LONDON--(BUSINESS WIRE)--The global electric fans market is expected to grow by USD 2.06 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The demand for premium fans has increased considerably in recent years primarily due to their performance efficiency and visual appeal. Premium fans often complement the contemporary designs of modern rooms of the consumers, in turn, improving the aesthetics of living spaces. This has encouraged various vendors to offer a wide range of premium fans that are stylish, energy-efficient, and consume less electricity while catering to the customization requirements of the consumers. Thus, increase in demand for premium appliances such as premium fans will drive the market growth during the forecast period.
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As per Technavio, increasing product innovations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Electric Fans Market: Increasing Product Innovations
Vendors are increasingly focusing on innovating their products to improve performance efficiency, design, appearance, and convenience offered by technologies. Manufacturers are also emphasizing on the deployment of IoT in modern electric fans which can be controlled remotely through cloud computing technology. These fans are connected through the Internet and automatically adjust their speed according to the temperature of the room. Thus, the emergence of innovative products with advanced technologies is anticipated to boost the electric fans market growth during the forecast period.
“Rising demand for customized fans, the growing emphasis on eco-friendly fans, cost-effective supply chain of electric fans, and growth of the housing sector are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Electric Fans Market: Segmentation Analysis
This market report segments the global electric fans market by product (ceiling fans, floor fans, and wall-mounted fans) and geographic regions (APAC, Europe, MEA, North America, and South America).
APAC led the electric fans market share in 2019, followed by Europe, North America, South America, and EMEA respectively due to an increase in the number of government initiatives for the housing sector, increasing demand for luxury fans, and numerous product innovations. The region is anticipated to witness the highest incremental growth in the electric fans market owing to the increased spend of consumers on premium electric fans in recent years.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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