October 2020
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global fan market bwc20176
Global Fan Market Size – Industry Trends & Forecast Report
2026
The global fan market has reached USD 19.1 billion in 2019 and
is further projected to reach USD 23.8 billion by 2026, growing at a CAGR of
4.2% during the forecast period. Fans are largely used for multiple purposes
such as circulating air in rooms and buildings, exhausting dust, and noxious
fumes, conveying light materials, and others. Thus, these beneficial usages of
fans are factors expected to drive the growth of the global fan market over the
forecast period.
Source: BlueWeave Consulting
Global Fan Market Overview:
Fans are beneficial for circulating air in room environments. It
is an electronic device that works by consuming power to generate circular air
motion within the air. A
fan is a device known for producing a current of air and
other gases. A fan consists of various parts such as an electric motor, blade
irons, flywheel, rotor blades, and mechanisms for mounting the fan, such as a
ball-and-socket system. The ease of affordability of fans is increasing which
lead to the lucrative growth of the global fan market in the last few years.
Moreover, recent product advancements and highly innovations such as various
shapes, color combinations, and designs are expected to support the growth of
the target market shortly.
Global Fan Market Forecast and Trends
Growth Drivers
Technological advancements in electrical devices
The modern advancements in electrical engineering are getting
efficient and effective under varying operating conditions which have various
advantages with more diversified services. Different engineering approaches
have been used to raise the collection and distribution efficiency of the fans.
The aesthetic improvements in fans with the help of a sophisticated technology
leads to low power consumption. Additionally, remote control power technology
for fans is also getting developed across several regions. These technological
advancements would benefit the global fan market by generating more demand and
sales during the forecast period.
Increasing demand for fans in the residential sector
The fan market is exhibiting increased demand for fans on
account of the growing construction sector, primarily residential. Several
developing countries including China, India, Mexico, Indonesia, Philippines,
Nigeria, and others are posting several housing projects on account of the
growing urban population. The market is expected to gain traction from rising
investment by developing nations in infrastructure development, rapid
urbanization, and increased spending on infrastructure in the coming years. The
middle-income group segment accounts for major demand for fans and would
continue to dominate during the forecast period as well.
Restraints
Increasing raw material and labor cost
The factor that can impact the fan market is the concern about
raw material prices and labor costs. Like most other products, the law of
supply and demand directly governs the cost of raw materials. When the supply
of certain raw material gets high, raw material costs also increases. The
supply chain and the distribution process are also likely to get impacted by
the rise in raw material cost. Thus, high material and labor costs would impact
the manufacturing and production of fans in the market.
Impact of COVID-19 in the industry
The World Health Organization (WHO) now considers the novel
coronavirus (COVID-19) to be a pandemic. Developing countries are particularly
at risk as COVID-19 due to a reduction in the labor force, affect economies and
livelihoods as well as a reduction in production operations. Due to the high
infection rate and adverse impact on public health systems, various governments
have enforced nationwide lockdowns significantly impacting manufacturing supply
chains, trade, and related services. Players are currently considering digital
solutions that would enable them to serve the community and provide new
opportunities to do business. Considering that most of these industries have
been impacted due to the lockdown, it is expected that the demand for fans
would also get impacted going forward due to disruptions in the manufacturing
and supply chain of the global fan market.
Production and operation, and infrastructural development
activities, have slowed down on account of the spreading of coronavirus, which
is further anticipated to impact the demand for fans. Asia Pacific is
anticipated to get highly affected by the spread of COVID-19 because of the
pandemic in China, Japan, and India. However, with the expected arrival of
vaccines by the end of the 2nd quarter of 2021, the market is forecast to
bounce back, with demand majorly coming from the Asia Pacific region.
