The global fan market size was valued at $11.1 billion in 2021 and is projected to reach $16.9 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
The fan is an electrical device that uses an electric motor to circulate air in a room or space. It typically consists of a set of blades mounted on a rotating shaft, which is powered by an electric motor. Different types of fans are offered by the manufacturers such as ceiling fan, pedestal fan, table fan, exhaust fan, and wall fan, which are widely used in residential and light commercial spaces. Fans are used for ventilation, to remove stale air and bring in fresh air. It is often used in bathrooms, kitchens, and other areas where moisture and odor need to be removed.
Market Dynamics
Innovative and advanced home appliances have gained major popularity among customers. People have started preferring & replacing traditional fans with smart and advanced-featured fan. Smartphone compatibility, voice & remote control, and Wi-Fi connectivity are some of the key features that have gained major popularity among people. With the rise in awareness about technologically advanced home appliances including portable fans and ACs, the manufacturers offer voice-controlled system-based fans that are integrated with popular voice-operated systems such as Amazon Alexa, Apple HomeKit, or Google Assistant. Consumers appalling innovations and aesthetic designs of fans a factor that is expected to propel the growth of the fan industry in the upcoming years.
As the climate is changing every year, there is an increase in humidity that causes individuals to carry or use fans. The market for fans is expected to witness an increase in demand from regions that are highly humid. An increase in the level of carbon dioxide and depletion of the ozone layer has led to a rise in temperature across the globe. Such a rise in temperature and humidity has increased the need for fans in various regions to maintain fresh air ventilation. With the surge in temperature and climatic changes, the demand for innovative and fast fans is increasing day by day. The change in climatic conditions is expected to fuel the growth of the fan market in the upcoming years.
The global fan industry was impacted profoundly by the outbreak of the coronavirus. The demand for fans slightly declined across the world, owing to supply chain disruptions and the implementation of stringent restrictions to follow social distancing & consistent lockdowns across the globe.
Manufacturers have modified their marketing and branding approaches for their goods to boost sales in various nations. They have implemented innovative tactics to boost sales of different fans, such as ceiling fan, pedestal fan, table fan¸ exhaust fan, and wall fan, along with the introduction of new products with innovative technology and features. A common tactic used by manufacturers to draw in more consumers is the production of energy-efficient with value-added features. This aids in boosting the revenue of businesses engaged in this sector. Collectively, all these strategies adopted by manufacturers drive the growth of the fan market.
Smart and upgraded household appliances not only require the advertisement to increase awareness about the products, however, also require a wide area distribution network. A rapidly increasing number of large retail stores including supermarkets and hypermarkets in developing economies has enabled easier availability of white goods such as fans, as these stores help increase the sales of household appliances. Supermarkets & hypermarkets and specialty stores have served as better distribution points for various consumer goods including air conditioners, fans, and heaters. The growth in the retail sector in developing countries such as India, China, Chile, Thailand, and other developing countries is expected to create more opportunities for fan manufacturers during the fan market forecast.
Improvement in economic conditions is a key factor that contributes to the growth of the market. An increase in per capita disposable income enhances the spending capacity of consumers, leading to rise in expenditure on premium household appliances, which is expected to foster the growth of the fan market. The rise in spending capacity is further anticipated to improve the standard of living, enabling consumers to buy highly advanced and smart featured home appliances such as portable fan and smart fan, which is expected to propel the demand in the upcoming years. In addition, the rise in disposable income in developing countries such as India and China has increased the expenditure on household appliances, which further drives the growth of the global fan market.
Electricity is the foremost part of household appliances including fan. Energy prices are a significant part of domestic expenditures and play a significant role in industrial competitiveness and influence energy consumption patterns. The lack of proper electricity in the village and remote areas demotivates people to buy an electric fan. In areas where electrification is limited, people may not have access to electricity to power fans. This limits the potential customer base for fan manufacturers and reduces the demand for fans. In some remote areas where electricity is not readily available, the installation of electrical infrastructure can be costly. This can make it difficult for manufacturers to reach potential customers and for consumers to afford the installation of electrical infrastructure. For instance, according to the Alliance for Rural Electrification (ARE), as of 2017, over one billion people worldwide lack household electric power – 14% of the global population. The lack of proper electrification in remote areas is expected to hinder the growth of the fan market.
Segmental Overview
The fan market is segmented into product type, end user, distribution channel, and region. By product type, the market is divided into ceiling fan, pedestal fan, table fan, exhaust fan, wall fan, and others. By end user, the market is bifurcated into residential and light commercial. By distribution channel, the market is classified into multi-brand store, hypermarkets, exclusive store, online, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA).
