Press release
Household Type Fans Global Market Anticipated to Attain $38.66 Million By 2028, at 4.2% CAGR | Latest Trends and Growth Opportunities And Forecast 2024-2033
Household Type Fans Global Market
The Business Research Company offers in-depth market insights through Household Type Fans Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The household type fans market size has grown steadily in recent years. It will grow from $31.3 billion in 2023 to $32.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, low-interest rate environment, government schemes and initiatives for housing, growth in world population and increased electrification.
The household type fans market size is expected to see steady growth in the next few years. It will grow to $38.66 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to global population growth and urbanization, faster economic growth, growth of e-commerce, internet of things (iot), an increase in global construction activity, energy savings and benefits and steadily increasing global temperatures. Major trends in the forecast period include manufacturing more energy efficient fans, launching new products based on iot, launching bladeless fans, deploying ai to improve efficiency, offering fans with air purification technology and offering bldc (brush-less direct-current) motor fans.
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Market Segmentation:
The household type fans market covered in this report is segmented -
1) By Type Of Product: Ceiling Fans, Table, Pedestal and Wall Fans, Exhaust Fans And Others
2) By Type of Current: AC Residential Fans, DC Residential Fans
3) By Application: Home, Commercial
4) By Distribution Channel: Store-based Retailing, Direct Sales, Non Store based Retailing
Major Driver - Increased Electrification, Especially In Rural Areas, And Rising Disposable Income Drive Growth In The Household Type Fans Market
Increased electrification especially in rural areas will contribute to the growth of the household fans market in the forecast period. Electrification coupled with the rise in disposable income has boosted the demand for household fans. According to the Energy Information Administration, a US-based government agency, in the US, total electricity end-use consumption in 2022 was about 2.6% higher than in 2021, with retail electricity sales to the residential and commercial sectors being higher than in 2021. The net disposable income per capita rose, According to the Bureau of Economic Analysis, in July 2023, disposable personal income increased by $7.3 billion (less than 0.1 percent). The rise in disposable income increased the purchasing power of the people which in turn has increased the growth of the market for household fans.
Competitive Landscape:
Major companies operating in the household type fans market report are Midea, Crompton Greaves, Orient Electric, NuTone Inc, Havells India, Big Ass Fans, Hunter Fan Company, Lasko, Usha, Shell Electric Holdings Limited, Atomberg, Bajaj, Anchor, Longway, Ottomate, Jupiter, Foshan Carro Electrical Co Ltd, Shunde Damin Enterprise Group Co Ltd, Zhongshan Meihua Electrical Appliance Co Ltd, Cheng Tung Technology Co Ltd, Ningbo Kingsun Anchor Industrial Co Ltd, Shining Electrical Appliance Co Ltd, Sienhua Electric Fan Co Ltd, Comefri China, Zhongshan Kebaishi Electric Appliance Co Ltd, Cixi Changfeng Electrical Appliance Factory , Exhale FANS , CasaFan, Kroll Energy GmbH, Halifax Fan, Axair Fans, Henley Fan, FPZ S.p.A., Fans-tech Electric Co., Ltd, DLK Ventilatoren GmbH, LTG Aktiengesellschaft, Michell Instruments Ltd, AUSTAR , Electrolux, Haier, Bosch, Panasonic Corporation, KTD GROUP, Aisberg Company, Philips, Damco Shenzhen, Youngo Ltd., Casablanca, Emerson Ceiling Fans, Minka, Craftmade, Litex, Fanimation, Kichler, SMC, ACC, MOUNTAINAIR, King of Fans, Airmate, Ajanta Electricals, The Modern Fan Company, Trane Technologies Plc., Loren Cook Company, Greenheck Fan Corp., Howden Group Ltd, Continental Blower LLC., Masco Corporation, Burgan Aircondition & Ventalitions, MOHSEN KUWAIT ESTABLISHMENT, Alhasawi Industrial Group, Electro Al Jazirah,, Fantasia Ceiling Fans, Fresh Electric S.A.E, Samsung Electronics Egypt S.A.E, Universal COMPANY, KIMBO EGYPT
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Top Trend - Energy Efficiency Takes Center Stage As Household Fan Manufacturers Embrace Eco-Friendly Practices
Household fan manufacturers are increasingly producing energy-efficient products to reduce their carbon footprint and enable energy savings for consumers. The rise of energy-efficient appliances can be attributed to stringent government regulations on electric home appliances and advances in technology. Energy efficient fans are designed to utilize minimum energy. Currently, over 80 countries have standards and labels for energy-efficient appliances. For example, in the USA, ENERGY STAR-certified ceiling fans provide cutting-edge design, use the latest technology, and are 60% more efficient than conventional ceiling fans.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Household Type Fans Market Characteristics
3. Household Type Fans Market Trends And Strategies
4. Household Type Fans Market - Macro Economic Scenario
5. Household Type Fans Market Size And Growth
…..
27. Household Type Fans Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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