DUBLIN--(BUSINESS WIRE)--The "Ceiling Fans Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product, Fan Size Industry, End User, and Geography" report has been added to ResearchAndMarkets.com's offering.
According to this report the global ceiling fans market was valued at US$ 10,189.33 million in 2019 and is projected to reach US$ 16,172.19 million by 2027; it is expected to grow at a CAGR of 6.0% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Ceiling fans facilitate air circulation and create a cooling effect by accelerating sweat evaporation and heat exchange through convection. Ceiling fans use considerably less power than air conditioning, and hence they are popular among middle-class populations. In addition to the cost benefits, they feature longer life span than air conditioners. Growing urbanization in emerging economies is promoting the establishment of new residential buildings. In addition, the increased spending on premium products of home decor is further propelling the demand for ceiling fans with new innovative features such as interchangeable blades and lighting fans, and smart fans with features such as voice control and connectivity access to tablets and smartphones. Modern customers tend to spend on durable and attractive appliances.
The increasing spending on high-quality home decor in different countries is expected to encourage the use of ceiling fans with added features such as layered light fixtures and interchangeable blades. Moreover, the increasing expenditure on interior decoration as a result of growing awareness regarding different designs for home as well as commercial spaces through robust campaigns on social media platforms, including Facebook, Pinterest, and Instagram, is expected to have a positive impact on the growth of the ceiling fans market.
Furthermore, companies are offering creative ceiling fans such as rustic ceiling fans, contemporary ceiling fans, black ceiling fans, fancy ceiling fans to improve the internal appeal of households. In urban areas, they are selling custom-made ceiling fans with 3 and 4 blades. Growing customer tendency of renovating their homes after a certain period propels the demand for various decorative ceiling fans. Globalization has led to a broader consumer market, which encourages easier product selection of a wide range of goods across multiple distribution networks.
Impact of COVID-19 Pandemic on Ceiling Fans Market
As of December 2020, the US, Brazil, India, Russia, Spain, and the UK are among the worst-affected countries in terms confirmed cases and reported deaths caused by COVID-19. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. China, is a manufacturing hub and the largest raw material supplier for various industries, is also one of the countries that experienced early effects of this pandemic. The lockdown of various plants and factories in China affected the global supply chains and disrupted manufacturing and delivery schedules, and sales of various materials. Different companies have already made announcements regarding possible delays in product deliveries and slump in future sales of their products. In addition, travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships. These factors are limiting the growth of several industries, including the consumer electronics industry.
Reasons to Buy
- Highlights key business priorities to assist companies realign their business strategies.
- Features key findings and crucial progressive industry trends in the global Ceiling Fans market, thereby allowing players to develop effective long-term strategies.
- Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
- Scrutinizes in-depth market trends as well as key market drivers and restraints.
- Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Market Dynamics
Drivers
- Surging Consumer Demand For Technologically Advanced Consumer Durables
- Increase in spending on the premium quality decorative item
Restraint
- Availability of substitute products
Opportunities
- Increasing Urbanization in developing countries
Trends
- Growing Demand For Energy Saving Fans
Companies Mentioned
- Big Ass Fans
- Kichler Lighting LLC
- Minka Lighting Inc.
- Luminance Brands
- Crompton Greaves Consumer Electricals Limited
- Havells India Ltd.
- Hunter Fan Company
- Westinghouse Electric Corporation
- Fantasia Ceiling Fans
- Panasonic Corporation
For more information about this report visit https://www.researchandmarkets.com/r/3lgpi9
