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Handheld Fans Market: Booming with an Impressive CAGR of 6.1% | Allied Market Research
The handheld fans market trends is mostly driven by the elevated trends for outdoor activity.. As per the Outdoor Industry Association report, almost 53% of the U.S. population participated in any kind of outdoor activity at least once in 2020. Moreover, consumer disposable incomes have been rising in several developing regions, such as the Asia-Pacific, creating many developmental prospects for handheld fan producers to raise their product prices.
The handheld fans industryin Asia-Pacific and LAMEA has significant growth potential for market players. Market expansion is primarily driven by rising in consumer disposable income and an increase in the adoption of portable devices. Sales of handheld fans have also surged as a result of the development of solar-powered fans. Consumers nowadays demand products that can be charged from renewable sources which subsequently support market growth. Moreover, the constraints limiting handheld fans market growth include the short battery life and lower durability of handheld fans.
The handheld fans market analysis is segmented on the basis of type, application, distribution channel, and region. On the basis of type, the market is classified into rechargeable and non-rechargeable. The rechargeable segment accounted for a major share of the handheld fans market in 2021 and is expected to grow at a significant CAGR during the handheld fans market forecast period. Rechargeable fans are often shipped with a strong battery that needs to be charged by an electrical source.
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On the basis of application, the market is categorized into commercial and residential. The commercial segment accounted for a major share of the handheld fans market in 2021 and is expected to grow at a significant CAGR during the forecast period. The commercial segment of the handheld fans market includes cosmetic industries, hospitals, commercials, and others. Developments in the tourism sector have been continuously influencing the growth of the hospitality sector, which further creates the handheld fans market opportunities during the forecast period.
On the basis of distribution channel, the market is categorized into supermarkets, retail stores, online stores, and others. The supermarket segment accounted for a major share of the market in 2021 and is expected to grow at a significant CAGR during the forecast period. A supermarket is an extended version of a commercial sector store with a self-service facility. It offers a wide variety of personal care products, home appliances, sports gear & equipment, and wellness products that are specially categorized and organized on large shelves.
In 2021, Asia-Pacific accounted for a 34.2% handheld fans market share and is expected to maintain its dominance during the forecast period. Moreover, LAMEA and Asia-Pacific are expected to possess the highest CAGRs, owing to the wide acceptance of handheld fans in homes, offices, and various businesses.
Exporters in both developed and developing nations faced a number of difficulties as a result of the COVID-19 pandemic. The implementation of lockdown and curfew procedures on a global scale had an impact on both domestic and foreign manufacturers of handheld fans, which in turn hindered market expansion. COVID-19 had a negative influence on the handheld fans market in 2020 as a result of decreased company sales and operations being suspended.
The key players analyzed for the handheld fans market are Arctic Gmbh, D-Fantix, Easyacc, Firefly Electric And Lighting Corporation, Francfranc Corporation, H2 Brands Group Corporate, Halfords Limited, Harkin Global Solutions Pvt., Ltd., Honeywell International Inc., John Lewis Partnership Plc., L10 Brand, Life On Products, Inc., Lifemax Limited, Newell Brands Inc., Nimya ( Kianda B.V.), O2cool (Maurice Sporting Goods Of Delaware, Inc.), Shenzhen Jisu Technology Co., Ltd. (Jisulife), Shenzhen Yashang Electronics Co., Ltd., Skygenius Ltd., Xiaomi Corporation.
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Key findings of the study
By type, the rechargeable segment was the highest revenue contributor to the market, with $232.9 million in 2021, and is estimated to reach $426.4 million by 2031, with a CAGR of 6.3%.
By application, the commercial segment was the highest revenue contributor to the market, with $226.3 million in 2021, and is estimated to reach $416.2 million by 2031, with a CAGR of 6.3%.
By distribution channel, the supermarket segment was the highest revenue contributor to the market, with $217.3 million in 2021, and is estimated to reach $371.8 million by 2031, with a CAGR of 5.6%.
By region, Asia-Pacific was the highest revenue contributor, accounting for $139.6 million in 2021, and is estimated to reach $263.8 million by 2031, with a CAGR of 6.6%.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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