Global Fan Market: By Type
Based on segmentation, the global fan market is segmented into floor fans,
box fans, tower fans, table fans, and others. The increasing demand for floor fans
is likely to dominate the market during the forecast period. Floor fans' key
attributes such as low cost, user-friendly, easy to operate, and portability
makes it a favorite choice for households. It can provide air circulation on
the floor level
and are also able to create excellent ventilation within the room by pushing
the stale air out and drawing in the fresh air.
Global Fan Market: By End User Industry
Based on end-user, the fan market is categorized into
residential, commercial, and industrial. The residential sector is likely to
dominate the market during the forecast period. The rise in residential
construction projects along with growing advanced technology developments would
likely significantly support the growth of the fan market. This can be
attributed to rising government initiatives on household electrification in the
residential sector. Besides, the rapidly changing temperature, coupled with the
need for air circulation, is also responsible for driving the segment
growth.
Source: BlueWeave
Consulting
Global Fan Market: Regional insights
The global fan market is segmented into five regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, wherein the Asia Pacific accounts for the highest share. Warm weather conditions, along with the considerable population, are majorly propelling fans' consumption in the Asia Pacific region. The growing adoption of fans in commercial and residential sectors increased the need for fan manufacturing at a larger scale for long-term usage demand across the globe. Region-wise, China is considered as one of the largest producers and exporters of fans worldwide.
Recent Development
·
In May 2019, LG launched a smart fan which has a LED display. This fan
has several features such as special sleeping mode and it is also able to
operate silently using its biomechanically designed blades.
·
In February 2020,
Orient Electric Limited announced the launch of a new i-Series range of fans
which is powered by ECM technology. The new Orient i-Series fans of the company
have the capabilities to save 50% energy as compared to other ordinary fans.
Competitive landscape
Key players for fan market includes:-Emerson Electric
Co., Hunter Fan Crompton
Greaves, Shell Electric MFG Co. Ltd,
NuTone, Bajaj Electricals Ltd, Delta TLLC, Havells India Ltd, Panasonic Corp,
Philips Lighting and Home, Orient Electric Ltd, Hunter Fan Co, Ajanta
Electricals, Hunter Fan Company, The Henley fan Company Ltd, Del Mar Fans &
Lighting, Trane Technologies plc, Howden Group Ltd, Greenheck Group Ltd, King
of Fans, Inc, Airmaster Fan, Aerovent and others. The market players
compete based on the given product quality and the equipment used for manufacturing
fans. Several key players are engaged in mergers and acquisitions, expansion of
their manufacturing facilities, infrastructural growth, investment in R&D
facilities and the quest for opportunities to expand vertically through the
value chain.
Scope of the Report
Attribute |
Details |
Years Considered |
Historical
data – 2016-2019 Base Year –
2019 Forecast – 2020 – 2026 |
Facts
Covered |
Revenue in USD Billion |
Market
Coverage |
U.S,
Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South
Korea, China, India, Argentina, AUAE, South Africa, Saudi Arabia |
Product/Service
Segmentation |
By type and end
user industry |
Key Players |
Key
players for Fan Market
includes: Emerson Electric Co., Hunter Fan Crompton
Greaves, Shell Electric MFG Co. Ltd,
NuTone, Bajaj Electricals Ltd, Delta TLLC, Havells India Ltd, Panasonic Corp,
Philips Lighting and Home, Orient Electric Ltd, Hunter Fan Co, Ajanta
Electricals, Hunter Fan Company, The Henley fan Company Ltd, Del Mar Fans &
Lighting, Trane Technologies plc, Howden Group Ltd, Greenheck Group Ltd, King
of Fans, Inc, Airmaster Fan, Aerovent and other players. |
Scope of the Report
By Type
Ø Floor Fans
Ø Box fans
Ø Tower Fans
Ø Table Fans
Ø Others
By End User Industry
Ø Residential
Ø Commercial
Ø Industrial
By Region:
Ø Asia Pacific
Ø North America
Ø Europe
Ø Middle East & Africa
Ø Latin America
We've been tracking the direct impact of COVID-19 on this market, and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Contact our sales team for more details at
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