The scope of our recent study on the "Household Fans Market Forecast to 2031 -Global Analysis - by Product Type, Distribution Channel and Geography" includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players and their key developments.
The household fans market size was valued at US$ 13.67 billion in 2023 and is projected to reach US$ 20.18 billion by 2031; it is anticipated to record a CAGR of 5.0% from 2023 to 2031. The household fans market consists of small electrical appliances dedicated to the circulation and cooling of air in home environments. This includes various fan types, such as ceiling fans, pedestal fans, table fans, tower fans, and wall-mounted fans. Factors such as rising temperatures, increasing urbanization, and raising awareness for energy-efficient cooling solutions are a few of the major driving the growth of the household fans sector. Innovative technologies have led to the creation of smart fans, such as remote-control fans, fans with variable speeds, fans integrated into home automation systems, etc. The intensity of competition is high, with both well-known brands and newcomers competing for market share through product innovation, energy efficiency, and aesthetic design. Geographical preferences and climatic conditions affect customer choices, as tropical and subtropical areas are more prone to higher temperatures, leading to huge demand. As environmentally-conscious consumers rise to the forefront of the consumer world, more and more people are showing an inclination for energy-efficient appliances and those using sustainable materials.
In recent years, several trends have shaped the household fans market in emerging countries such as China, Japan, South Korea, India, and Australia. One of these trends is the growing preference for multifunctional household fans. Consumers seek versatile products that perform multiple tasks, promoting efficiency and energy-saving in their household. As a result, manufacturers have responded to these demands by developing innovative household fans.
In terms of revenue, in Asia Pacific, China accounted for the largest household fans market share. China is one of the fastest-growing economies worldwide. Almost all industries in the country are experiencing significant growth due to improving living standards, increasing population, and growing per capita income. The government of China is expected to spend US$ 13 trillion yearly on the construction of buildings by 2030. As per the National Bureau of Statistics of China, the construction output value in China grew from US$ 1.51 trillion in 2010 to US$ 4.34 trillion in 2022. In addition to the continuous population growth, rising household income levels and the increasing number of people migrating from rural to urban areas favor the proliferation of the residential construction industry. The augmented focus on affordable housing by the public and private sectors further contributes to the expansion of the residential construction industry, which fuels the demand for household fans in China. Further, the housing authorities of Hong Kong have launched various measures to encourage low-cost housing. The officials aim to offer 301,000 public housing units by 2030. Such initiatives by the government of China fuel the market growth in the country. All these properties of household fans play a major role in contributing to the household fans market growth in the country. India is another major economy contribution to the growth of the household fans market in APAC. In terms of value, the household fans market in India was valued at US$ 848.40 million in 2023 and is projected to reach US$ 1,452.13 million by 2031; it is expected to register a CAGR of 6.9% during the forecast period. The construction industry in India includes the real estate and the urban development segment. The real estate segment primarily covers the residential sector.
Crompton Greaves Consumer Electricals Ltd, Honeywell International Inc, Lasko Products, LLC, Vornado Air, LLC, Panasonic Holdings Corp, Hunter Fan Co, Ozeri, SEG Products Inc, SEB SA, and TOSHIBA CORPORATION are among the prominent players profiled in the household fans market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The household fans market report also includes company positioning and concentration to evaluate the performance of competitors/players in the market.
The global household fans market is segmented into five main regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the global household fans market in 2022. The major factor driving the household fans market in Asia Pacific is the growing urbanization and industrialization.
Global Household Fans Market Breakdown - by Region
The report includes the segmentation of the global household fans market as follows:
The household fans market report aims to provide an overview of the market with detailed market segmentation. The market is segmented on the basis of product type, and distribution channel. Based on product type, the household fans market is segmented into ceiling fan, pedestal fan, table fan, exhaust fan, wall fan, and others. In 2023, the ceiling fan segment held the largest market share, and it is expected to register the highest CAGR from 2023 to 2031. Ceiling fans are often equipped with multiple speed settings and can rotate in different directions; counterclockwise rotation is used in summer to create a cooling breeze, while clockwise rotation in winter helps redistribute warm air trapped near the ceiling. Modern ceiling fans might also include additional features such as integrated light fixtures, remote controls, and smart technology compatibility, allowing for more efficient and convenient operation.
Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2023, the supermarkets and hypermarkets segment held a significant household fans market share. Major supermarkets and hypermarkets such as Walmart, Carrefour, Tesco, and Aldi offer a variety of fan options to cater to diverse consumer needs. These retail giants stock products from leading fan brands such as Dyson, Honeywell, Lasko, Vornado, and Panasonic, ensuring a variety of choices in terms of design, functionality, and price points. The convenience and accessibility of purchasing fans from supermarkets and hypermarkets make them a preferred shopping destination for many consumers. Promotional activities and seasonal discounts bolster sales, with retailers often offering significant deals during the summer months.
By geography, the global household fans market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North American household fans market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific household fans market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The South & Central America household fans market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com