Global Electric Fan Market Outlook to 2026: Panasonic, Emerson Electric and Westinghouse Lead - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Aug 23, 2021--
The “Global Electric Fan Market Outlook, 2026” report has been added to ResearchAndMarkets.com’s offering.
The global market is majorly driven by the considerable growth in the construction sector across the globe, especially in the domestic segment.
There has been a significant expansion in the housing sector, especially across the developing economies. The recent publication ‘Global Electric Fan Market Outlook, 2026’ offers a valuable insight with an emphasis on the global market from the period of 2015 to 2026. The segments considered for the study include type, application, and end-use industry along the main regions.
The report covers a detailed study on market drivers, restraints, opportunities, and challenges that are affecting the growth of this industry.
It also aims to study the individual growth trends, prospects, and contributions of various segments to the total market. As the coronavirus disease (COVID-19) crisis takes over the world, the report includes the changes in the markets, as well as the purchase behaviors of the consumers globally, and our estimates about the latest market trends and forecasts, are being done after considering the impact of this pandemic.
Growing urbanization in emerging economies is promoting the establishment of new residential buildings. Coupled with this, the increasing tendency of frequent interior renovations among the developing regions is expected to drive the market with a CAGR of over 4% through the forecasted period.
In terms of volume, the market is expected to grow over a difference of 84.74 Million Units from the year 2020 till the end of the forecasted period. As the governments in the developing economies have been working on providing shelters to low-income groups, the household application of the electric fan had witnessed growth to over 70% of the market in 2020.
Growth in commercial real estate, hospitality, and retail sectors and a need for cost-cutting which leads to a reduction in the use of air conditioners are to drive the commercial end user segment for the fan. Moreover, large-sized electric fans are an economically feasible option to ventilate a big space with a large number of people such as warehouses & factories, when compared to ACs. Thus by the end of the forecasted period, the market is expected to grow with an anticipated CAGR of 5.21%.
The global fan market is dominated by the ceiling fan type, which accounts for over 45% of the global market throughout. Among the major segments of the electric fan, the standing floor fan segment is to show the lowest market value difference, expected to reach a value of USD 2.30 Billion by the end of the forecasted period.
Asia Pacific is expected to dominate the global electric fan market, owing to rising infrastructural development and construction activities in emerging countries such as China, India, Japan, and many other developing countries in the region.
The region held to a share of over 50% of the global market since 2015 and is to grow over the forecasted period. Middle East & Africa is which held to the second lowest growth in the global market, is expected to grow with the highest anticipated CGAR of 5.92%.
North America is expected to register significant growth in the global market in terms of revenue, owing to increasing demand for customized or specifically designed electric fans in countries in the region.
Increasing utilization and distribution of electric fans by retail outlets and online sales platforms to meet increasing demand from consumers is another factor expected to boost the growth of the target market. China has been leading the global fan market, with a share of over 20% in 2015, and ever since have been in a decreasing trend without compromising on its market dominance.
The increasing demand for premium fans can be attributed to their high-performance efficiency and visual appeal. This has been the major reason for the growth of the electric fan market in the developed countries like the USA, UK, etc. The USA accounted for a share of 12.57% in the year 2015, which declined marginally to 12.04% by 2020.
Globally, Panasonic Corporation, Emerson Electric, and Westinghouse Electrics are the top 3 companies, which account for 6.32% of the market.
Other key players in the market include Hunter Fan, Crompton, Shell Electric MFG Co. Ltd, Big Ass Fans, Minka Lighting, Orient Electric, Henley Fan, Fantasia, Midea Group, Singfun Fans, Usha International Limited, and others, including the unorganized players in Asian countries like China & India. There is no vast differentiation between fan products offered by different companies. More or less the fans offered by different companies come with the same limited specifications. Vendors are increasingly focusing on innovating their products to improve performance efficiency, design, appearance, and convenience offered by technologies. Manufacturers are also emphasizing the deployment of IoT in modern electric fans which can be controlled remotely through cloud computing technology.
- Big Ass Fans
- Crompton Greaves Consumer Electricals Limited
- Emerson Electric Co.
- Havells India Limited
- Hunter Fan Company
- Minka Lighting Inc
- Orient Electric
- Panasonic Corporation
- Shell Electric Holdings Limited
- The Henley Fan Company Limited
- Westinghouse Electric Company LLC
For more information about this report visit https://www.researchandmarkets.com/r/4cgsu1
View source version on businesswire.com:https://www.businesswire.com/news/home/20210823005240/en/
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INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: Research and Markets
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PUB: 08/23/2021 04:52 AM/DISC: 08/23/2021 04:52 AM