Household Type Fans Market Industry Analysis Shows Asia-Pacific Accounting For Almost Half The Global Market Share
TBRC's household type fans market forecast gives a comprehensive outlook of market growth, regional analysis, trends, and opportunities for businesses to take.
LONDON, April 26, 2022 /PRNewswire/ -- Asia-Pacific has the largest household type fans market share, accounting for 47.2% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the household type fans market will be South America and Asia-Pacific where growth will be close at CAGRs of 6.42% and 6.41% respectively. These will be followed by the Middle East and Africa where the markets are expected to grow at CAGRs of 6.20% and 6.19% respectively.
The global household fans manufacturing market size is expected to grow from $27.44 billion in 2021 to $29.59 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. Household type fans market growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $36.60 billion in 2026 at a CAGR of 5.5%.
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Household Type Fans Market Trends See Increased Purpose During COVID
The companies in the household type fans market are focusing on launching fans with air purification technology. The air purification technology filters the air to remove pollutants and bad odors. For example, in March 2021, Havells, an India-based provider of home appliances, launched Fanmate, a table fan that is equipped with a carbon filter to remove bad odors and purify the air. The company also launched ceiling fans with air purification technology. Havells Stealth Puro Air is equipped with a 3-stage air purifier that filters pollutants, along with volatile organic compounds (VOCs) filtration and delivers a Clean Air Delivery Rate (CADR).
Household Type Fans Market Segmentation
The household type fans market is segmented by type of product into ceiling fans, table, pedestal and wall fans and exhaust fans and others. The ceiling fans market was the largest segment of the household type fans market segmented by type of product, accounting for 65.3% of the total in 2021. Going forward, the table, pedestal and wall fans market is expected to be the fastest growing segment in the household type fans market segmented by type of product, at a CAGR of 6.4% during 2021-2026.
The household type fans market is also segmented by type of current into AC residential fans, DC residential fans, by application into home and commercial, and by distribution channel into store-based retailing, direct sales and non-store-based retailing.
Household Type Fans Market Drivers And Restraints
Going forward, global population growth and urbanization, faster economic growth, growth of e-commerce, internet of things (IoT), increase in global construction activity, energy savings and benefits and steadily increasing global temperatures will drive the growth of the market. Factors that could hinder the growth of the household type fans market in the future include ineffectiveness in severe heat and temperature, the coronavirus pandemic and stringent energy regulations
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