Allied Market Research published a new report, titled, “Fan Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The growth of the worldwide electric fan market is projected to increase. Recent advances and developments in products such as different combinations of colors, forms and patterns are likely to help the fan industry to expand. Due to the outbreak of the COVID-19 pandemic, countries had to enforce lockdown that halted the progress of constructions of new properties and households. Therefore, the demand for fans has decreased as there was no requirement.
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The increase in the sale of homes, an adaptation of urban culture, and recognition of the need for stylish fans are increasing the growth of the fan market. Companies are bringing innovations into the limelight that is expected to match the existing wants and requirements of the customers. Hotel industries are adapting to transform the ambience for the guests with a royal touch, as they are mainly focusing on the installation of brass fans as they offer a shiny artistic look to the interior and exterior doors of the infrastructure.
There is an increase in online market sales of door handles over brick and mortar shops. Appropriate pricing transparency is the reason why consumers are encouraged to shop online. At this moment, individuals want to shop online as they do not have enough time to walk outdoors. The consumer will be encouraged to buy online to increase transparency in the product data on e-commerce sites prices. Firms strive to contact clients online through creative ways and behave accordingly.
The key market players profiled in the report include Shell Electric Holdings limited, Emerson Electric Co, NuTone, Inc., The Henley Fan Company Ltd., Compton Greaves Consumer Electricals Limited, Hunter Fan Company, Ajanta Electrical Pvt Ltd., Westing House Electric Corporation, Minka Group, and Panasonic Corporation.
COVID-19 Impact Analysis:
○ The disruption in the distribution channel was the prime cause as adequate raw materials could not reach the industries for production; the delivery of finished products to the procuring companies was not possible.
○ Consumers had shifted their interest toward essential goods and had no requirement for a fan during the lockdown period. It is expected that in post lockdown, the demand will rise as the construction of the properties will start to operate.
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Key Benefits of the Report
○ This study presents the analytical depiction of the fan industry along with the current trends and future estimations to determine the imminent investment pockets.
○ The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the fan market share.
○ The current market is quantitatively analyzed from 2020 to 2028 to highlight the fan market growth scenario.
○ Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
○ The report provides a detailed fan market analysis on the basis of competitive intensity and how the competition will take shape in coming years.
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