Even though the current generation understands the need for energy conservations, yet the energy-saving fan segment contributes to the lowest of USD 0.74 Billion by the end of the forecasted period. The growth of this segment is majorly restrained by its high cost. Growing spending on interior decorations is more focused on adding charms to space which is to let the decorative fan segment grow with an anticipated CAGR of 4.30%.
A ceiling fan is highly preferred by consumers on account of its advantageous properties over air-conditioners like better shelf-life, low power consumption, high energy efficiency, and cost-effectiveness. According to the report ‘Global Ceiling Fan Market Outlook, 2026’ by Actual Market Research, the ceiling fan market that has come a long way, is to USD 3.52 Billion from 2015 to 2026. The market is further aided by the increasing demand for ceiling fans due to inflating income levels of the consumers and the growing availability of electricity. Furthermore, the ceiling fan can provide cooling at a low velocity. Factors such as ease to installation and affordability offered by these ceiling fans are expected to remain favorable for the segment growth in the upcoming years, allowing a volume growth of over 185.4 Million Units.
The household application of the ceiling fan in the global market was approx. 72% of the total market in the initial years. With smaller cafes, offices, and other commercial spaces shifting towards electric fans for added ambiance and to save on energy consumption, the commercial use of the ceiling fan is also increasing, allowing the market to reach a value of USD 4 Billion by the end of 2026. Factors such as ease to installation and affordability offered by medium-sized ceiling fans are expected to remain favorable for the segment growth in the upcoming years, which was at USD 6 Billion. The small size of these ceiling fans is expected to promote utility in kitchens, where they are placed right on the countertop by facing cooks' direction to increase air circulation in the kitchen. The segment is to grow to a difference of USD 0.70 Billion between the historic period and the forecasted period.
Asia Pacific region is taking a larger share in the geographic segment. It is followed by, Europe, North America, and Middle East & Africa. The global ceiling fan market is driven by the growing housing sector, especially in developing economies. Urbanization in developing countries such as China and India is expected to play a key role in promoting the establishment of new residential buildings. These two major economies, which together contributed to a share of 31% in the year 2020. These regions are currently highly inclined towards the offline sales channels for the fan industry, while the online sales channel is in a positive trend. These channels can provide the access to a wide range of ceiling fans from all the major companies under a single platform. Furthermore, offline channels, particularly supermarkets, offer various add-on benefits such as membership plans for the customers and attractive warranty plans to the consumers. These features play a vital role in ensuring better retention of customer relationships with offline channels. The governments of various emerging countries have set up the goal of providing electricity to the remote rural areas which are expected to influence the demand for ceiling fans in the upcoming future. This has been a major driver for the ceiling fan market, where currently the manufacturers are focused on high energy efficiency, better shelf-life, low power consumption, and cost-effective models, without compromising on their margins.