Ceiling Fans Market Insight, Size, Revenue, Growth Opportunities, Competitive Analysis, Trend

A ceiling fan is an electrically-powered mechanical fan which employs hub-mounted rotating blades in order to produce and circulate the air. It cools the space by rotating its paddles in a clockwise direction which creates movement in the still air. In the developing nations, ceiling fans are immensely popular owing to their cost-effectiveness and a longer life-span of approximately 10 years. On the contrary, ceilings fans are evading from the developed nations such as the United States or Europe, since the emergence of air conditioners. A new research report by IMARC Group, the global ceiling fan market size reached a value of US$ 9,288 Million in 2018. The report further anticipates the market to reach approximately US$ 11,332 Million by 2024, at a projected CAGR of 3.3% over the forecast period.

Market Drivers/Constraints:

• The major factor that is boosting the market growth is flourishing construction industry globally. Moreover, the governments across various nations are investing in housing projects for the dwellers in slums and rural areas, in order to provide them with basic amenities.
• Apart from this, manufacturers have been constantly expanding their product portfolio by introducing premium product line such as decorative fans with lighting. This has highly contributed to the growth of the market.
• Some of the other forces which are further stimulating the market growth include soaring population, elevating disposable incomes, urbanisation and rising electrification rates in emerging nations.
• However, the market growth faces several challeneges. The ceiling fan market is facing a constant hindrance in their demand due to the emergence of substitutes such as air conditioners which are gaining traction worldwide.

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Created on Sep 17th 2019 05:35. Viewed 295 times.

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