Report : North America Ceiling Fans Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product (Standard and Decorative), Fan Size (Small, Medium, and Large), and End-User (Residential, Commercial, and Industrial)
Standard Segment to Dominate North America Ceiling Fans Market during 2019–2027
According to a new market research study on “North America Ceiling Fans Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 2,684.58 million by 2027 from US$ 1,804.62 million in 2019. The market is estimated to grow at a CAGR of 5.2% from 2020 to 2027. The report provides trends prevailing in the North America ceiling fans market along with the drivers and restraints pertaining to the market growth. Technologically advanced consumer durable at high demand is among the major factor driving the growth of the North America ceiling fans market. However, issues associated with presence of substitute products hinders the growth of North America ceiling fans market.
The North America ceiling fans market is segmented into product, fan size, and end-user. Based on product, the market is segmented into standard and decorative. The standard segment held the largest share of North America ceiling fans market in 2019. Based on fan size, the North America ceiling fans market is segmented into small, medium, and large. The medium segment held the largest share of North America ceiling fans market in 2019. Based on end-user, the North America ceiling fans market is segmented into residential, commercial, and industrial. Residential segment held the largest share of North America ceiling fans market in 2019.
COVID-19 is having a very devastating impact over the North America region. North America is an important market for the growth of ceiling fans products owing to the presence of developed countries such as the US and Canada in this region. The U.S has the highest number of confirmed cases of coronavirus, as, compared to Canada and Mexico. This is likely to impact the ceiling fans market in the region as, due to the COVID-19 outbreak, the supply and distribution chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth. The high number of COVID cases have resulted in a negative impact on the region’s economy and there has been a decline business activities and growth of various industries operating in the region. Nevertheless, the factory and business shutdowns across the US, Canada, and Mexico negatively impacted the sales of ceiling fans products, such as fan blades, motors, and other important parts. COVID-19 has had a severe impact on logistics operations, transportation, and trade activity. North America is home to a large number of manufacturing and technology companies. Thus, the coronavirus outbreak's impact is anticipated to be quite severe and likely in remain in 2021. However, the impact of COVID-19 is short-term; it is likely to decrease in the coming years.
Big Ass Fans, Crompton Greaves Consumer Electricals Limited, Havells India Ltd., Hunter Fan Company, Kichler Lighting LLC, Luminance Brands, Minka Lighting Inc., Panasonic Corporation, Westinghouse Electric Corporation are among the leading companies in the North America ceiling fans market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, California-based Luminance Brands, a player in the ceiling fan market with its concord fans division – has acquired Emerson Air Comfort Products from Emerson. The acquired product lines from Emerson will enable Luminance Brands to expand its product offering in the global ceiling fans market.
The report segments the North America Ceiling Fans Market follows:
North America Ceiling Fans Market – By Product
North America Ceiling Fans Market – By Fan Size
North America Ceiling Fans Market – By End-User
North America Ceiling Fans Market – By Country
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