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The Smart Ceiling Fans market is forecasted to reach at US$ 1.4 Bn by 2028, growing at a CAGR of 5.4 % during 2020-2028.
The global Smart Ceiling Fans market has shown noteworthy growth since last few years. The market is anticipated to grow rapidly over the period of research study. Some of the factors fuelling the growth of global market include rising prevalence of technologically advanced products, easy availability of wide range of products, and switching preference towards convenient and luxury lifestyle.
Rising Demand for Advanced Products and Research and Development Activities is Fuelling the Market Growth
In response to rising demand from large consumer base coupled with increasing purchasing power, the manufacturers are engaged in research and development activities intended to develop advanced products. This is anticipated to propel the growth of global smart ceiling fans market during the forecast period. Furthermore, the consumers are inclining towards smart home appliances which can be operated and controlled by internet and smartphone applications as a result of high smartphone and internet penetration. The smart ceiling fans offer several advantages such as automatic temperature control and advanced cooling function which makes it more convenient to use. The end-user can operate these products by a single application such as Alexa or Google Assistant by simply connecting it through wi-fi or Bluetooth.
Also, these products are energy efficient and maintain appropriate ventilation, humidity, and keep the indoor environment free from aerial microorganisms and dust. Moreover, the new innovations such as LED lighting, bladeless ceiling fans are putting a positive impact on the market growth.
Based on application, the residential application led the global market by occupying maximum share in 2019
On the basis of application, the residential sector is leading the global market by accounting for maximum share in 2018. Increasing popularity of smart home appliances among households is expected to surge the demand for these products at a larger extent. The rising adoption of energy-saving and silent fans across the globe is expected to fuel the growth of these products in residential sector. Moreover, the manufacturers are introducing new products with additional features which is resulting in rising popularity among large consumer base.
Furthermore, the commercial sector is projected to witness commendable growth in coming years. The commercial sector is increasingly opting for these products due to the superior features such as
Offline Segment is estimated to dominate the Global Market Whereas the Online Segment is Expected to Witness Rapid Growth throughout the Forecast Period
Based on distribution channel, the offline channels held the largest market share in 2018. Rising number of supermarkets and hypermarkets is contributing in growth of offline segment. Moreover, the motor and brick stores offer physical verification, easy returns, and personal services by store executives which is making it preferable across the globe.
Furthermore, the online segment is projected to grow rapidly throughout the forecast period. The online channels offer wide range of products with assured quality. Also, by using online channels consumers have the facility to compare several products at once with the help of product reviews from other buyers which is making it popular among large consumer base.
Asia Pacific is estimated to Grow Rapidly during the Forecast Timespan
By geography, Asia Pacific is expected to grow rapidly throughout the forecast period. The region also held maximum share in 2018. The growth of the region can be credited to growing middle class population in emerging economies including Indonesia, China, India, and Bangladesh. The smart ceiling fans have registered wide adoption from these continents. Moreover, the South Asia countries have hot climate which is favouring the growth of these products in Asia Pacific.
Since last few years, the key manufacturers are focused on expanding their operation facilities and distribution channels in the region which is expected to create growth opportunities for the region.
Key players operating in global Smart Ceiling Fans market include CG Power and Industrial Solutions Limited, Hunter Fan Company, Havells India Ltd., Orient Electric, OCECO, Delta T, LLC, Fanimation, Ottomate International, Modern Form, and Minka Lighting Inc.
Global Smart Ceiling Fans Market by Application
Global Smart Ceiling Fans Market by Distribution Channel
Global Smart Ceiling Fans Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America