climatic condition is likely to fuel the need for the product. For instance, Teriin.Org data in November 2020, declares that only 8 percent of the Indian household were air-conditioned in 2018. Besides, the booming growth of the purchase of homes resulted in spiking the usage of a fan is anticipated to have a significant contribution to the market growth. According to the Economic Times January 2020 data, in 2019, Delhi NCR has experienced an upsurging rise in the sales of homes with 5 percent year on year growth with residential launch increase by 45 percent.
The Middle East & Africa region is projected to exhibit a significant presence in the ceiling fan market, owing to the economic development experienced by many countries tends to surge expenditure made on the product. As per the data presented by the World Bank.Org, in 2019, Nigeria is experiencing an escalating enlargement in its GDP Per Capita of USD 2,229.859, which is an increase of USD 2,027.778 from 2018. Furthermore, the urban population progressively witnessing an escalating development is estimated to propel the growing demand for the product. For instance, the data released by the United Nations Conference on Trade and Development, states that in 2019 the urban population of Africa is assessed to be 43.1 percent which is a surge from 48.3 percent in 2014.
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