Market Research Report
Range Hood Market Size By Product, By Application, By Distribution Channel, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028
|Range Hood Market Size By Product, By Application, By Distribution Channel, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028|
Published: April 21, 2022
Global Market Insights Inc.
Content info: 300 Pages
Delivery time: 2-3 business days
The global range hood market is estimated to grow at a rapid pace by 2028, heavily driven by the food service sector with a surging number of quick service restaurants fostering a majority of the product demand. Modernizing architectural and construction trends such as modular homes are also likely to propel the demand for range hoods over the forecast timeframe.
Considering the high product demand, leading industry players have been engaged in rolling out new iterations of product solutions. In 2021, Zephyr Ventilation, a leading kitchen appliances innovator launched 'Zephyr Designer Collection' comprising of six new kitchen ventilation hoods including Mesa Wall, Horizon hood, Layers Wall, Apex Wall, the Vistal Wall and the Vista Island.
The collection reflected groundbreaking engineering technology blended with modern art. Each product introduced a unique aesthetic element such as Horizon hood that floats on top of cooktop whereas the Mesa Wall features invisible touch controls and hybrid baffle filters.
In 2022, Broan-NuTone®, which is a leading residential ventilation solutions provider, launched the new Broan® 21 inches Customer Range Hood Power Pack (PM400SS). It is the latest member of the company's hidden ventilation alternatives portfolio for kitchen needs of homeowners. It offers a spectrum of design possibilities with the simplest hidden solutions for getting rid of smoke of odors.
The range hood market is compartmentalized into different segments like type, application, distribution channel, and region.
In terms of product type, the overall market is classified into wall mount, ceiling mount, under cabinet, and others. Among these, other range hood product category, which includes products like downdraft hoods, are experiencing considerable rise in demand owing to their efficiency and capacity to take out cooking smoke from the kitchen.
Based on application, the range hood market is divided into residential, and commercial segments, with the latter being further fragmented into hotels, restaurants, and cafes (HoReCa).
Rapidly proliferating HoReCa industry, with a large number of small food businesses, are scaling up the market growth of the commercial application space, which is pegged to witness a CAGR of more than 4.5% over the forecast timeline.
Parallelly, a large number of initiatives to boost employment and support candidates of the HoReCa industry are consolidating product penetration further into the space. In 2021, the Hellenic labor inspectorate started an to spread awareness across Greece regarding the rights of seasonal workers within the HoReCa sector. With such support, the commercial application segment would be witnessing a strong product demand from the launch of new HoReCa facilities.
With respect to distribution channel, the industry is sectioned into e-commerce, direct selling, and others.
Increasing technological advancements in the space of digitization, in conjunction with innovations in the retail sector, are strengthening e-commerce distribution channel segment. Furthermore, availability of wide variety of products and the presence of several promotional offers, discounts, and incentives are expected to drive substantial market growth via e-commerce platforms.
In regional landscape, the range hood market in Latin America is anticipated to grow at an exponential rate owing to the increasing population of the region and shifting focus towards sustainability and clean air.