Range Hood Market size worth over $10bn by 2026

Range Hood Market size is set to surpass USD 10 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

The rapidly developing foodservice industry across the globe is supporting the demand for advanced range hood systems. These systems are increasingly installed in full service as well as Quick Service Restaurants (QSRs) to remove excess heat from kitchen air. Restaurants are witnessing a high demand for range hood systems to vent hot air & smoke out of the kitchen. They help in capturing cooking vapor & smoke, filter harmful pollutants, and improve indoor air quality. Additionally, the rising need for advanced and energy-efficient solutions in the sector is driving the adoption of smart cooker hood systems.

 

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Companies in the range hood market are developing advanced products, such as Wi-Fi/Bluetooth connectivity and LED lighting, which are enhancing the user experience. For instance, in October 2016, Samsung Electronics announced the launch of a Wi-Fi-connected cooktop and range hood, enabling the user to remote start, control, turn off, and monitor from the smartphone. However, high initial cost of range hood systems is restricting their use in household and commercial applications. These systems are difficult & costlier to install in existing kitchens due to the requirement of reconstruction work while installing systems in existing spaces. These machines are available in several sizes and varying features & options. Such factors are impacting the market growth resulting in limited usage by all consumer levels.
 

Growing demand for under-mount vent hood in modern residences

The demand for under-mount range hood is primarily increasing in residential applications due to their easy installation, versatility, and compactness creating several market opportunities. These systems are installed under the bottom of a wall cabinet, making them ideal for kitchens with limited space availability. The demand for ductless under-mount cabinets is expected to increase over the market forecast timeline due to their easy installation & less maintenance. Companies operating in the range hood industry are designing & manufacturing systems with customer-specific dimensions to gain market share. Additionally, decorative under-mount hoods are increasingly gaining market demand in due to their designer aesthetic looks and durable construction.
 

Browse key industry insights spread across 250 pages with 311 market data tables and 26 figures & charts from the report, “Range Hood Market Size by Product (Under Cabinet, Wall Mount, Ceiling Mount), By Application (Residential, Commercial), By Distribution Channel (Direct Selling, E-commerce, Others), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026”  in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/range-hood-market
 

Transformation of residential infrastructure drives the demand

The residential segment has gained high market shares in 2018 owing to changing kitchen interiors and housing infrastructure globally. Innovative designs, increased energy efficiency, and reduced space requirement are encouraging the replacement and the need for upgrading kitchen appliances in the residential segment. The range hood industry growth is also attributed to rising disposable income and rising electric supply in North America. The residential sector is estimated to witness high adoption owing to changing consumer preferences and the development of products complying with stringent energy-efficiency regulations by the market leaders. The household market outlook is highly dependent on sophisticated solutions for enhancing daily life activities.
 

Rising demand for convenient and cheap delivery of products

Online sales & distribution channels will witness a major share in the coming years due to high consumer awareness. The e-commerce supply chain enables customers to directly buy products from online websites at lesser costs due to the absence of intermediary agents and low market price. It allows them to compare product specifications, costs, and the design of different brands, saving valuable time. Increasing demand from technologically savvy customers for instant access to product information, on-the-go comparison, price, convenience, and selection is boosting the online distribution channel growth supporting new market trends. Products sold through e-commerce websites provide cost savings for the company and is a preferred channel amongst companies with limited resources. Promotional and marketing strategies taken by the market players do not help in capturing the entire target audience.
 

Europe holds the second-largest range hood market share

Rising installation of advanced kitchen equipment and changing kitchen design trends in Europe are supporting the high demand for range hood at a high rate. Transformation of the existing residential & commercial buildings including, homes, restaurants, cafes, and hotels with modular kitchens supports the industry growth. Hotels, cafes, and quick service restaurants in Germany, UK, etc. are focused on enhancing the kitchen capabilities by installing advanced ventilation & exhaust equipment to control noise, harmful emissions, and other gases produced through cooking. Additionally, high investments for transformation & restructuring of the existing infrastructure in the European Union are creating several development opportunities for the market.
 

Key companies present in the market are Elica S.p.A., Broan, Zephyr Ventilation, Samsung Electronics Co., Ltd., Panasonic Corporation, Whirlpool Corporation, Faber S.p.A., and BSH Group. The players are developing various new range hood products depending on consumer requirements and technical needs. Global and local players are facing high competition from companies that launch new products along with technical advancements, further supporting industry growth. Manufacturers are also expanding their distribution channel networks to cater to the global demand of customers supporting the industry trends.
 

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