Smart Ceiling Fans Market Worth $993.6 Million By 2025 | CAGR 5.2%: Grand View Research, Inc.
SAN FRANCISCO, Aug. 14, 2019 /PRNewswire/ -- The global smart ceiling fans market size is expected to reach USD 993.6 million by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 5.2% during the forecast period. Rising demand for convenient products coupled with rapid adoption of advanced technology is projected to drive the growth. Furthermore, introduction of innovative features such as climate control coupled with ease of operation, and energy-efficiency is anticipated to fuel the demand for smart fans.
Key suggestions from the report:
- Commercial segment is expected to register the fastest CAGR of 5.5% from 2019 to 2025, attributed to the increasing product demand owing to the features such as energy-efficiency and automatic temperature control
- Residential application segment held the largest market share of more than 80% in 2018
- Asia Pacific led the smart ceiling fans market, accounting for more than 60% of revenue share in 2018. Presence of a large number of middle-class population in key markets including China and India is expected to open new growth avenues in near future
- Online channel is expected to expand at the fastest CAGR of over 6% from 2019 to 2025
Read 80 page research report with TOC on "Smart Ceiling Fans Market Size, Share & Trends Analysis Report By Application (Residential, Commercial), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/smart-ceiling-fans ...
Residential application segment held the largest market share exceeding 80% in terms of revenue in 2018. Rising adoption of smart home appliances in developing economies including China and India is expected to promote the growth. The silent and energy-saving features of these products boost the product demand. Smart fans complement the smart and modern home interiors. This factor is anticipated to further propel the regional application segment.
Online channel is expected to witness the fastest CAGR of over 6% from 2019 to 2025. Over the past few years, the sales of home appliances through e-commerce have increased significantly. Furthermore, the hassle-free shopping experience of online channels is expected to promote the growth of the segment.
Asia Pacific held the largest market share of over 60% in terms of revenue in 2018. Rising purchasing power of the consumers from developing economies, including China and India is anticipated to bode well for the adoption of smart integrated appliances in this region. Additionally, product innovation by key companies including Orient Electric and Havells among others is projected to drive regional market growth in near future.