India's Fan Industry Witnessing Rise In Demand Ahead Of Festive Season

ENA Sectors 2023-09-05 13:11:13 New Delhi, Sept 5 (KNN) The fan industry is witnessing a rise in demand due to the increased housing renovation activities in urban and rural areas before the upcoming festive season, according to the Indian Fan Manufacturers Association (IFMA). The industry, which was facing almost flat/slow growth from the last two fiscals in volumes, is currently passing through a transition towards becoming energy efficient with star labelling, IFMA said. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> IFMA Chairman Anuj Poddar said that this is adding value to everyone including the customers to everyone and will encourage them to go for higher energy-efficient products. The Return on Investment (ROI) is around 18-24 months for a consumer if he opts for a high energy efficient fan and any new technology takes time for adoption. The last few months were a transition period for the industry. We have gone from non-star to a star rating very smoothly, there were some hiccups and other things otherwise, we had anticipated well and planned it, Poddar said. In the next two to three months, lots of Indian homes have gone of renovation, which created replacement-driven demand of ceiling fans. Now the industry expects a better demand, he added. At present, the Indian fan industry is estimated to be around Rs 10,500 crore, in which around 200 entities including 14 branded players operate in the segment. The transition to energy rating has implications on the cost side and that needs to be passed on to the consumers. The IFMA chairman added that from the margins perspective, there is an impact on the industry. I do not think that full cost of this transition has been passed on to the consumers at the product level. That need to be done sooner than later, he said. Besides, IFMA also expects the government to place fans under a lower GST bracket of 12 per cent from the existing 18 per cent, considering it is a mass product. From January this year, fan manufacturers have to display star ratings between 1 to 5 stars on their fans. The star rating is dependent on service value (air delivery in cubic metres per minute divided by energy consumption in wattage), as per the Bureau of Energy Efficiency (BEE) norms. The demand for premium fans with better aesthetics has been on the rise over the past 3-5 years with increasing consumer preferences towards enhanced and appealing interiors. (KNN Bureau) 34680 https://knnindia.co.in/news/newsdetails/sectors/indias-fan-industry-witnessing-rise-in-demand-ahead-of-festive-season 2023-09-05 13:11:13 knnindia.co.in India's Fan Industry Witnessing Rise In Demand Ahead Of Festive Season