According to the new research report published by The Insight Partners, titled “Ceiling Fans Market Forecast to 2027 – COVID-19 Impact and Global Analysis – By Product (Standard and Decorative), Fan Size Industry (Small, Medium, and Large), and End User (Residential, Commercial, and Industrial),” the market was valued at US$ 10,189.33 million in 2019 and is projected to reach US$ 16,172.19 million by 2027; it is expected to grow at a CAGR of 6.0% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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INCREASE IN SPENDING ON THE PREMIUM QUALITY DECORATIVE ITEM – INFLUENCE THE CEILING FANS MARKET GLOBALLY
Modern customers tend to spend on appliances that are both durable and attractive. The increasing spending on high-quality home decor at the global level is expected to encourage the use of ceiling fans with added features such as layered light fixtures and interchangeable blades. Furthermore, manufacturers are introducing premium products, such as lighting fans, decorative fans, etc., which is increasing the demand of decorative ceiling fans in the market.
Urbanization in emerging economies across the globe is promoting the establishment of new residential buildings and is subsequently aiding the market expansion. Furthermore, the increased spending on premium products of home décor is further propelling the demand for ceiling fans with new innovative features such as interchangeable blades, lighting fans, and smart fans with the feature of voice control and connectivity access to tablets and smartphones.
Impact of COVID-19 Pandemic on Ceiling Fans Market
The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. China, is a manufacturing hub and the largest raw material supplier for various industries, is also one of the countries that experienced early effects of this pandemic. The lockdown of various plants and factories in China affected the global supply chains and disrupted manufacturing and delivery schedules, and sales of various materials. Different companies have already made announcements regarding possible delays in product deliveries and slump in future sales of their products. In addition, travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships. These factors are limiting the growth of several industries, including the consumer electronics industry.
Some of the companies competing in Ceiling Fans Market are
- Big Ass Fans
- Kichler Lighting LLC
- Minka Lighting Inc.
- Luminance Brands
- Crompton Greaves Consumer Electricals Limited
- Havells India Ltd.
- Hunter Fan Company
- Westinghouse Electric Corporation
- Fantasia Ceiling Fans
- Panasonic Corporation
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