The global smart ceiling fans market size is anticipated to generate revenue of USD 993.6 million by the end of 2025, according to a new report by Million Insights. It is projected to grow with a CAGR of 5.2% from 2019 to 2025. This growth can be attributed to rising influence of technology-driven appliances among the millennial population.
Key Players:
Key players in this market are Orient Electric; Hunter Fan Company; Ottomate International, LG Electronics, and Havells India Ltd. These players have started to invest in R&Ds for product innovation and development. Moreover, emerging trend for usage of bladeless electric fans is expected to drive the growth of the market in the upcoming years. For instance, Exhale Europe in 2017 launched a bladeless fan that could distribute the air evenly across the entire room.
Growth Drivers:
Salient features like automatic speed and temperature control is anticipated to drive growth of the market in the upcoming years. Moreover, these fans can be operated using mobile apps like Alexa or Google Assistant thereby driving the market demand in the upcoming years. Thus, manufacturers have also started launching smart ceiling fans with LED lights and improved design to cater to the rising consumer demand across the globe.
The shifting of the trend among the consumers for using new technology to ease the operational activity is expected to drive the market growth of smart ceiling fans in the upcoming years. Moreover, the feature to automatically adjust its speed by sensing the room temperature is expected to drive the market growth for smart ceiling fans over the forecast period.
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Application Insights:
In 2018, the residential application segment held the highest share of around 80% across the global ceiling fan market. This growth can be attributed to the rising adoption of smart electric appliances in homes. Moreover, other features like energy savers, automatic adaptability to room-specific climate, and silent sound are anticipated to drive the demand for such products. The Ottomate has also launched a Smart Fan in 2019 that could be connected with Bluetooth. It also adjusts the airflow automatically by sensing the room temperature.
The commercial application segment is anticipated to witness the highest growth with a CAGR of 5.5% across the global market. Multiple fans can be operated at the same time owing to the emergence of new technologies. Thus, such an application segment is anticipated to register significant growth owing to its use in offices, malls, and manufacturing facilities. Manufacturers have also started launching products that can cater to the commercial application segment thereby driving the market growth in the upcoming years.
Distribution Channel Insights:
In 2018, the offline segment of the distribution channel held the highest share of around 80% across the global market. This growth can be attributed to the preference for physical verification of product before making the purchase decision coupled with the presence of store assistants to guide about specifications, installations, and support services. Moreover, ease of availability of accessories across stores and supermarkets is expected to pave the way for the market growth of smart ceiling fans.
The online channel of distribution is expected to register a CAGR exceeding 6.0% from 2019 to 2025. This growth can be attributed to the rising influence of smartphones, the internet, and e-commerce platforms among the millennial population. Moreover, an increasing number of e-retailers and company-owned online portals is anticipated to drive the market from 2019 to 2025.
Regional Insights:
Asia Pacific held the highest share of around 60% across the global market in 2018 due to the rising population across countries like China and India. In addition, rising disposable income across this region coupled with the hot and humid climate prevailing near the coastal areas is expected to drive the market growth during the forecasted years, 2019 to 2025. Moreover, product launches being carried out by prominent manufacturers like Havells and Orient Electric is projected to fuel the market demand in the near future.
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