Home > Pressrelease > Range Hoods Market worth over $25 Bn by 2028
Range Hoods Market worth over $25 Bn by 2028
- Published Date: April 27, 2022
Range Hoods Market size is set to cross USD 25 billion by 2028, according to a new research report by Global Market Insights Inc. The global shipments are set to reach 50 million units by 2028.
Rising consumer spending on technologically advanced kitchen appliances is fueling the industry growth. Shifting consumer preferences toward modular kitchens will support the rising demand for range hoods. Consumers in Asia Pacific and the MEA are making large investments in kitchen hoods to evade smoke & gases, further boosting the market statistics. Market leaders are also offering highly advanced kitchen hood systems for urban kitchens to cater to the growing demand.
The high initial cost of range hoods is restricting their uses in household & commercial applications, affecting industry demand. Extraction hoods are difficult & costlier to install in existing kitchens due to reconstruction requirements, thereby impacting range hoods market representation. The price of extraction hoods depends on several factors such as the Cubic Feet Per Minute (CFM) rating, special features they come with, and their mode of blowing. Additionally, the high CFM ratings make them even more expensive. An average homeowner typically spends between USD 500 and USD 1,000 on an extraction hood.
Get more details on this report - Request Free Sample PDF
Analyst view: “Increasing consumer disposable incomes coupled with the rising demand for appliances in household kitchens are driving the range hoods market growth. Market players are heavily investing in R&D for new product innovations to stay competitive.”
The COVID-19 pandemic marginally affected range hood sales. Increasing financial insecurities and consumer inclination toward purchasing essential items during the first half of 2020 affected market revenue. However, rising concerns regarding air quality during the pandemic have propelled the market demand for extraction hoods in mid-2021. Governments of several countries including the U.S., the UK, India, and Canada are taking initiatives to create awareness regarding good home ventilation.
Compact design and quick & easy installations are augmenting the adoption of under-cabinet extraction hoods
The under cabinet segment is expected to showcase a CAGR of over 6% through 2028. The demand for under-mount cabinets is increasing attributed to their easy installations, versatility, and compactness. These systems are installed under the bottom of a wall cabinet, making them ideal for kitchens with limited space availability and subsequently increasing their market share. The companies are designing & manufacturing systems with customer-specific dimensions to gain market shares.
Browse key industry insights spread across 300 pages with 384 market data tables & 32 figures & charts from the report, “Range Hood Market Size By Product (Ceiling Mount, Wall Mount, Under Cabinet), By Application (Residential, Commercial [Hotels, Restaurants, Cafes]), By Distribution Channel (Direct Selling, E-commerce), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
HoReCa industry is propelling the adoption of kitchen hoods in the commercial sector
Extraction hoods sales in the commercial segment held a market share of around 15% in 2021, with about 7 million units of new products sold. Building solution providers and restaurant chains are involved in partnerships to expand these restaurant chains, further spurring the market growth.
Shifting user preferences toward direct selling channels
The direct selling channel is projected to register nearly 6% gains till 2028. Manufacturers are adopting advanced technologies to address last-mile delivery problems and enhance customer experience.
Presence of established industry players in Europe
The Europe range hoods market size is anticipated to value USD 7 billion by 2028 led by technological advancements in kitchen appliances. Market leaders are leveraging new marketing avenues & strategies to increase their presence in the region. For instance, in September 2021, Falmec S.p.A displayed its new range hood appliances in Germany’s Area 30 exhibition.
Industry participants are adopting diverse business strategies to increase their revenues. These players are also offering highly advanced range hood systems for urban kitchens to cater to the growing demand.
Companies operating in the range hoods market include Zephyr Ventilation, Windster Hoods, Inc., Whirlpool Corporation, Samsung Electronics Co. Ltd., Viking Range, LLC, Vent-A-Hood, Panasonic Corporation, Pacific Range Hood, Inc., Miele, Inc., Kobe Range Hoods, Hangzhou Robam Appliances Co., Ltd., Ningbo Fotile Kitchenware Co., Ltd., Falmec S.p.A., Faber S.p.A, Elica S.p.A., Captive-Aire Systems, Inc., BSH Hausgerate GmbH, Braon-NuTone, LLC, and Asko Appliances.