Allied Market Research published a report, titled, “Handheld Fans Market by Type (Rechargeable, Non-Rechargeable), by Application (Commercial, Residential), by Distribution Channels (Supermarket, Retail Stores, Online Stores, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global handheld fans industry was estimated at $407.7 million in 2021, and is anticipated to hit $734.8 million by 2031, registering a CAGR of 6.1% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.
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Determinants of growth-
Rise in outdoor activities in the last few years drives the growth of the global handheld fans market. On the other hand, short battery life and non-durability restrains the growth to some extent. However, several growth prospects in emerging economies have been beneficial for the market players in the industry.
Due to the elevated trends for outdoor activity, the handheld fans industry is anticipated to experience significant expansion. Additionally, particularly in nations like South Africa, China, India, and the U.S., the climate is changing every year, and there is an increase in humidity that causes individuals to carry or use handheld fans. The market for handheld fans is expanding as a result of rising income levels and urbanization. The expansion of the handheld fans market is also greatly influenced by the producers’ product innovation and advertisements.
The handheld fans market trends is mostly driven by the elevated trends for outdoor activity.. As per the Outdoor Industry Association report, almost 53% of the U.S. population participated in any kind of outdoor activity at least once in 2020. Moreover, consumer disposable incomes have been rising in several developing regions, such as the Asia-Pacific, creating many developmental prospects for handheld fan producers to raise their product prices.
The handheld fans industry in Asia-Pacific and LAMEA has significant growth potential for market players. Market expansion is primarily driven by rising in consumer disposable income and an increase in the adoption of portable devices. Sales of handheld fans have also surged as a result of the development of solar-powered fans. Consumers nowadays demand products that can be charged from renewable sources which subsequently support market growth. Moreover, the constraints limiting handheld fans market growth include the short battery life and lower durability of handheld fans.
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By application, the commercial segment accounted for more than half of the global handheld fans market revenue in 2021, and is projected to portray its dominance during the forecast period. The same segment would also cite the fastest CAGR of 6.3% from 2022 to 2031. This is because developments in the tourism sector have been continuously influencing the growth of the hospitality sector, which further creates the demand for handheld fans during the forecast period.
The supermarket segment dominated the market-
By distribution channels, the supermarket segment contributed to the major share in 2021, accounting for more than half of the global handheld fans market revenue. This is because a supermarket is an extended version of a commercial sector store with a self-service facility. It offers a wide variety of personal care products, home appliances, sports gear & equipment, and wellness products that are specially categorized and organized on large shelves. The online stores segment, on the other hand, would display the fastest CAGR of 7.5% from 2022 to 2031, due to the convenience of shopping online.
The rechargeable segment to retain its dominance-
By type, the rechargeable segment held nearly three-fifths of the global handheld fans market share in 2021, and is projected to rule the roost from 2022 to 2031. The same segment would also showcase the fastest CAGR of 6.3% during the forecast period. Rechargeable fans are often shipped with a strong battery that needs to be charged by an electrical source. And, in areas with predominantly hot weather, rechargeable fans are quite common.
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Asia-Pacific grabbed the lion’s share-
By region, Asia-Pacific contributed to more than one-third of the global handheld fans market revenue in 2021, and is anticipated to retain its dominance by 2031. The same region would also manifest the fastest CAGR of 6.6% from 2022 to 2031. This is due to the wide acceptance of handheld fans in homes, offices, and various businesses across the region.
Key players in the market-
- D-FantiX, EasyAcc
- Firefly Electric And Lighting Corporation
- Francfranc Corporation
- H2 Brands Group Corporate
- Halfords Limited
- Shenzhen Jisu Technology Co., Ltd. (Jisulife)
- Harkin Global Solutions Pvt., Ltd.
- John Lewis Partnership Plc.
- L10 Brand
- Life On Products, Inc
- Lifemax Limited
- Newell Brands Inc.
- RCTIC GmbH
- Honeywell International Inc.
- O2Cool (Maurice Sporting Goods of Delaware, Inc.)
- Shenzhen Yashang Electronics Co., Ltd
- Xiaomi Corporation, Nimya ( Kianda B.V.)
- SkyGenius Ltd.
The report analyzes these key players in the global handheld fans market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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