NEW YORK, June 21, 2022 (GLOBE NEWSWIRE) — The Global Range Hood Market size accounted for USD 15,698 Mn in 2021 and is expected to reach USD 26,508 Mn by 2030 with a considerable CAGR of 6.2% during the forecast timeframe of 2022 to 2030.
The growing number of restaurant chains throughout the world is propelling the range hood industry forward. Foodservice establishments like to install advanced range hoods due to their ease of cleaning. The major function of the range hood is to improve kitchen indoor air quality. Hoods are used in the kitchen to keep odors, oil, dust, and other contaminants out of the air. Unclean air is drawn in by a motorized fan and either ejected or cleaned and recirculated. Without a range hood, anyone and their families will be forced to breathe in the following meals, potentially irritating their eyes, nose, and throat. Vent hoods also help to prevent carbon monoxide poisoning. According to research, carbon monoxide concentrations in kitchens are enhanced when the stove is operated without the range hood switched on.
Range hoods protect everyone in the house by working as a filtering system, removing potentially hazardous, toxic, and even deadly particles. Almost no other kitchen appliance provides more important advantages than the vent hood. A range hood is a fan-hung mechanical system that extends well above the stove or cook top. Range hoods help to remove combustion products, fumes, floating fats, odors, vapor, and heat from the air through air cleaning and filtration from the house and kitchen.
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|Market||Range Hood Market|
|Market Size 2021||USD 15,698 Mn|
|Market Forecast 2030||USD 26,508 Mn|
|CAGR During 2022 – 2030||6.2%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Application, By Distribution Channel, By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Asko Appliances, BSH Home Appliances Corp., Broan, Inc., Miele, Inc., Faber SpA, Falmec SpA, Elica SpA, Whirlpool Corp, Samsung Electronics, Panasonic Corp., Fotile Overseas Kitchen Appliances, and Captive Aire Systems.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hours of free customization and expert consultation|
Global Range Hood Market Growth Aspects
The transformation in people’s lives around the world is one of the key factors projected to fuel the growth of the range hood market. Demand for smart home appliances with wireless access and technologically advanced features such as sensor devices for performance improvement, as well as the appearance of stringent hygiene and cleanliness regulations in restaurants and other food chains requiring the configuration of kitchen cooking hoods, drive market growth. The increasing installation of range hoods due to numerous benefits such as heat reduction, clean air maintenance, and increased safety, as well as consumer recognition of the importance of keeping the cooking area clean and healthy, all have an impact on the market. Furthermore, effective strategic marketing operations, the development of e-commerce retail channels, and rising disposable income all increase the range hood market. Furthermore, recent developments and debuts provide market participants with significant opportunities during the forecast period.
In addition, the high cost of maintenance and the availability of substitutes, such as exhaust, are expected to stimulate industry growth. Nonetheless, the companies are focusing on product development and price reduction. This will keep the business in demand.
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Increasing Number of Hotels and Restaurants Driving the Industry Growth
Rapid urbanization in developing economies, as well as an expansion in the number of restaurants and hotels globally, is major factors driving the range hood market’s dominance. The hospitality sector is a multibillion-dollar industry that thrives during periods of high discretionary money. The food service and hospitality business are one of the largest jobs in the United States. Different countries and cultures have different service styles, ranging from fast food to dining and rapid service. According to analysts, the hotel industry is continually growing, with over 700,000 hotels globally. The rise in spending power, the demand for unique tourism experiences, and the growing number of virtual influences are all fueling the growth of the hotel industry. As a result, the worldwide range hood market is being driven by an increasing number of hotels.
Range Hood Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global range hood market. Asia-Pacific is predicted to have huge potential in the projected years due to its fast-rising population. Growing customer spending capacity and growing preference due to increased awareness of product benefits are driving market growth in the Asia-Pacific region. The increased desire for easy household cleaners as the number of working people increases, particularly in developing nations such as India and Japan, is further driving product demand. Furthermore, due to rising urbanization and the region’s current trend of small compact houses, consumers choose convenient kitchen concepts, such as modularity patterns, which are predicted to drive demand even higher.
Range Hood Market Segmentation
The global range hood market has been segmented by Acumen Research and Consulting based on product, application, and distributing channel. Based on the product, the market is divided into ceiling mount, under cabinet, wall mount, and others. Based on the application, the market separated into residential, and commercial. Based on distributing channel, the market is categorized into e-commerce, direct selling, and others.
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Some key players covered global in the range hood industry are Asko Appliances, BSH Home Appliances Corp., Broan, Inc., Miele, Inc., Faber SpA, Falmec SpA, Elica SpA, Whirlpool Corp, Samsung Electronics, Panasonic Corp., Fotile Overseas Kitchen Appliances, and Captive Aire Systems.
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