Asia-Pacific Electric Fan Market Research Report, 2027

Hot weather conditions and rising urbanisation in developing countries like India & China is the major factor driving the electric fans market. Urbanization is projected to play a crucial role in fostering the development of new residential buildings. For instance, new schemes to provide shelter to low-and middle-income groups are being introduced by the governments of China and India. Moreover, over the last few years, private and public sector banks in these countries have offered lower interest rates and low down payments for home loans. As a result, buyers are steadily spending on buying new apartments and stand-alone homes, and this trend of buying new apartments or houses is expected to stimulate the use of electric fans over the next few years. The governments of various countries are implementing schemes to provide electricity to rural households. For instance, in 2018, India's government started an initiative to provide electricity to 100% of households. These progressive policies are expected to play a key role in increasing the business reach of rural households over the next few years. Furthermore, increased infrastructure initiatives by governing bodies in developing countries are raising the market for electric fans in residential and commercial areas. According to the research report, "Asia-Pacific Electric Fan Market Research Report, 2027," published by Actual Market Research, the market is expected to grow at a CAGR of 4.21% in terms of value. In terms of volume, it grew from 259 million units in 2016 to a little over 280 million units in 2021. Electric fan average selling prices are steadily rising, contributing to higher revenues. India is expected to be the fastest growing market for electric fans in the forecast period, capturing almost 17% of the market share by the end of 2027. Battery operated portable fans are expected to be in high demand, as they can be easily placed anywhere and have their batteries recharged to work for 2.5 hrs. to 20 hrs. at a stretch. The commercial use of electric fans is rapidly increasing. Decorative ceiling fans are expected to grow at a projected CAGR of 4.48% over the coming period due to increased renovation activities and matching the interiors of homes, though the high prices of decorative fans are a major hindrance. Consumers prefer to buy their electronics and appliances after testing their performance. Hence, offline sales are the maximum, though rising e-commerce is propelling consumers to shift to online buying, often lured in by offers and discounts. The most commonly used fans in residential homes are 3-blades in Asia-Pacific. These fans have a dynamic blade balance. Such fans are very stylish and aesthetically appealing. 3 blade fans generally have high speeds and, due to their reduced weight, require less energy to rotate. These fans are lighter and hence more energy efficient, helping to cut down on electricity bills. And that’s the reason why we Indians have 3 blade fans with no extra lighting fixtures. Although there are fans with 3 blades which are noisier, those fans are for industrial use. Also, three blades turned out to be the optimum number of blades for best air moving performance and efficiency in a ceiling fan’s case. Given the fact that America is already a developed country where air conditioning is not a luxury, it’s quite likely that every household does have an air conditioning system, unlike in India where air conditioning is still considered a luxury. Since the majority of households don’t have air conditioners, or even if they do have them, the high electricity price doesn’t always make them use them. Hence, in developing countries of Asia, fans with high speeds are most widely used, so as to get a cooling effect, although it’s just a perceived cooling effect. Smart electric fans are expected to be in high demand over the forecast period, growing at a CAGR of 5.47%. China and Japan are the largest markets for smart ceiling fans. Smart fans are equipped with smart technologies to make the fan spin and keep the air still according to the needs of the user. A smart fan can be programmed at a pre-set temperature for it to adjust or a schedule within which the fan can operate. Smart fans operate via Wi-Fi or Bluetooth. This means it can be remotely controlled and programmed to operate within a given setting and schedule even while one is away from home. Consumers can operate a smart ceiling fan through smartphones and voice commands through Alexa and Google Assistant. Consumers' changing lifestyles, combined with their growing preference for convenient residential products, are expected to be major factors driving the market. Rising adoption of smart household appliances further drives the demand for smart electric fans. Additionally, these products come with advanced features like humidity control, dust and aerial microorganism free air, high ventilation, climate control, and energy saving, which is set to boost market growth. Furthermore, smart ceiling fans with LED lights are projected to create a new avenue in the smart ceiling fan market. However, increased complexity and high maintenance costs are expected to restrict the smart ceiling fan market. Further, increased complexity and changes in material costs are likely to hamper the market. Besides, certain government regulations are estimated to negatively affect the growth of the smart ceiling fan market. Since the Asia-Pacific region has the world’s largest population, the pandemic greatly affected all industries. According to the Organization for Economic Co-operation and Development (OECD), the pandemic also affected other economies outside China, such as India, Australia, and Japan, and the region experienced downward inflation. The sudden closedown of all economic activities, including manufacturing plants of both essential products and luxurious items, impacted the overall economy of the region. China, being the manufacturing hub of the world, has many major players and distributors located in the country. The temporary shutdown of the supply chain to manufacturers of ceiling fans is expected to negatively impact the market. Additionally, a reduction in demand from the commercial sector has been observed across countries like India. This decrease in demand, combined with slow recovery, would have a negative effect on the ceiling fan market across the region owing to the pandemic. Major Companies present in the market: Luminance, Hunter Fan Company, The Henley Fan Company Ltd, Orient Electric, Midea Group, Singfun Fans, Panasonic Corporation, Crompton Greaves Consumer Electricals Limited, Big Ass Fans, Shell Electric Holdings Limited, Havells India Limited, Usha International Limited. Considered in this report • Geography: Asia-Pacific • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Asia-Pacific Electric Fan market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Countries covered in the report • India • China • Japan • Australia By Electric Fan Type in the report • Ceiling Fan • Wall mount • Desk/ Table Fan • Floor Standing/ Pedestal Fan • Others ( battery operated, etc) By Application in the report • Household use • Commercial use By Technology in the report • Smart fan • Non-smart fan By Ceiling Fan type in the report • Standard Fan • Decorative Fan • High Speed Fan • BLDC (energy saving) fan • Others (LED fan, etc) By Ceiling Fan size in the report • Small • Medium • Large By Ceiling Fan Application in the report • Household use • Commercial use By Ceiling Fan Sales Channel in the report • Online • Offline The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to electric fan industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.