One could say that a fan is probably the most omnipresent appliance in India. As an appliance that is a norm in almost every household across India (and increasingly across the globe), the fans industry is currently underrated. In terms of value, the sector is valued at around Rs. 8,000 crore (US$ 1.07 billion), and it produces 60 million units annually. The industry is witnessing an increasing demand year-on-year and undoubtedly is poised for growth. Add to that the fact that we live in an era that has seen more change than ever before with evolution in technology and consumer tastes and preferences. The pandemic too, brought about major shifts in consumer behaviour, further pushing the industry to revolutionise.
If you see the glass half full, you’ll agree that as an industry we have been provided with the much-needed impetus to innovate; and innovations in our sector range from tech to aesthetics, all crafted to suit the lives of our consumers. Technological changes are rapid and are continuously leading to newer solutions that offer better air delivery rate and longer life. An important change comes in form of demand for energy saving appliances. Aesthetics is another key area of prime interest to the consumers and has seen a swift demand over the last couple of years. Staying in at home and rise of social media has created a large demand for an attractive home and thereby demanding appliances look great. We have seen an increase in demand for stylish designs & innovative technologies by households and large players are already capitalising on the demand by offering fashionable yet quality-oriented products. This trend has hit the refresh button for the industry which will only further strengthen the market.
To summarise, we’re at a cusp of major change and the manufacturers should have the following in mind to serve consumers better –
1. Continuous innovation will provide an upper hand. Technology is becoming a major factor in economy as a whole and those will adapt to the innovation culture will excel.
2. Energy efficiency is crucial to consumers. BEE rating is going to be mandatory, and every manufacturer will comply but those who will further march ahead will lead.
3. Aspirations of the country is growing. This means that products must fulfil the expectations in terms of aesthetics and a premium touch.
The Indian Fan Manufacturers Association has played a catalytic role in re-instating these ideologies since its inception. It has been committed to aligning parameters imperative to the survival and growth of the fans industry. With the continuous efforts that the manufacturers and the association have put in to develop quality, sustainable and energy-efficient products, the fans industry has the right mantra to woo consumers and thus witness growth in the years to come.
