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Ceiling Fans Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Ceiling Fans Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the ceiling fans industry. This report on ceiling fans market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The ceiling fans market size has grown steadily in recent years. It will grow from $9.94 billion in 2023 to $10.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to increased energy efficiency, increased interior design trends, increased climate variability, growth in population growth, rapid urbanization.
The ceiling fans market size is expected to see steady growth in the next few years. It will grow to $12.34 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to increasing environmental awareness, increasing housing projects, market expansion in developing countries, rising disposable income, and increasing population. Major trends in the forecast period include technological advancements, cost-effective cooling solutions, integration with home automation, adoption of customized products, smart ceiling fans.
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Key Market Players:
Emerson Electric Co., Del Mar Fans & Lighting, Crompton Greaves Consumer Electricals Limited, Shell Electric Mfg Co. Ltd., Broan-NuTone LLC, Minka Lighting Inc., Ajanta Electricals Pvt. Ltd., Big Ass Fans, Casablanca Group Ltd., The Henley Fan Company Ltd., Monte Carlo Fashions limited, Mega Home Appliances Pvt. Ltd., Havells India Ltd., Hunter Fan Company, Craftmade International Inc., Kichler Fans Co. Inc., Matthews Fans Co., Visual Comfort Fan Company, Quorum Fans, Modern Forms Fans, Westinghouse Fans, Fanimation Inc., Orient Electric Limited, Almonard Pvt. Ltd., Atomberg Technologies Pvt. Ltd., Bajaj Electricals Limited, Gorilla Fans, Khaitan Electricals Limited, Luminous Power Technologies Pvt. Ltd., Polar Industries Ltd., Superfan Co., Surya Roshni Limited, Usha International Limited
Market Drivers:
According to the Ceiling Fans Market Report 2024 by The Business Research Company, the key factors driving the growth of the ceiling fans market, includes the increasing growth of the construction industry is significantly contributing to the growth of the ceiling fans market. Construction is the process of building, altering, repairing, remodeling, improving, or demolishing any structure. Ceiling fans are helpful in the construction industry by introducing premium products such as decorative fans, and lighting fans, which offer higher margins, thereby increasing their profitability. For instance, according to the United States Construction Databook Series, the U.S. construction industry is expected to increase by more than 15% in 2021. Also, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, in December 2021, there were 1,873,000 building permits granted while the number of housing completions stood at 1,295,000. Therefore, the increasing growth of the construction industry is driving the ceiling fans market growth.
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Market segments for home insurance include:
1) By Type: Standard Fan, Decorative Fan, High Speed Fan, Energy Saving Fan, Other Types
2) By End Use: Residential, Commercial
3) By Distribution: Offline, Online
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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