The global smart ceiling fans market is projected to expand at a substantial CAGR during the forecast period. The growth of market is attributed to changing consumer lifestyle and rising number of smart houses around the world.
Smart fans have a wireless connection, advanced cooling functions, and automatic temperature control, among others. Consumers can effortlessly operate these products by downloading the compatible application and can command the smart fans through voice assistant such as Google Assistant and Alexa by connecting them through Bluetooth or Wi-Fi.
One can maintain appropriate humidity, ventilation, and keep the air free from dust and aerial microorganisms with the help of these fans. The advanced features such as climate control and energy efficiency have been encouraging consumers to opt for these products. The bladeless ceiling fan has been gaining significant preference in modern homes.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising consumer preference for convenient & smart products and rapid urbanization are driving the market growth.
- Increasing disposable income is driving the demand for product in the emerging economies such as India and China.
- High cost of repair and maintenance to restrain the market growth.
- The COVID-19 pandemic had disrupted the supply chain activities across the globe. However, the market is expected to recover till mid-2021.
Smart Ceiling Fans Market Segment Insights:
Residential segment anticipated to account a large market share.
On the basis of applications, the market is divided into residential and commercial. The residential segment held a large share of the smart ceiling fans market, accounting for more than 75% of revenue share in 2020, in terms of revenue. Consumers opt for these products as they complement their modern and smart homes. The commercial segment is expected to witness a CAGR above 5% during forecast period. The integration of latest technologies and development of modern corporate spaces is spurring the segment growth.
Offline segment anticipated to grow at a rapid pace
Based on the distribution channels, the market is divided into offline, and online. The offline segment accounted for a market share of more than 85% of global revenue. The easy availability of compatible product accessories has been attracting buyers to purchase from these channels. Majority of the consumers prefer specialty stores for buying home appliances, as they provide exclusive installation and better after-sale services than online channels. The online segment is anticipated to expand at a substantial CAGR during the forecast period owing to sedentary lifestyle and increasing penetration of smartphones and Internet.
Asia Pacific anticipated to dominate the market
On the basis of regions, the market is divided into Asia Pacific, North America, Latin America, Europe and Middle East & Africa. Asia Pacific led the market, contributing more than 70% of the global revenue share. Increasing disposable income and rising number of smart homes in emerging economies such as India and China are propelling the regional market growth.
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