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The wall-mount range hood segment held a market share of more than 40% in 2021. Wall-mounted systems are being increasingly installed in residential & commercial kitchens due to their ability to clean smoke or lingering smell. In addition, the availability of various models with multiple advanced features, such as Bluetooth and Wi-Fi connectivity, is contributing toward the industry growth.
The residential application valued at nearly USD 10 billion in 2021. Innovative designs, increased energy efficiency, and reduced space requirements are encouraging the replacement of range hoods in the residential segment. The increasing demand can also be attributed to rising disposable incomes and growing penetration of electricity distributors providing uninterrupted power supply. The growing awareness among citizens for the adoption of energy-efficient solutions is expected to propel the market for energy-star-qualified range hoods in the household sector.
The e-commerce segment is poised to register gains of about 8% through 2028. Products sold through e-commerce websites provide cost savings for the company & customers and are the most preferred distribution mode among companies with limited resources. Furthermore, players are adopting several strategies and undertaking innovative efforts to drive e-commerce sector.
The Asia Pacific range hood market crossed USD 9 billion in 2021. The demand for cooking hoods is predicted to rise in the region due to the increasing number of Quick Service Restaurants (QSRs) and new food joints. According to the U.S. Department of Agriculture (USDA) 2022 report, China’s Hotel, Restaurant, and Institutional (HRI) sector recorded USD 573 billion in sales revenue in 2020. Additionally, rising consumer spending on home appliances in India is contributing to restaurant industry development.