At 5.7% CAGR, Asia Pacific Household Fans Market is Projected to be Worth US$ 8,994.95 million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific household fans market was valued at US$ 5,779.26 million in 2023 and is expected to reach US$ 8,994.95 million by 2031, registering a CAGR of 5.7% from 2023 to 2031. Rising preference for energy-efficient household fans and growing sales of home appliances through e-commerce channel are among the critical factors attributed to drive the Asia Pacific household fans market growth.

The growing awareness of energy conservation and cost savings amongst consumers propel the demand for energy-efficient household fans. The increasing energy costs have influenced consumers to use energy-efficient appliances. These fans consume less electricity compared to conventional fans, making it a favored option amongst consumers, specifically to cut electricity expenses. In addition, the rising awareness regarding climate change and carbon footprints has led to more consumers opting for eco-friendly appliances. High energy-efficiency fans reduce greenhouse gas emissions and contribute to lowered energy consumption. Moreover, government regulations and incentives have boosted the production of energy-efficient fans. Many countries have stringent regulations and labeling systems, making it easy for customers to choose energy-efficient appliances. The preference for energy-efficient fans and government standards have prompted manufacturers to produce energy-efficient household fans. In November 2023, Energy Efficiency Services Limited (India) launched Energy Efficient Fans Program. The program aimed at distributing 10 million efficient Brushless DC (BLDC) fans. In May 2024, Signify launched energy-efficient fans "Ecolink". The product line includes five household fan models-AiroGeometry, AiroJewel, AiroZephyr, AiroSerenade, and AiroSleek. Thus, a rising preference for energy-efficient household fans positively influences the household fans' market growth.

On the contrary, the competition from substitute cooling solutions hampers the growth of Asia Pacific household fans market.

Based on product type, the Asia Pacific household fans market is segmented into ceiling fan, pedestal fan, table fan, exhaust fan, wall fan, and others. The ceiling fan segment held 46.7% market share in 2023, amassing US$ 2,696.71 million. It is projected to garner US$ 4,304.74 million by 2031 to register 6.0% CAGR during 2023-2031.

In terms of distribution channel, the Asia Pacific household fans market is categorized into supermarkets & hypermarkets, specialty stores, online retail, and others. The specialty stores segment held 34.2% share of Asia Pacific household fans market in 2023, amassing US$ 1,974.91 million. It is anticipated to garner US$ 3,054.63 million by 2031 to expand at 5.6% CAGR during 2023-2031.

Based on country, the Asia Pacific household fans market is categorized into Australia, China, India, Japan, South Korea, Vietnam, Indonesia, Singapore, and the Rest of Asia Pacific. Our regional analysis states that China captured 42.5% share of Asia Pacific household fans market in 2023. It was assessed at US$ 2,462.23 million in 2023 and is likely to hit US$ 4,052.85 million by 2031, registering a CAGR of 6.4% during 2023-2031.

Key players operating in the Asia Pacific household fans market are Crompton Greaves Consumer Electricals Ltd; Honeywell International Inc; Vornado Air, LLC; Panasonic Holdings Corp; SEB SA; and TOSHIBA CORPORATION, among others.

• In March 2023, Crompton greaves announced that it would transition its entire ceiling fan range to energy-efficient star-rated fans. With this new launch, the company implemented a significant change by switching its entire ceiling fan range to energy-efficient star-rated fans, effective from January 1, 2023, in compliance with the new Bureau of Energy Efficiency (BEE) norms.

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