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.