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Singapore Ceiling Fan Market Research Report Forecast to 2030

Market Overview

The Singapore ceiling fan market is projected to witness significant growth during the forecast period, exhibiting a CAGR of 6.35%. The market was estimated to be USD 212.47 million in 2022 and is expected to reach a value of USD 338.73 million by the end of the forecast period (2023-2030).

The Singapore ceiling fans market witnessed significant growth over the last few years and is projected to register a CAGR of 6.35% during the forecast period. The major drivers for the products are the rising global temperature coupled with the enlarged population which has boosted the demand for ceiling fans. However, progressive demand for substitute products in the markets may limit the growth. But the advantage of premium and technically updated products are expected to create lucrative growth opportunities for players operating in the Singapore ceiling fans market during the forecast period.

Market Segmentation

Based on type, the standard fan segment accounted for a market share of 38.12% in 2022 and is expected to grow a CAGR of 6.09% during the upcoming years.  This is mainly owing to the wide availability of the standard fan at a reasonable price which in turn has increased its sales among consumers.

The AC fan segment is expected to dominate the Singapore ceiling fan market based on motor type in 2022, owing to the growing benefits provided by ac fans, which in turn has increased its installation in various sectors. As a part of this, as residential houses only have AC electricity, when ceiling fans originally developed, only AC motors were used in their construction. Because it is less expensive and simpler to create and supply electricity this way, it is the power provided by the grid. To use a fan with an AC motor, consumers usually plug it into a power source once it has been installed.

Based on industry vertical, the residential sector is expected to experience a significant growth in Singapore ceiling fan market owing to the growing population across the country, which in turn has increased the residential construction across the country as well as the sales of ceiling fan, which are usually installed in homes. 

Furthermore, based on distribution channel, the offline segment held a significant share of 70.96% in 2022 owing to the increased consumer preferences for purchasing through offline mode. 

Major Players

The key players operating in the ceiling fan market include Havells India Ltd. (India), Emerson Electric Co. (US), Honeywell International Inc. (US), Panasonic Corporation (Japan), LG Electronics Inc. (South Korea), Fanco Fan Marketing Pte Ltd (Singapore), Gracezone Marketing Pte Ltd. (Singapore), Aeroair Marketing Singapore Pte Ltd. (Singapore), Aspire Lightings (Singapore), and Capital Marketing (S) Pte Ltd. (Singapore).