At 4.6% CAGR, Middle East & Africa Household Fans Market is Projected to be Worth US$ 1,279.85 million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa household fans market was valued at US$ 892.26 million in 2023 and is expected to reach US$ 1,279.85 million by 2031, registering a CAGR of 4.6% from 2023 to 2031. Growing number of households and residences and development and adoption of smart ceiling fans are among the critical factors attributed to drive the Middle East & Africa household fans market growth.

The housing market growth is attributed to various factors such as population increase, urbanization trends, and favorable economic conditions. According to a United Nations report, approximately 1.6 billion people globally lack adequate housing, and experts predict this number could increase to 3 billion by 2030. To provide housing for these 3 billion people, the world will need to construct 96,000 new affordable homes each day, as stated by UN-Habitat. Newly constructed homes often feature spacious living areas as integral components of modern residential designs, with leisure, entertainment, and relaxation spaces. The demand for home appliances is rising significantly due to the growing housing market. Thus, the growing number of households and residences drives the global household fans market growth.

On the contrary, the competition from substitute cooling solutions hampers the growth of Middle East & Africa household fans market.

Based on product type, the Middle East & Africa household fans market is segmented into ceiling fan, pedestal fan, table fan, exhaust fan, wall fan, and others. The ceiling fan segment held 40.3% market share in 2023, amassing US$ 359.94 million. It is projected to garner US$ 529.62 million by 2031 to register 4.9% CAGR during 2023-2031.

In terms of distribution channel, the Middle East & Africa household fans market is categorized into supermarkets & hypermarkets, specialty stores, online retail, and others. The others segment held 39.8% share of Middle East & Africa household fans market in 2023, amassing US$ 354.70 million. It is anticipated to garner US$ 481.57 million by 2031 to expand at 3.9% CAGR during 2023-2031.

Based on country, the Middle East & Africa household fans market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 61.2% share of Middle East & Africa household fans market in 2023. It was assessed at US$ 546.29 million in 2023 and is likely to hit US$ 763.11 million by 2031, registering a CAGR of 4.3% during 2023-2031.

Key players operating in the Middle East & Africa household fans market are Honeywell International Inc, Panasonic Holdings Corp, SEB SA, and TOSHIBA CORPORATION., among others.

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