A Look into Range Hood Industry……Deep Analysis…..



The global range hood market size is anticipated to reach USD 13.82 billion by 2025 registering a CAGR of 4.3%, according to a new report by Grand View Research, Inc. Extensive usage of IoT devices and smart features in range hood devices is expected to be the key factor driving the market. Furthermore, changing lifestyles due to busy work schedules along with increasing number of hotels and food chains, particularly in developing countries like India and China, are accelerating the market growth.
The home care & decor industry has been witnessing inconsistent growth, since the Covid 19 outbreak. As a result of the ongoing pandemic crisis, there has been a drop in the overall performance of discretionary products such as decorative fixtures, bedding products, to name a few. The virus outbreak has, however, led to substantial growth in categories such as cleaning and hygiene products. Prominent growth in the e-commerce business is also one of the positive influences of the outbreak, wherein companies are focusing on expanding their distribution networks to online channels in order to cater to the surging consumer demand. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
Stringent regulations by governments to ensure cleanliness and hygiene in commercial kitchens is also likely to augment the demand for these products over the forecast period. For instance, in India, Serve Safe, a nationwide initiative by the Food Safety and Standards Authority of India, ensures the safety of food. The under cabinet hood product type segment accounted the highest market share in 2018 and is projected to maintain its leading position during the forecast years. This growth can be attributed to the easy installation and affordability and compatibility of these devices with different kitchen designs.
Some of the leading companies in the global market include Asko Appliances; Broan, Inc.; BSH Home Appliances Corp.; Elica S.p.A.; Faber S.p.A.; Falmec S.p.A.; Miele, Inc.; Panasonic Corp.; Samsung Electronics; and Whirlpool Corp. These companies focus on product modification with respect to additional features and functionality. For instance, Faber had introduced a new concept of chimney without filter, which makes lesser noise than other products and does not require regular cleaning.
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Moreover, the duct transports smoke and particles out of the kitchen whereas other ductless versions recirculate the air inside. Ceiling hoods are expected to witness the highest CAGR of 4.8% from 2019 to 2025. Growth number of kitchen remodeling activities is anticipated to drive the demand for ceiling-mounted hoods, thereby boosting the segment growth. The offline distribution channel segment led the global range hood market accounting for the highest market share of more than 70% in 2018. However, rising popularity of e-commerce platforms and usage of smart devices, such as mobile phones and tablets, are expected to drive the online segment.
Further key findings from the study suggest:
·         Online distribution channel is anticipated to be the fastest-growing segment over the forecast years on account of extensive usage of smartphones and e-commerce platforms for shopping
·         Moreover, benefits offered by online portals like easy payment options, free installation, warranty, etc. are anticipated to spur the segment growth in futures
·         Ceiling mount hood product type segment is estimated to witness the highest CAGR of 4.8% from 2019 to 2025
·         North America was the dominant regional market in 2018. However, APAC is anticipated to expand at the fastest CAGR of 5.0% during the forecast period
·         Some of the leading companies in the market include Asko Appliances; Broan, Inc.; BSH Home Appliances Corp.; Elica S.p.A.; Faber S.p.A.; Falmec S.p.A.; Miele, Inc.; Panasonic Corp.; Samsung Electronics; and Whirlpool Corp.
The global range hood market size was valued at USD 10.30 billion in 2018 and is expected to register a CAGR of 4.3% from 2019 to 2025. Technological advancements along with rising usage of IoT in kitchen hood devices are expected to be the key factors boosting the market growth. Manufacturers are focusing on developing innovative devices owing to consumer preference for smart features, such as noise reduction, wireless connectivity, and installation of temperature, optic, and infrared sensors, in the products.
For instance, manufacturers use multiple insulation layers, sound absorbing base, and filtration system motors to reduce noise. This factor is also likely to contribute to the market growth. In addition, changing lifestyles due to busy work schedules along with increasing number of hotels and food chains, particularly in developing countries like India and China, are driving the market.
Stringent regulations by various regional governments regarding the cleanliness and hygiene in restaurants and food chains have mandated the installation of range hoods, which is also boosting the market growth. Moreover, these devices offer added advantages, such as heat reduction, maintenance of air quality, and increased safety.
On the other hand, high maintenance cost and availability of substitutes, such as exhaust, are anticipated to hamper the growth of the market. However, the manufacturers are focusing on product development and cost reduction, which will support product demand. For instance, UL710 Type 1 hoods launched by North American Kitchen Solutions, Inc., operate without a factory cut duct connection, resulting in reduced operational costs.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-range-hood-market
Grand View Research has segmented the global range hood market on the basis of product type, distribution channel:
Range Hood Product Type Outlook (Revenue, USD Million, 2015 - 2025)
·         Under Cabinet
·         Wall Mounted
·         Ceiling Mount
·         Others
Range Hood Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
·         Offline
·         Online
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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