The 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. Ceiling fans facilitate air circulation and create a cooling effect by accelerating sweat evaporation and heat exchange through convection.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ceiling Fans Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product, Fan Size Industry, End User, and Geography" - https://www.reportlinker.com/p06027527/?utm_source=GNW
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 décor 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.
Based on end user, the ceiling fans market is segmented into residential, commercial, and industrial.The residential segment accounted for the largest share in the global ceiling fans market in 2019.
Ceiling fans help disperse cool air efficiently in summers and it is cost effective.These factors boost their use in the residential sector.
Further, the market for this segment is driven by rising government initiatives toward household electrification, mainly in developing countries such as India and China. .
On the basis of geography, the ceiling fans market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa.In 2019, Asia Pacific held the largest share in the market.
Rising urbanization and industrialization in developing countries such as India and China are playing a major role in the establishment of new residential buildings.Over the past few years, the public and private sector banks in these countries have been offering home loans with low down payments and reduced interest rates.
Hence, customers are increasingly spending on purchasing stand-alone houses and flats.This trend of purchasing new residential properties has created immense opportunities for the ceiling fans market.
Furthermore, ceiling fans contribute considerably to residential electricity consumption, especially in developing Asia Pacific countries with warm climates.
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.
Manufacturing industry is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office 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.
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, and Panasonic Corporation are a few of the major players operating in the ceiling fans market.
The ceiling fans market size has been derived in accordance with both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the ceiling fans market.
Read the full report: https://www.reportlinker.com/p06027527/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001