IMARC Group has recently released a new research study titled Ceiling Fan Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How Big is the Ceiling Fan Market?
The global ceiling fan market size reached US$ 10.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.9 Billion by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2023-2028. Ceiling fans are mechanical fans that are powdered electronically and are mounted on the ceiling of enclosed spaces. They consist of rotating blades that move in a clockwise direction and assists in creating movements in still air and circulating it in the room. Their use aids in cooling the space effectively while requiring very little maintenance. They are characterized by their cost-effectiveness, energy-efficiency and an extended service life. Consequently, they are widely utilized across both the residential and commercial establishments.
Ceiling Fan Market Trends and Growth Drivers:
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. This is further supported by the numerous initiatives undertaken by the governments of various countries to expand housing projects and smart cities. They are also introducing various schemes to accommodate individuals with low- and middle-income levels in housing schemes. Since ceiling fans are one of the most commonly used appliances across households, this is providing an impetus to their uptake on the global level.
Apart from this, manufacturers have also introduced several premium products that are gaining widespread prominence among the urban population. This, along with the inflating per capita income levels of the masses and an enhanced focus on improving the aesthetic appeal of homes, is expected to provide a boost to the sales of lighting and decorative fans with unique designs and sleek appearance.
Some of the other factors contributing to the market growth include significant growth in retail and hospitality sectors, along with the easy product availability through online shopping portals.
Report Sample: https://www.imarcgroup.com/prefeasibility-report-ceiling-fan-manufacturing-plant/requestsample
Who Are The Key Players Operating In The Industry?
Emerson Electric Co., Hunter Fan Company, Crompton Greaves Consumer Electricals Ltd., Broan-NuTone LLC and Shell Electric Holdings Limited.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Standard Fan
- Decorative Fan
- High Speed Fan
- Energy Saving Fan
- Others
Breakup by Fan Size:
- Small
- Medium
- Large
Breakup by End-Use:
- Residential
- Commercial
- Industrial
Breakup by Distribution Channel:
- Offline Stores
- OnlineStores
Regional Insights:
- China
- India
- European Union
- United States
- Brazil
- Others
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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