The Household Fans Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Household Fans Global Market Report 2024, The household fans market size has grown steadily in recent years. It will grow from $31.3 billion in 2023 to $32.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to consumer preferences for cooling solutions, energy efficiency concerns, urbanization and housing trend, climate and weather patterns, regulatory standards and certifications.
The household fans market size is expected to see steady growth in the next few years. It will grow to $38.66 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to growing marketing strategies and consumer education, integration with renewable energy, urbanization and compact living, health and air quality concerns, innovations in design and aesthetics. Major trends in the forecast period include quiet operation and noise reduction, energy efficiency and eco-friendly designs, smart and connected features, innovative design and aesthetics, versatility and multi-functionality.
Increased electrification, especially in rural areas, has contributed to the growth of the household fan market in the historic period. Electrification, coupled with the rise in disposable income, has boosted the demand for household fans. For example, in India, the percentage of the rural population with access to electricity increased to 89.3%. The percapita net disposable income increased to $2,018.53. The rise in disposable income increased the purchasing power of people, which in turn increased the household fan manufacturing market.
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The household fans market covered in this report is segmented –
1) By Type Of Product: Ceiling Fans, Table Fans, Pedestal Fans, Exhaust Fans, Wall Fans
2) By Type of Current: AC Residential Fans, DC Residential Fans
3) By Application: Home, Commercial
4) By Distribution Channel: Store-based Retailing, Direct Sales, Non-Store-based Retailing
Household fan manufacturers are increasingly producing energy-efficient products to reduce their carbon footprint and enable energy savings for 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 the latest technology, and are 60% more efficient than conventional ceiling fans.
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