Another product that made people rich in 2020!

December 2, 2020 0 By WFTV

2020 and the COVID-19 pandemic saw the rise of the portable neck fan in many countries.

The market valued at US$ 2,593.2 million in 2018 and expected to grow at a CAGR of 3.3% during the forecast period from 2019 to 2027.

Forecast says the market will reach US$ 864.9 million by 2027.

Market Insights

There is a growing trend for blade-less portable fans. In the U.S. for example, people are after this product. It is creating competition altogether.

New products are coming out or are in the making with improvements offering various advantages.

Blade-less portable fans offer various advantages such as it is safer, easy to clean and can be controlled by the remote, thereby, does not require to be adjusted manually, says Meetglimpse.

The next trend is solar-powered portable fans and that is already increasing the demand for portable fans globally.

Consumers nowadays are demanding products that can be charged from renewable sources.

Industrial Developments

  • In May 2019, Honeywell launched a new product. The Honeywell Turbo Force 2-in-1 fan offers maximum cooling by providing a balanced flow of air. The Honeywell Turbo 2-in-1 offers high-velocity air from the tower and the top fan is used for direct personal cooling. The high-velocity can be felt from up to 40 feet of distance.

Key Market Movements: ASIA PACIFIC

  • Globally, the portable fans market is rising at a CAGR of 3.3% for the estimated period from 2019 to 2027
  • The Asia Pacific dominated the global market in the year 2018. The Asia-Pacific fans and blowers market is expected to rise at a CAGR of more than 2% during the forecast period of 2020-2025.

RISE OF NECK FAN

Meetglimpse says the rise of the neck fan sits at the centre of several growing trends.

It says the pandemic has changed the way people do things such as not being in office for long hours.

They stay home and they can’t afford the free-flow of air conditioning offered at the office.

These products are best sellers in summer. And they are also attractive for people who spends a lot of time outdoors.