Trusted Business Insights presents the Latest Study on Range Hood Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Global Range Hood Market
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.
Market Segmentation, Outlook & Viewpoint: Global Range Hood Market
Product Type Market Segmentation & Outlook (Revenue, USD Million, 2014 – 2025)
Distribution Channel Market Segmentation & Outlook (Revenue, USD Million, 2014 – 2025)
Key Players, Recent Developments & Regional Insights: Global Range Hood Market
Under cabinet hood segment held the highest market share of 41.55% in 2018. Under cabinet hood is the most widely used product type owing to its easy installation and affordability and compatibility with different kitchen designs. Moreover, the duct transports the smoke and particles out of the kitchen whereas other ductless versions recirculate the air into the kitchen. Ceiling-mount hood segment is expected to register the fastest CAGR over the forecast period. This product type is also known as island hood as it is not attached to the wall and is installed over the stove. This device type is gaining popularity owing to its stylish and sleek designs.
Distribution Channel Insights
The offline distribution channel segment accounted for the highest market share in 2018. It is further expected to maintain its leading position throughout the forecast period due to the availability of a wide variety of products to choose from and the advantage of checking the products before buying. Moreover, majority of the leading companies have their own specialty stores across the globe, which contributes to the segment growth.
The online segment, however, is anticipated to expand at the highest CAGR of 4.5% over the forecast period. Rising popularity of e-commerce and usage of smart devices including mobile phones and tablets are expected to be the key growth-driving factors. Moreover, benefits offered by online portals, such as discounts, easy payment options, and free installation services, will drive the segment further.
North America accounted for the highest range hood market share in 2018 and is projected to expand further at a steady CAGR from 2019 to 2025. Quick adoption of advanced technologies in the region and resultant demand for connected and smart devices, especially in countries, such as Canada and Mexico, are the key market drivers. Asia Pacific is expected to be the fastest-growing regional market with a CAGR of 5.0% from 2019 to 2025.
Increasing consumer spending capacity and high demand due to increasing awareness about the product benefits are accelerating the growth of the market in Asia Pacific region. Increased need for convenient cleaning solutions due to growing number of working individuals, especially in developing countries like India and China, is also driving the product demand. Moreover, with rapid urbanization and popular trend of small and compact homes in the region, consumers prefer convenient kitchen designs, such as modular patterns, which is expected to drive the demand further.
Range Hood Market Share Insights
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.
Key Insights Covered: Global Range Hood Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Range Hood industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Range Hood industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Range Hood industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Range Hood industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Range Hood industry.
Research Methodology: Global Range Hood Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
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This post was originally published on Space Market Research