Household Type Fans Global Market Report 2022

2022-06-04 02:07:26 By : Ms. Merity Tan

March 24, 2022 13:25 ET | Source: ReportLinker ReportLinker

New York, March 24, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Household Type Fans Global Market Report 2022" - The global household type fans market 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%.The 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%. The household fans manufacturing market consists of sales of household electric fans including ceiling fans, table fans, pedestal fans, exhaust fans and wall fans. The main product types of household fans are ceiling fans, table fans, pedestal fans, exhaust fans and wall fans.A ceiling fan is a mechanical fan, usually electrically powered, suspended from a room’s ceiling that circulates air via hub-mounted rotating paddles. Household fans use different types of current such as AC residential fans and DC residential fans. Fans are distributed through store-based retailing, direct sales and non-store-based retailing distribution channels that are used for home and commercial applications. Asia Pacific was the largest region in the household fans market in 2021.Western Europe was the second-largest region in the household fans market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. Increased electrification especially in rural areas will contribute to the growth of the household fans market in the forecast period.Electrification coupled with the rise in disposable income has boosted the demand for household fans. For example, in India, the percentage of rural population with access to electricity increased to 90% in 2019. The net disposable income of Per capita rose to $1,836.68 during the 2019-2020 period, exhibiting a spike of 6.8% compared to the previous period, with a growth rate of 10.0%. Rise in disposable income increased the purchasing power of the people which in turn has increased the market for household fans. Increased tariffs on raw materials such as steel and aluminum will restrain the market for household fans in the forecast period.Steel and aluminum are predominantly used in manufacture of components such as blades for fans. Increasing import tariffs on raw materials such as steel hindered the market for household fans. For instance, in February 2020, USA administration decided to raise tariffs on derivative steel and aluminum imports by 25% and 10%, respectively. Household fan manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers.The rise of energy-efficient appliances can be attributed to stringent government regulations on electric home appliances and advances in technology. Energy efficient fans are designed to utilize minimum energy.Currently, over 80 countries have standards and labels for energy efficient appliances. For example, in the USA, ENERGY STAR certified ceiling fans provide cutting edge design, use latest technology and are 60% more efficient than conventional ceiling fans. In October 2019, Hunter Fan Company, manufacturer and distributer of fans has acquired Entrepreneurial Pursuits, Inc. for an undisclosed amount. This acquisition will help Hunter Fan Company to expand their product portfolio and allows the company to provide a more holistic solution to customers. Entrepreneurial Pursuits, Inc was engaged in manufacturing and distributing of fixed and rolling mount caged fan solutions for commercial and industrial uses. The countries covered in the household fans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. Read the full report: About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________