DUBLIN--(BUSINESS WIRE)--The "Range Hood Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global range hood market is expected to grow at a CAGR of over 6% during the period 2019-2025.
Key Market Insights
The analysis of the range hood market provides sizing and growth opportunities for the forecast period 2020-2025.
- Offers sizing and growth prospects of the range hood market for the forecast period 2020-2025
- Provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market
- Includes a detailed analysis of growth drivers, challenges, and investment opportunities
- Delivers a complete overview of segments and the regional outlook of the range hood market
- Offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain competitive advantage
The global range hood market is expected to witness steady growth during the forecast period. The growth is estimated to be consistent, where most of the underpenetrated regions can offer business opportunities for vendors during the period 2019-2025. With the increasing awareness of improper ventilation facilities, the importance of these exhaustive appliances in the cooking area is growing rapidly. Kitchen hoods are steadily replacing exhaust fans as they are more effective in the ventilation process. Hence, the need to effectively reduce the excess heat in kitchen and demand for advanced home appliances that support efficient and convenience cooking habits is increasing the installation as they are capable of smoke and odor through baffle and mesh filters.
The growing demand for energy-efficient smart appliances is expected to generate high growth opportunities for IoT-enabled range hood appliances during the forecast period. Cooking appliances such as range hoods, ovens, and hobs are subjected to EU energy labeling and eco-design requirements.
While the global demand for connected devices is increasingly growing, owing to the high adoption of smart technology by consumers, the introduction of AI-enabled kitchen appliances and voice assistant technology is fueling the growth. Regulatory bodies in North America and Europe have implemented new energy efficiency programs. Further, owing to the rising cost of energy resources, consumers are also demanding high-energy efficient products to reduce their utility bills.
Range Hood Market: Segmentation
This research report includes detailed segmentation by installation, application, suction capacities, ventilation, distribution, and geography. Integrated range hood appliances are the most commonly preferred types to manage space in the kitchen area. The increasing application of integrated range ducts in both commercial and residential sectors is increasing the scope for market growth as ductless appliances are not efficient in terms of performance. Another major driver boosting the growth is the increasing preference for integrated devices in APAC as they are compact nature, affordability, and compatibility.
Efficient duct range hood appliances dominate the market as they are mostly preferred for both commercial and residential purposes. The scenario is expected to sustain during the forecast period, and the momentum for duct appliances is growing. However, there is not much significance for ductless devices due to their performance and limitation in operation procedures. The high demand for duct appliances in France, Italy, and the UK is fueling the growth as they do not prefer ductless ones. Moreover, strict regulations and laws for hotels and restaurants across geographies is also a driving factor for preferring duct over ductless.
Ductless range hoods are found in minimal households such as flats and apartments, where the residents are not given permission. They tend to be a secondary choice in commercial kitchens due to their restricted performance features. However, a considerable number of commercial spaces are likely to opt for ductless island range hoods due to space limitations. The rise in hotels and QSR projects in the US, Germany, China, and the UAE can support the growth factor.
Range hood appliances with medium suction are the largest segment in the market. They experienced higher adoption in APAC than North America in 2019. The growth in middle-class consumers and the high installation in commercial spaces are driving the dominance of the segment. Further, several households in APAC countries such as India prefer medium suction power exhaustive products as their cooking style includes oil and masala.
Range hood appliances are majorly distributed through offline channels, which include outlets such as specialty stores, hypermarkets, departmental stores, However, online channels, which consist of official company websites and other third-party e-commerce websites such as Amazon, are also picking up the pace. The online sale will be concentrated in the US, Canada, the UK, and France due to the high smartphone penetration and high levels of awareness of ventilation facilities. However, despite the increasing internet penetration, the share of online sales is not significant in APAC. The demand for IoT based applications and the growth of e-commerce websites with discounts and offers are fueling the growth.
Insights by Geography
The demand for exhaust appliances has been rising due to the growth of smart kitchen appliances. While the market is surging toward the maturity stage in North America and Europe, the product is yet to obtain its considerable significance in APAC, MEA and Latin America.
Europe is dominating the market as the demand and potential are consistent and expect to continue during the forecast period. The trend of fast foods in Italy and Portugal, the tendency to eat away from homes, the steady growth in the foodservice industry, the penetration of IoT-based smart kitchen appliances, and the implementation of EU regulations on food safety are the major growth drivers.
North America is witnessing expansion in businesses, construction of new hotel projects, growth and consistent demand for innovative appliances. These factors are likely to increase the demand for exhaust appliances in the region. The demand is mainly generated from the replacement of conventional exhaustion equipment with technologically advanced types for their modular kitchens.
The APAC region is expected to surpass North America in 2025. Along with the presence of key markets, which include China, Japan, India, South Korea, and Australia, the market in Malaysia, Singapore, Indonesia has a high scope for development during the forecast period. With an expected CAGR of over 9% during the period 2018-2022 in the restaurant and food industry, the Indian market for commercial range hoods is expected to emerge as the major market during the forecast period. Further, the completion of several housing schemes and the growth in the tourism sector in Malaysia and Singapore are fuelling the growth.
Insights by Vendors
Vendors of modern kitchen appliances are increasingly focusing on the technical aspect with advanced features to sustain in the highly competitive market. Since range hood appliances are expensive with long replacement cycles, differentiation always lies in the first mover technology.
One of the effective ideas could be the launch of IoT enabled appliances to be the forerunner of the market. The Indian player perfectly understood this - Hindware, which introduced the first IoT enabled kitchen range hoods. In high internet penetrated regions such as the US and European countries, smart kitchen appliances are gaining momentum.
- Rise in Number of Modular Kitchens
- Rise in QSR & Hotels
- Expanding Nuclear Families & Rising Women Employment
- Growth in Health Awareness & Benefits of Range Hoods
- High Operational Costs
- Longer Purchase Cycles
Market Opportunities & Trends
- Growth of IoT in Kitchen Appliances
- Energy-Efficient Smart Appliances
- Stringent Government Food Safety & Hygiene Regulations
- HARMAN International
For more information about this report visit https://www.researchandmarkets.com/r/steg7o