By Daniel Webster, dWeb.News Publisher
NEW YORK, Nov. 16, 2021 /PRNewswire/ — According to the research report “Electric Fans Market – Forecast and Analysis Report 2020-2024“, the market witnessed a YOY growth rate of 2.30% in 2020 and is expected to grow at a CAGR of 3% between 2019 and 2024. The report is segmented by product (ceiling fans, floor fans, and wall-mounted fans) and geography (APAC, Europe, MEA, North America, and South America).
APAC is the largest market for electric fans. The significant increase in the number of government initiatives for the housing sector, the cost-effective supply chain of electric fans, and the increasing demand for luxury fans will provide significant growth opportunities for vendors during the forecast period.
View FREE Sample: to know additional highlights and key points on various market segments and their impact in coming years.
The global electric fans market is fragmented and the vendors are deploying various organic and inorganic growth strategies such as forming strategic alliances and introducing new products to compete in the market.
Crompton Greaves Consumer Electricals Ltd. – In October 2019, the company launched Air Buddy, a kitchen fan for a comfortable and convenient kitchen experience.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
Bajaj Electricals Ltd.
Crompton Greaves Consumer Electricals Ltd.
Delta T LLC
Emerson Electric Co.
Havells India Ltd.
Hunter Fan Co.
Orient Electric Ltd.
Phillips Lighting & Home
Westinghouse Electric Corp.
Find additional highlights on the growth strategies adopted by vendors and their product offerings. Read Free Sample Report.
Geographical Market Analysis
APAC will provide maximum growth opportunities in the electric fans market during the forecast period. According to our research report, the region will contribute 41% of the global market growth and is expected to dominate the market through 2024.
In addition, countries such as India, the Philippines, and Vietnam are expected to emerge as prominent markets for electric fans during the forecast period.
Know more about this market’s geographical distribution along with the detailed analysis of the top regions. www.technavio.com/report/electric-fan-market-industry-analysis
Key Market Trends & Challenges:
Increasing product innovations is one of the prominent trends that is likely to drive market growth. Vendors in the market are focusing on incorporating advanced technologies and features in their products to provide better performance efficiency, design, appearance, and convenience. Some vendors are introducing IoT-enabled ceiling fans that can be controlled remotely. Similarly, the introduction of anti-germ fans ceiling is gaining prominence in the market. The introduction of such innovative products is expected to fuel the growth of the market during the forecast period.
However, the increased use of air conditions is expected to hamper the market growth. Globally, the significant increase in the disposable of consumers has increased the adoption of air conditioners. Moreover, air conditioners work efficiently in both low and high-temperature zones compared to electric fans. Besides, the rising adoption of multifunctional air conditioners will have a negative impact on the growth of market vendors during the forecast period.
View free sample for highlights on market Trends & Challenges affecting the Electric fans market.
Customize Your Report
Don’t miss out on the opportunity to speak to our analyst and know more insights about this market report. Our analysts can also help you customize this report according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.
We offer USD 1,000 worth of FREE customization at the time of purchase. Speak to our Analyst now!
Electric fans Market Value Chain Analysis
It includes the following core components:
Marketing and sales
Electric Fans Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 3%
Market growth 2020-2024
USD 2.06 billion
YoY growth (%)
APAC, Europe, MEA, North America, and South America
Performing market contribution
APAC at 41%
Key consumer countries
India, the Philippines, Vietnam, and China
Leading companies, competitive strategies, consumer engagement scope
Bajaj Electricals Ltd., Crompton Greaves Consumer Electricals Ltd., Delta T LLC, Emerson Electric Co., Havells India Ltd., Hunter Fan Co., Orient Electric Ltd., Panasonic Corp., Phillips Lighting & Home, and Westinghouse Electric Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
For more dWeb.News Business News: https://dweb.news/news-sections/business-news/
The post BUSINESS: Electric Fans Market Size To Grow By USD 2.06 Billion | Market Research Insights Highlight Increasing Product Innovations As Key Trend | Technavio appeared first on dWeb.News dWeb.News from Daniel Webster Publisher dWeb.News – dWeb Local Tech News and Business News