Global Fan Market, By Type (Floor Fans, Box fans, Tower Fans, Table Fans, and Others), By End User (Residential, Commercial, and Industrial), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2020-2026

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

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