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Household Type Fans Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Household Type Fans Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6071968
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the household type fans market are Hunter Fan Company, Casablanca, Emerson Ceiling Fans, Minka, Monte Carlo, Craftmade, Litex, Fanimation, Kichler and Panasonic

The global household type fans market is expected to grow from $17.45 billion in 2020 to $19.11 billion in 2021 at a compound annual growth rate (CAGR) of 9.5%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $26.89 billion in 2025 at a CAGR of 9%.

The Household Type Fans manufacturing market consists of sales of household electric fans including ceiling fans, table fans, pedestal fans, exhaust fans and wall fans.

Increased electrification especially in rural areas has contributed to the growth of the Household Type Fans market in the historic period.Electrification coupled with the rise in disposable income has boosted the demand for Household Type Fans.

For example, in India, the percentage of rural population with access to electricity increased to 90% in 2019. The net disposable income of Per capita rose to $1,836.68 during the 2019-2020 period, exhibiting a spike of 6.8% compared to the 2018-19 period, with a growth rate of 10.0%. Rise in disposable income increased the purchasing power of the people which in turn has increased the market for Household Type Fans.

Increased tariffs on raw materials such as steel and aluminium restrained the market for Household Type Fans in the historic period.Steel and aluminium are predominantly used in manufacture of components such as blades for fans.

Increasing import tariffs on raw materials such as steel hindered the market for Household Type Fans. For instance, in 2018, USA imposed 25% and 10% tariffs on import of steel and aluminium respectively.

The Household Type Fans market covered in this report is segmented by type of product into ceiling fans, table fans, pedestal fans, exhaust fans, and wall fans.The Household Type Fans market in this report is segmented by type of current into ac residential fans, and dc residential fans.

The Household Type Fans market in this report is segmented by application into home, and commercial. The Household Type Fans market in this report is segmented by distribution channel into store-based retailing, direct sales, and non-store-based retailing.

Household type fans manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers.The rise of energy-efficient appliances can be attributed to stringent government regulations on electric home appliances and advances in technology.

Energy efficient fans are designed to utilize minimum energy.Currently, over 80 countries have standards and labels for energy efficient appliances.

For example, in the USA, ENERGY STAR certified ceiling fans provide cutting edge design, use latest technology and are 60% more efficient than conventional ceiling fans.

In October 2019, Hunter Fan Company, manufacturer and distributer of fans has acquired Entrepreneurial Pursuits, Inc. for an undisclosed amount. This acquisition will help Hunter Fan Company to expand their product portfolio and allows the company to provide a more holistic solution to customers. Entrepreneurial Pursuits, Inc was engaged in manufacturing and distributing of fixed and rolling mount caged fan solutions for commercial and industrial uses.

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