TBRC’s Household Type Fans Market forecast provides a comprehensive perspective of market growth, regional analysis, trends, and business opportunities.
LONDON, April 26, 2022 /PRNewswire/ — Asia-Pacific holds the largest household-type ventilator market share, accounting for 47.2% of the total in 2021. It was followed by North America, then the other regions. Going forward, the fastest growing regions in the home type ventilator 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 Middle East and Africa where the markets are expected to grow at CAGRs of 6.20% and 6.19% respectively.
The global household fan manufacturing market size is expected to grow from $27.44 billion in 2021 for $29.59 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. The growth of the home-type ventilator market is primarily driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, working remotely and the closure of business activities that have resulted in operational challenges. The market should reach $36.60 billion in 2026 at a CAGR of 5.5%.
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Home Type Ventilator Market Trends See Increased Purpose During COVID
Companies in the home-type fan market are focusing on launching fans with air-purifying technology. Air Purifying Technology filters the air to remove pollutants and bad odors. For example, in March 2021Havells, a Indiaappliance supplier, launched Fanmate, a table fan equipped with a carbon filter to eliminate bad odors and purify the air. The company has also launched ceiling fans with air purifying technology. Havells Stealth Puro Air is equipped with a 3-stage air purifier that filters out pollutants, along with Volatile Organic Compound (VOC) filtration and provides a Clean Air Diffusion Rate (CADR).
Household type fans market segmentation
The household type fans market is segmented by product type 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 product type, accounting for 65.3% of the total in 2021. Going forward, the market for table, pedestal and wall-mounted fans is expected to be the fastest growing segment in the household type fans market segmented by product type, growing at a CAGR of 6.4% over the period 2021-2026.
The Household Type Fans market is also segmented by Power Type into AC Residential Fans, DC Residential Fans, by Application in Home and Commercial, and by Distribution Channel into In-Store Retail, Direct Sales and non-store retail.
Household Type Fans Market Drivers and Restraints
In the future, global population growth and urbanization, faster economic growth, growth in e-commerce, Internet of Things (IoT), increased global construction activity, economies of energy and benefits and steadily increasing global temperatures will drive the market growth. Factors that may hamper the household type fan market growth in the future include inefficiency in extreme heat and temperature, coronavirus pandemic and stringent energy regulations
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