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Household Fans Market Growth, Insights & Forecast 2024-2033
Household Fans Market Growth
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According to The Business Research Company's, The household 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 consumer preferences for cooling solutions, energy efficiency concerns, urbanization and housing trend, climate and weather patterns, regulatory standards and certifications.
The household 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 growing marketing strategies and consumer education, integration with renewable energy, urbanization and compact living, health and air quality concerns, innovations in design and aesthetics. Major trends in the forecast period include quiet operation and noise reduction, energy efficiency and eco-friendly designs, smart and connected features, innovative design and aesthetics, versatility and multi-functionality.
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Market Drivers and Trends:
Increased electrification, especially in rural areas, has contributed to the growth of the household fan market in the historic period. Electrification, coupled with the rise in disposable income, has boosted the demand for household fans. For example, in India, the percentage of the rural population with access to electricity increased to 89.3%. The percapita net disposable income increased to $2,018.53. The rise in disposable income increased the purchasing power of people, which in turn increased the household fan manufacturing market.
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.
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Major Key Players of the Market:
Shell Electric MFG Co. Ltd., Hunter Fan Company, Crompton Greaves Consumer Electricals Limited, Bajaj Electricals Ltd., Panasonic Corporation, Midea Group Co. Ltd., Emerson Electric Co., Monte Carlo Fan Company, SMC Corporation, Westinghouse Electric Corporation, ACC Limited, Havells India Limited, Broan-NuTone LLC, Luminous Power Technologies Pvt. Ltd., Airmate Electrical Co. Ltd., Henley Fan Company Ltd., Kichler Lighting LLC, Craftmade International Inc., Minka Group Inc., Orient Electric Limited, Usha International Limited, Casablanca Fan Company, Fanimation Inc., Usha Shriram Enterprises Pvt. Ltd., Polar Industries Ltd., King of Fans Inc., Litex Industries Limited, Ajanta Electricals Ltd., Mountainair Fans Pvt. Ltd., Khaitan Electricals Ltd., Fantasia Ceiling Fans Ltd., GRANSO CO. Ltd., Guangdong Zhaoqing Deton Co. Ltd.
Household Fans Market 2024 Key Insights:
• The household 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%.
• Growth In Household Fan Market Fueled By Increased Electrification, Rising Disposable Income In Rural Areas
• Household Fan Manufacturers Reduce Carbon Footprint And Promote Energy Savings
• The Asia-Pacific was the largest region in the household fans market share in 2023
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