$445.30 mn expected for Global Home Ceiling Fan Market at 2.41% CAGR by 2022
Zion Market Research has published a new report titled “Home Ceiling Fan Market by Type (Decorative, Energy Saver, High Speed, Designed with Light, Four Blade and Others) – U.S. Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021”. According to the report, demand for U.S. home ceiling fan market was valued at USD 385.36 million in 2015, and is expected to reach USD 445.30 million in 2021, growing at a CAGR of 2.41% between 2016 and 2021.
The ceiling fan is an automated device and uses hub-mounted rotating paddles to circulate air. Ceiling fan consists of electric motor and blades. The first electrically powered ceiling fan was introduced in 1882 by Philip Diehl. The ceiling fan is a demanding alternative to air condition that even consume less electricity as compare to the air conditioner. A ceiling fan helps to maintain the temperature in both ways that is heating and cooling. A ceiling fan can also be used in reducing the load on air conditioning systems. Running a ceiling fan and an air conditioner at the same time can increase room comfort as well as save energy. In Canada and the U.S., ceiling fans are primarily used to supplement the air conditioner in summer. The assembling method of ceiling fan varies with different models or types of the ceiling fan.
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Ceiling fans are comparatively inexpensive and several homeowners find their installation an easy DIY (do it yourself) project, especially if an electric ceiling box is already present. The major driving factor for U.S. home ceiling fan market is cooling cost saving in the home. A ceiling fan helps to make home more energy efficient. Rising changes in climatic conditions increase the demand of ceiling fan in U.S. houses. In addition, easy installation and maintenance are also expected to boost the home ceiling fan market. Decorative fans and fans with light are gaining popularity in U.S. homes as it helps with energy efficiency and can also be used as a light source that adds aesthetic value. However, declining residential construction spending and availability of substitute of the air conditioner is expected to hamper the growth of home ceiling fan industry during the estimated period.
On the basis of type, home ceiling fan market can be segmented into decorative, energy saver, high speed, designed with light, four blade and others. Decorative ceiling fan dominated the home ceiling fan market and accounted for more than 23% share of the total market in terms of revenue in 2015 due to changing lifestyle in U.S. High disposable income in U.S., increases the demand of decorative home ceiling fan. Home ceiling fan designed with light is the second largest segment of home ceiling fan market.
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Many players in U.S. offer variety of ceilings fan with various features and specifications. Some of the key player for U.S. home ceiling fan market includes Fanimation, Casablanca Fan Company, Hunter Fan Company, Minka Group, Home Depot, Hunter fan, and Montecarlo fans among others.
The report segments the U.S. home ceiling fan market as follows:
U.S. Home Ceiling Fan Market: Type Segment Analysis
- Energy Saver
- High Speed
- Designed With Light
- Four Blade
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