Energy-saving inverter technology is becoming more prevalent and rising residential construction is expected to drive the growth of the India electric fans market.
According to TechSci Research report, “India Electric Fans Market - By Region, Competition Forecast & Opportunities, 2018-2028F”, The India Electric Fans market is expected to grow during the forecast period due to several factors such as increased consumer purchasing power, increased demand for premium fans, and other factors that are expected to drive market demand for electric fans throughout the forecast period.
A fan is a powered machine that circulates air. To circulate the still air in a closed space and create a cooling or destratification effect, they are made of revolving paddles that circulate in a clockwise motion. A ceiling fan is more economical, uses less energy, and has a longer shelf life than air conditioners and coolers. As a result, they are widely used in both home and business settings.
Moreover, the market is benefiting from the rising levels of disposable income among the general public. In addition, many manufacturers are concentrating more on releasing premium ceiling fans, which is helping the industry expand. A good market outlook is being produced by key market players investing in the introduction of innovative ceiling fans with advanced functionality, such as smart fans with voice control and connectivity access to smartphones.
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Consumers today want smart, stylish, energy-efficient fans that add convenience to their lives, not just ordinary fans. This growing demand for premium and decorative fans provides us with an opportunity to expand the market dominance.
As a result, buyers are paying more money to buy brand-new apartments and standalone homes. Over the next several years, it is expected that the trend of buying new residential apartments or homes would encourage the usage of ceiling fans.
One of the main factors that is expected to drive market expansion is the rise in product innovations. In order to improve performance efficiency, design, appearance, and convenience, manufacturers are putting more effort into implementing advance technology and features into their products. IoT-enabled ceiling fans that can be operated from a distance are being introduced by several suppliers. For instance, in January 2023, Syska introduced a new line of smart fans named ORB-Pro SFD4500 and Galaxia-Pro SFD5500, which are IoT-enabled fans and have energy-saving technology that offer to reduce electricity consumption by 50%. The introduction of such innovative products is likely to boost the market's growth throughout the projected timeframe.
Similarly, in 2022, the Luminous Home Electrical company was acquired by India-based wire and cable manufacturer RR Kabel. This acquisition will help RR Kabel's consumer electricals division, which sells a variety of fans and appliances.
The India Electric Fans Market is segmented based on type, end-user, distribution channel, region, and company.
Based on type, the market is further segmented into ceiling fans, table fans, pedestal fans, wall fans, and exhaust fans. Ceiling fans are the fastest growing segment among these, with the ability to satisfy consumers in terms of speed and interchangeable blades are expected to gain popularity, making it preferable to other product types. Furthermore, these products are simple to clean and easy to use.
Based on end users, the India Electric Fans market is further segmented into residential, commercial & industrial. Among these segments, residential is the fastest growing segment owing to increasing residential construction in the metropolitan cities.
Based on distribution channel, the market is further divided into multi-branded stores, supermarkets & hypermarkets, online, exclusive stores, and others (dealers & distributors, etc.). Based on region, the market is further segmented into North, South, East, and West.
Key market players in the India electric fans market include:
- Crompton Greaves Consumer Electricals Ltd.
- Orient Electric Limited
- Usha International Ltd.
- Havells India Limited
- Bajaj Electricals Ltd.
- V-Guard Industries Ltd.
- Surya Roshni Limited
- Finolex Cables Ltd.
- Metro Ortem Ltd.
- Khaitan (India) Limited
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“The growing demand for smart fans and cost saving products are expected to drive the electric fans market. A few of the causes driving the market for electric fans are people's increasing disposable income, constantly changing lifestyles, and the creation of new products such as increased efficiency, design, appearance, and portability. Other significant factors, such as increased construction activity and rising urbanization, are expected to accelerate market growth," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Electric Fans Market, By Type (Ceiling Fans, Table Fans, Pedestal Fans, Wall Fans, and Exhaust Fans), By End User (Residential, Commercial & Industrial), By Distribution Channel (Multi-Branded Stores, Supermarket & Hypermarket, Online, Exclusive Stores, and Others (Dealers & Distributors, etc.), By Region, By Company, Forecast and Opportunities, 2018-2028F”, has evaluated the future growth potential of India Electric Fans market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the India Electric Fans market.