Feb 18, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Range Hood Market.
It was estimated prior to this unanticipated outbreak Range Hood Market will reach CAGR of 4.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Range Hood Market Insights
Range Hood market is likely to witness a CAGR of 4.2% during the forecast period. The prime factor driving the range hood market is the growing adoption of range hoods to get rid of smoke and odor and to keep kitchens clean.
Market Share Analysis
Range Hood Market Share: By Product Type
Based on the product type, the market is segmented as under cabinet, wall mount, ceiling mount, and others. The wall mount segment is expected to witness the highest growth during the forecast period owing to its ability to be installed on kitchen walls without consuming any additional space.
Range Hood Market Share: By Application Type
Based on the application type, the range hood market is segmented as commercial and residential. The commercial segment holds the larger share of the market and is also expected to witness a healthy growth during the forecast period. Rapid urbanization in the emerging economies along with rising number of hotels and restaurants across the globe is the major factor behind the dominance of the commercial segment.
Range Hood Market Share: By Distribution Channel Type
Based on the the distribution channel type, the market is segmented as direct selling, E-commerce, and others. Direct selling is estimated to be the largest distribution channel; however, the E-commerce segment is expected to witness the highest growth during the forecast period. Major factors driving the growth of the E-commerce segment are availability of a wide range of products, competitive pricing, and ease in comparison.
Range Hood Market Share: By Region
In terms of regions, Europe is estimated to be the largest market for range hoods during the forecast period. Presence of a large number of restaurants and hotels, a huge tourism industry, and high disposable income of consumers are the major factors behind the dominance of the region in the global market. Asia-Pacific is expected to witness the highest growth during the forecast period. China, Japan, South Korea, and India are the driving force of the region’s market.