Global Electric Fans Market 2020-2024 | Increasing Product Innovations to Boost Market Growth | Technavio

Technavio has announced its latest market research report titled global electric fans market 2020-2024 (Graphic: Business Wire)

LONDON--()--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 Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: https://www.technavio.com/

Release Summary

The global electric fans market is expected to grow by USD 2.06 billion during the period 2020-2024, according to Technavio.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: https://www.technavio.com/