Dublin, Oct. 08, 2024 (GLOBE NEWSWIRE) -- The "North America, Latin America and Europe Portable Fans Market (2022-2028)" report has been added to ResearchAndMarkets.com's offering.
Europe, North America and Latin America Portable Fans Market revenue size is projected to grow at a CAGR of 12.5%, 13.2% and 15.3% respectively during 2022-28.
During 2018-2021, Europe, North America, and Latin America Portable Fans Market witnessed moderate growth owing to population growth and urbanization. Urban areas tend to have higher demand for household electronics, including portable fans, as people living in cities often have smaller living spaces and may not have access to central air conditioning. Also, housing sales in Canada reached 667 thousand units in 2021 from 554 thousand units in 2020, and in the USA, they reached 6.9 million units in 2021 from 6.5 million units in 2020, aiding the market in 2021.
The Portable Fans Market in Europe, North America, and Latin America is expected to grow at an adequate rate in the coming years, owing to rising per capita and disposable income, urbanization (which is greater than 80% in the majority of countries), and growing populations in the United States and Canada. Further, with increasing heatwaves caused by climate change and rising temperatures, the demand for portable fans is anticipated to increase. Also, with growing global concerns about environmental sustainability, several OEMs began developing environmentally friendly portable fans, such as fans powered by solar and rechargeable batteries.
The sales of portable fans in Europe, North America (the number of people shopping online in Canada went up from 73% in 2018 to 82% in 2020) and Latin America are rising on the back of strong e-commerce sector expansion and organized distribution networks that make products easily accessible. Also, the change in climatic conditions in several parts of Europe and North America, along with rising temperatures, would drive the demand for fans and foster the growth of the portable fan market in Europe.
Further, rising disposable incomes in North America, Europe (disposable income in Europe rose by 14% between 2013 and 2021) and Latin America have led to a surge in consumer spending on home appliances and consumer electronics, including portable fans, which is escalating the growth of the market.
Market Segmentation by Product Types
The tower fan segment of the portable fan market holds the largest share in Europe, North America, and Latin America. It is forecast to withhold the largest market share in the coming future owing to rising consumer expenditure on household items backed by rising disposable income in North & Latin America and Europe.
Market Segmentation by Material Types
By material type, the Plastic Shell segment accounted for the highest market revenue share in North America, Europe, and Latin America. Plastic shell portable fans are typically lightweight which makes them convenient to carry. Also, they are relatively inexpensive which makes them a desired choice for both personal and commercial use. Also, they are resistant to corrosion and rust, which makes them suitable for use in humid and outdoor environments.
Market Segmentation by Distribution Channel
Increased penetration of the internet and a growing tech-driven market, along with advancements made in the quick delivery of products, have shifted a large consumer base from purchasing household items offline to online channels. Furthermore, offline channels such as stores and dealership shops will continue to dominate the portable fan market due to customers' preference, particularly in developing countries, for physically inspecting and comparing products
Market Segmentation by Application
Rising investment in the real estate sector and growing demand for homes, coupled with the increasing per capita income of countries in developed regions, would propel the demand for residential applications of portable fans.
Market Segmentation by Countries
Italy is anticipated to lead the Europe portable fan market in the forthcoming years owing to the increasing heatwaves caused by climate change. Brazil will have significant dominance In Latin America Portable Fans Market, attributed to the growing urbanization, population and middle-class income. It is expected that the portable fan market would witness the highest growth in the United States of North America Portable Fans Market since the high purchasing power of consumers in the US allows them to buy more expensive and high-quality portable fans.
Key Attractiveness of the Report
- 10 Years of Market Numbers.
- Historical Data Starting from 2018 to 2021.
- Base Year: 2021
- Forecast Data until 2028.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
- Key Highlights of the Report
- Europe, North America and Latin America Portable Fans Market Overview
- Europe, North America and Latin America Portable Fans Market Outlook
- Europe, North America and Latin America Portable Fans Market Forecast
- Historical Data and Forecast of Europe, North America and Latin America Portable Fans Market Revenues for the Period 2018-2028F
- Historical Data and Forecast of Europe, North America and Latin America Portable Fans Market Revenues, By Types for the Period 2018-2028F
- Historical Data and Forecast of Europe, North America and Latin America Portable Fans Market Revenues, By Material Types for the Period 2018-2028F
- Historical Data and Forecast of Europe, North America and Latin America Portable Fans Market Revenues, By Distribution Channel for the Period 2018-2028F
- Historical Data and Forecast of Europe, North America and Latin America Portable Fans Market Revenues, By Applications for the Period 2018-2028F
- Market Drivers and Restraints
- Industry Life Cycle
- Europe, North America and Latin America Portable Fans Market - Porter's Five Forces
- Market Opportunity Assessment
- Market Competitive Benchmarking
Company Profiles
- Pelonis Technologies
- Westinghouse Electric Corporation
- Jisulife
- Magnovent
- Creoven
- Paul's Fan Company
- DecoBreeze
- Hampton Bay
- Venture Industries
- Greenheck Fan Corp
Market Scope and Segmentation
By Product Types
- Table Fan
- Tower Fan
- Handheld Fan
- Others (Pedestal fans and Floor fans, Box fans, Clip-on-fans)
By Material Types
- Metal Shell
- Plastic Shell
- Others
By Distribution Channel
- Online
- Offline
- By Application
- Residential
- Commercial
- Industrial
By Countries
- Europe
- United Kingdom
- France
- Cyprus
- Italy
- Spain
- North America
- United States
- Canada
- Mexico
- Latin America
- Argentina
- Brazil
- Colombia
- Panama
- Costa Rica
For more information about this report visit https://www.researchandmarkets.com/r/h3898r
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