Selbyville, Delaware, Nov. 02, 2021 (GLOBE NEWSWIRE) --
The range hood market revenue is anticipated to record a valuation of USD 20 billion by 2027, according to the most recent study by Global Market Insights Inc. The proliferation of kitchen appliances and rising consumer awareness regarding the product usage is boosting the industry demand.
The rapid transmission of COVID-19 virus affected the range hood market adversely at the global level. Various countries adopted stringent lockdown as a precautionary measure to flatten the pandemic curve. However, it is anticipated that the market will slowly improve its statistics due to relaxations in the lockdown provided by several governments after decrease in the COVID-19 cases from mid-2020.
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Ceiling range hoods availability in wide range of lightings and easy cleaning process is accelerating their market demand. Market players including Faber S.p.A and Falmec S.p.A are presenting their products at various exhibitions to increase their net sales. For instance, in September 2021, Falmec S.p.A showcased its latest range hood products including under cabinet and ceiling mount in the Area 30 exhibition in Germany. This exhibition assisted the company to introduce its products to potential business clients.
Increasing population and urbanization in the Asia Pacific region are creating a high demand for kitchen appliances. Regional established players, such as TTK Prestige Limited, Hindware Homes, and Hangzhou Robam Appliances Co. Ltd., are investing in R&D for product innovations. For instance, in March 2021, TTK Prestige Limited unveiled its new range hood lineup Oscar Chimney Range for the India market. Oscar range hoods have the capacity of 1,000m3/hr suction capacity and are equipped with motion sensor technology.
Range hood industry players are focusing on enhancing their product efficiency and reliability by adopting several businesses strategies including partnerships and acquisitions for higher profitability. For instance, in July 2021, Elica S.p.A’s subsidiary FIME company acquired Electric Motors Company S.r.l and CPS S.r.l, electric motor & domestic cooker hood fan system providers. The acquisition will assist the company to utilize Electric Motors Company S.r.l and CPS S.r.l expertise on hood motor system to increase the suction capability of the hoods.
Some major findings in the range hood market report include:
- Rising disposable income of users in North America is encouraging consumers to renovate their houses, driving the range hood market growth. Additionally, rising pollution level has created the need of air quality equipment, thereby propelling the range hood sales in the region.
- The trend of modular kitchen and consumer preference toward elegant design kitchen hoods are boosting the market growth in Europe. The presence of industry players, such as Faber S.p.A, Miele & Cie.KG, and BSH Hausgerate GmbH, will further create ample amount opportunities for market growth.
- Increasing population and urbanization are creating a high demand for kitchen appliances in Asia and Oceania regions. The proliferation of restaurants in several countries, such as India, China, Japan, Australia, and South Korea, will provide a positive outlook for the market in commercial applications.
- Significant e-commerce businesses expansion and growing spending on home remodeling projects are driving the range hood market in Latin America. Additionally, stringent government regulations regarding hygiene and cleanliness in restaurants will create favorable growth in the commercial sector.
- Increasing hotels and restaurants due to development in the tourism sector are propelling the range hoods sale in the MEA region. The availability of range hoods in a wide range of designs and shapes is further propelling the market growth in the region.
Prominent players operating in this market include Ningbo Fotile Kitchenware Co., Ltd., BSH Hausgerate GmbH, Faber S.p.A., Miele & Cie.KG, Samsung Electronics Co., Ltd., KOBE Range Hoods, Braon-NuTone LLC, Falmec S.p.A., Whirlpool Corporation, Pacific Range Hoods, Inc., GE Appliances, and Elica S.p.A.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Range hood industry 360° synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Distribution channel trends
2.1.5 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on range hood industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Profit margin analysis
3.3.6 Distribution channel analysis
3.3.7 Vendor matrix
3.4 Investment landscape
3.5 Technology & innovation landscape
3.6 Regulatory landscape
3.6.1 North America
3.6.2 Europe
3.6.3 Asia Pacific
3.6.4 Latin America
3.6.5 MEA
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Increasing number of quick service restaurants & food joints across the globe
3.7.1.2 Rising purchasing power of consumer is supporting the adoption of residential range hoods
3.7.1.3 Stringent regulation imposed in Europe & North America pertaining to food hygiene & safety
3.7.1.4 Growing modular kitchen popularity in Latin America and Europe has fuel demand for range hood systems
3.7.1.5 Increasing consumer awareness regarding range hoods in Asia Pacific
3.7.1.6 Residential infrastructure rapid development in Australia, Japan and China
3.7.1.7 Kitchen appliances industry proliferation in South Africa
3.7.2 Industry pitfalls & challenges
3.7.2.1 High initial costs associated with Range Hoods
3.7.2.2 Weak consumer awareness in emerging economies
3.7.2.3 Wider availability of exhaust systems at low cost
3.8 Growth potential analysis
3.9 Porter's analysis
3.9.1 Supplier power
3.00
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
