21 July 2020: The global smart ceiling fans market is expected to witness considerable growth on account of increasing preference of consumers for convenient products along with rapid adoption of advanced technology. Smart ceiling fans consist of a unique feature of remote location operability with the help of wireless connecting devices. By downloading relevant app on the mobile phone, consumers can operate these fans as both are connected through a common Wi-Fi.
High demand for technologically advanced products, especially from millennial consumers, coupled with easy access to a wide range of products is a positive factor for the market. Changing consumers’ lifestyle and rising adoption of smart household appliances that can be controlled through internet and smartphones, is anticipated to drive the growth of the market.
After-Sale Services Promoting Growth of Offline Distribution Segment
Based on distribution channel, the smart ceiling fans market is segmented into offline and online. Offline distribution channel accounted the largest market share in 2018. After-sale services provided by the professionals and the provision of detailed instructions about installation is driving the consumer preference for brick and mortar distribution channels, especially the specialty stores.
Online distribution channel segment is anticipated to witness substantial growth over the next few years due to increasing usage of smartphones and internet, and increased spending on home appliances through e-commerce among middle-income population. Growth of online retailers, especially company-owned shopping portals, such as Orient Electric Limited, LG Electronics, and Ottomate International are contributing toward increasing online sales.
In terms of revenue, residential application segment accounted for a significant share of the market. Rising adoption of smart devices in residential sector along with increasing demand for silent and energy-saving fans is boosting the demand for the product. Consumers opt for these products since they complement the modern and smart homes and offer room-specific climate. For instance, In March 2019, Ottomate International, launched Ottomate Smart Fan, which enables Bluetooth mesh connectivity. The Otto mode senses the climatic conditions of a particular and adjusts the airflow automatically.
Market Insights
Rapid adoption of advanced technology and rising demand for convenient products is projected to drive the growth of the market. Energy-efficiency, ease of operation, and introduction of innovative features such as climate control are some features driving the growth of the market.
Leading companies in the smart ceiling fans market are Orient Electric; Hunter Fan Company; Delta T, LLC; Minka Lighting Inc.; Ottomate International; Modern Form; OCECO; Fanimation; Havells India Ltd.; and CG Power and Industrial Solutions Limited; among others.
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