New York, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The U.S. & Canada residential ceiling fan market was valued at US$ 4.12 Bn at the end of 2021 and is predicted to expand at a CAGR of 5.9% between 2022 and 2032, according to the latest industry report by Persistence Market Research.
Over the past few decades, the fan market has experienced immense growth in the U.S. and Canada. Modern customers tend to spend money on appliances that are durable and attractive. Along with comfort, customers also search for cost-efficient and advanced technology products.
Smart ceiling fans have become one of the prominent items in both, developed and developing cities, in the U.S. & Canada. The use of smart ceiling fans is not limited to only cooling but also help provide an elegant look to the house. One of the key enablers for smart ceiling fans has been the rising use of digital assistance and AI. Smart sensing technology helps analyze a room’s space and provide cooling accordingly.
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With continuous development and innovation in technology, fan manufacturers are focusing on IOT-enabled technology to provide better control and comfort. Market players are also trying to manufacture energy-saving products that will consume less energy and will thereby be budget-friendly.
Meanwhile, customized and theme designs of ceiling fans is also contributing toward the growth of the residential ceiling fan market in the U.S. & Canada. Overall, smart technology, durability, and attractiveness of residential fans is expected to drive market growth over the coming years.
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Key Takeaways from Market Study
- Rise in consumer income and improvements in lifestyle are anticipated to generate high demand for designed ceiling fans in the U.S. & Canada.
- According to Persistence Market Research, consumers are taking significant interest in multifunctional products that are combined with smart technology.
- Residential ceiling fan dealers are focusing on developing the 3D visuals of their showrooms on websites and online platforms to showcase their wide range of products.
- Outdoor usage of ceiling fans is anticipated to increase rapidly at a CAGR of 9%.
“Premium designs, smart innovations, and the trend of expansion are driving the U.S. & Canada residential ceiling fan market. Also, omni-channel retailing and increasing e-Commerce penetration will aid market expansion,” says an analyst of Persistence Market Research.
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Key Market Players
The report underlines groundbreaking insights into the competitive scenario of the U.S. & Canada residential ceiling fan market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Minka Group, Kichler Lighting LLC, Progress Lighting (Hubbell Inc.), HINKLEY, INC, Quorum International Inc., Big Ass Fans, Craftmade International Inc., Fanimation, Generation Brands, LG Electronics Inc., and Honeywell International.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the U.S. & Canada residential ceiling fan market, covering global industry analysis of 2017-2021 and forecasts for 2022 to 2032. This research report provides compelling insights on the basis of product type, usage, mounting type, and sales channel, across the U.S. & Canada.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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