By Product Type
By product type, the ceiling fan segment held the major fan market share in 2021 as ceiling fans are more energy-efficient and cost-effective than air conditioning systems. In addition, some smart ceiling fans offer features such as timers and schedules, which can help users save energy and money by only operating the fan when needed. With the ongoing trends in the market, manufacturers offer several types of decorative fans. Decorative ceiling fans have gained popularity as they serve as a statement piece in a room.
By End User
By end user, the residential segment held the major share of the market in 2021. The residential segment refers to the non-commercial use of the fan. Improved lifestyle and standard of living of the people are the factors that boost the demand for household consumer durables. The rise in spending on home improvement with the smart and advanced featured appliances, upsurge in the standard of living, and surge in disposable income are majorly attributable to the fan market growth through the residential segment, during the forecast period.
By Distribution Channel
By distribution channel, the multi-brand store segment held the major share of the market in 2021 and is expected to maintain its dominance during the forecast period. A multi-brand store in the fan market refers to a retail store that offers a variety of fan-related products from varied brands. The fan market includes products such as ceiling fans, pedestal fans, table fans, exhaust fans, wall fans, and others. The multi-brand store market for fan merchandise has seen a surge in recent years, driven by the demand for unique and high-quality merchandise.
By Region
Region-wise, Asia-Pacific was the largest market in 2021 and held the major market share of the market in 2021. Global brands strive among themselves to deliver better value propositions and effective marketing strategies. Asia-Pacific is projected to grow at the highest CAGR, owing to the constantly expanding infrastructure and real estate sector, where electric fans is demanded. The surge in urbanization and the high standard of living of the people, especially in developing countries including India and China, drive the growth of the fan market in Asia-Pacific. Rise in disposable income and high spending on home improvement are some of the major factors positively influencing fan market demand.
Competition Analysis
The players in the fan market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the fan market.
Some of the key players profiled in the fan market analysis include Ajanta Electricals, Broan-NuTone, LLC, Crompton Greaves Consumer Electricals Limited, Emerson Electric Co., Fanimation, Hunter Fan Company, Minka Lighting Inc, Panasonic Holdings Corporation, The Henley Fan Company, and Westinghouse Electric Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fan market analysis from 2021 to 2031 to identify the prevailing fan market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the fan market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global fan market trends, key players, market segments, application areas, and market growth strategies.
Fan Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 16.9 billion |
 Growth Rate | CAGR of 4.3% |
 Forecast period | 2021 - 2031 |
 Report Pages | 274 |
 By Product Type |
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 By End User |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | Broan-NuTone, LLC, Ajanta Electricals, Hunter Fan Company, The Henley Fan Company, Crompton Greaves Consumer Electricals Limited, Minka Lighting Inc, Panasonic Holdings Corporation, Westinghouse Electric Corporation, Fanimation, Emerson Electric Co. |
Analyst Review
According to the insights of CXOs of leading companies, the fan market holds a substantial scope for growth; however, its contribution to the world market would increase significantly during the forecast period. Innovation is the key to the success of the fan market.
The fan market exhibits high growth potential in developing economies such as India and China, owing to an increase in disposable income and high spending for improving a high standard of living. People are actively replacing old consumer durables goods with smart and highly technologically advanced consumer durable goods including fans. Nowadays, key players are making advanced and smart-featured home and commercial appliances. Wi-Fi connectivity, voice & remote control, and smartphone compatibility featured fans are expected to attract consumers and create huge demand during the forecast period.
The global fan market size was valued at $11,117.6 million in 2021 and is projected to reach $16,848.6 million by 2031, registering a CAGR of 4.3% from 2022 to 2031.
The fan market is segmented into product type, end user, distribution channel, and region. By product type, the market is divided into ceiling fan, pedestal fan, table fan, exhaust fan, wall fan, and others. By end user, the market is bifurcated into residential and light commercial. By distribution channel, the market is classified into multi brand store, hypermarkets, exclusive store, online, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA)
Asia-Pacific is the largest regional market for fan
The major players analyzed for the fan market are Ajanta Electricals, Broan-NuTone, LLC, Crompton Greaves Consumer Electricals Limited, Emerson Electric Co., Fanimation, Hunter Fan Company, Minka Lighting Inc, Panasonic Holdings Corporation, The Henley Fan Company, and Westinghouse Electric Corporation.
The global fan market report is available on request on the website of Allied Market Research.
The forecast period considered in the global fan market report is from 2022 to 2031. The report analyzes the market sizes from 2022 to 2031 along with the upcoming market trends and opportunities. The report also covers the key strategies adopted by the key players operating in the market.
The base year calculated in the fan market report is 2021.
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