Press release
Ceiling Fans Market Expected to Achieve 4.1% CAGR by 2029: Growth Forecast Insights
Ceiling Fans
How Large Will the Ceiling Fans Market Size By 2025?
There has been a slight expansion in the ceiling fans market recently. The market, which is forecasted to stretch from $10.17 billion in 2024 to $10.31 billion in 2025, is set to have a compound annual growth rate (CAGR) of 1.3%. The growth witnessed in the past years can be ascribed to enhanced energy efficiency, rising interior design trends, amplified climate fluctuations, population growth, and accelerated urbanization.
How Big Is the Ceiling Fans Market Size Expected to Grow by 2029?
Expectations are set for the ceiling fans market to consistently grow in the coming years, reaching a value of $12.09 billion in 2029 with a compound annual growth rate (CAGR) of 4.1%. Factors contributing to this growth during the forecast period include heightened environmental consciousness, an increase in housing projects, market development in developing nations, growth in disposable income, and a booming population. Technological advancements, economical cooling options, integration with home automation, adoption of personalized products, and smart ceiling fans are seen as the major trends in the given forecast period.
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Which Key Market Drivers Powering Ceiling Fans Market Expansion and Growth?
The expansion of the construction industry is playing a significant role in boosting the ceiling fans market. Activities in the construction field include constructing, modifying, mending, revamping, enhancing, or tearing down a structure. Ceiling fans benefit this sector by bringing premium products to market, such as decorative and lighting fans; these contribute to a rise in profit margins. For instance, TST Europe, a Swiss manufacturer known for its quick-release couplings and coupling systems, reported in June 2024 that overall construction expenditure in the U.S. reached $1.98 trillion in 2023, marking a 7.4% increment from the preceding year. The U.S. had nearly 745,000 construction companies in existence in 2023. Consequently, the burgeoning growth of the construction sector is propelling the expansion of the ceiling fans market.
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Which Fast-Growing Trends Are Poised to Disrupt the Ceiling Fans Market?
The emergence of air-purifying ceiling fans is a significant trend that is currently influencing the ceiling fan market. Businesses within this sector are launching ingenious products to fulfill customer requirements and fortify their market presence. For example, Havells India Limited, an electrical equipment firm from India, kick-started the introduction of Stealth Puro Air, the country's premier air purifying ceiling fan, in March 2022. This groundbreaking fan incorporates a three-phase air purifier competent in filtering PM2.5 and PM10 pollution, together with Volatile Organic Compounds (VOCs). It provides a Clean Air Delivery Rate (CADR) of 130 cubic meters per hour. The idea behind the design of Stealth Puro Air is to foster a healthy lifestyle along with ensuring superior comfort and well-being for the hectic pace of consumer's modern living.
What Are the Emerging Segments in the Ceiling Fans Market?
The ceiling fans market covered in this report is segmented -
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
Subsegments:
1) By Standard Fan: Ceiling Mounted Standard Fans, Flush Mount Standard Fans
2) By Decorative Fan: Designer Ceiling Fans, Artistic Ceiling Fans
3) By High Speed Fan: High RPM Ceiling Fans, Industrial High Speed Fans
4) By Energy Saving Fan: Energy-Efficient Ceiling Fans, DC Motor Ceiling Fans
5) By Other Types: Smart Ceiling Fans, Remote-Controlled Ceiling Fans, Outdoor Ceiling Fans
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Who Are the Global Leaders in the Ceiling Fans Market?
Major companies operating in the ceiling fans market include 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
Which are the Top Profitable Regional Markets for the Ceiling Fans Industry?
Asia-Pacific was the largest region in the ceiling fans market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ceiling fans market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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