Report Description

The India electric fans market is anticipated to be driven by development of new product launches with smart functions, which has accelerated the growth of the electric fans industry throughout the anticipated time frame.

This is further supported by a number of initiatives taken by the Government of India (GoI) to develop smart cities nationwide and expand housing projects. Moreover, Government schemes such as the Integrated Power Development Scheme (IPDS) and the Deendayal Upadhyaya Gram Jyoti Yojna (DDUGJY) are expected to have a positive impact on the country's electric fans market during the forecast period. In keeping with this, improved access to electricity particularly in rural regions and enhancing the power distribution and sub-transmission systems in urban areas, is driving the market's expansion.

A substantial demand for fans with aesthetically pleasing designs and smart capabilities, such as voice control and remote connectivity through smart devices, is also being generated by the expanding disposable incomes, which is increasing the overall product sales. Significant increase in the retail and hospitality industries, in addition to the simple accessibility of premium product types such as lighting fans through online shopping channels, are other drivers driving market expansion.

Advancement of New Product Launches Drive the Fan Industry

New product advancements, including new and distinct features in fans such as IoT-enabled, which means one may control the speed, settings, timer, integrated illumination, and many other features of an IoT-enabled fan. Thus, all of the preceding factors help to drive the growth of the electric fan market. As a result, key market players are focusing on introducing new products and expanding their product portfolio in order to meet rising demand. For instances, in 2021, Havells introduced a new line of fans, including the Stealth Puro Air ceiling fan, which features 3-stage filtration and air purification benefits. The company is also expanding its premium fan lineup with the introduction of the Havells Fanmate, a portable fan equipped with carbon filters. Similarly, Havells India's market share in the overall fans segment is estimated to be 19-20%. Similarly, in 2022, Xiaomi India introduced a new IoT fan product. The business has introduced a brand-new standing fan named the Xiaomi Standing Fan 2. The Xiaomi Standing Fan 2 is a natural cool breeze solution for people who are looking for a solution to beat the heat. The smart fan provides all-around cooling with 7+5 wing-shaped blades, 100 levels of speed, and voice control support. The market for electric fans is anticipated to expand in the upcoming years as individuals become more cautious about utilizing new technology..

Shifting Toward Energy-Saving Inverter Technology Aid Market Expansion

The electric fan sector is gradually transitioning to inverter technology by producing fans that can also operate on low voltage and solar energy. With over 90 million fans in households, Indians primarily use ceiling fans as their primary source of cooling. It is, however, one of the major energy consumers, accounting for nearly 25% of household energy consumption in India. With recent changes in energy efficiency policy and company launches, a slew of energy efficient ceiling fans is entering the market, assisting customers in lowering their energy bills. Considering that most Indian households have at least three ceiling fans, switching to an energy-efficient model can save up to Rs 5000 on one's annual electricity bill. The most energy-efficient ceiling fans available in the market have BLDC (Brushless Direct Current) motors, which require less maintenance, produce less heat, and run quieter than standard induction motor fans. IoT-enabled and 50% more energy-efficient inverter fans have been added by Orient Electric Limited to its portfolio of premium fans.

Rising Demand in Tire 1 and Tire 2 Cities Boost Market Growth

Rapid urbanization and the rising number of new residential construction projects are the two main factors driving the electric fans market in India. With more people looking for new homes and developers starting new projects, this has been more clearly seen in the real estate industry. The top six metropolitan areas' real estate markets saw the debut of 81,000 new projects in the first quarter of 2022 alone, representing a whopping 68% increase. The number of new project launches in the top six cities of Gurugram, Noida, MMR, Pune, Hyderabad, and Bengaluru increased by a nearly 50 % during the first quarter of 2022. MMR (Mumbai Metropolitan Region) and Bengaluru, which both have a 92% and 84% change in the number of new project launches, show the most percentage change among the six cities. As a result of increase in the number of new residential project launches in these cities have a significant growth in the electric fan market over the projected period.