Jan 11, 2022/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 the Range Hood Market.
It was estimated prior to this unanticipated outbreak that the 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.
Range hood is a device holding a mechanical fan that dangles above the stove in the kitchen to remove combustion products, airborne grease, fumes, smoke, heat, and steam from the air. The range hood market is segmented based on product type into under cabinet, wall mount, ceiling mount, and others. Based on application type, the market is segmented as residential and commercial. On the basis of distribution channel type the market is segmented as direct selling, E-commerce, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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.
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.
Based on 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.
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.
Key Players:
Key players operating in the global Range Hood market are-
- Elica S.p.A.
- BSH Group
- Faber S.p.A.
- Ningbo Fotile Kitchenware
- Kobe Range Hoods
- Panasonic Corporation
- Zephyr
- Samsung
- Whirlpool
- Miele
- Broan, Inc.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Range Hood analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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