Range Hood Market Regulatory Changes Impacting Product Standards and Safety

 The global range hood market size is anticipated to reach USD 13.82 billion by 2025 registering a CAGR of 4.3%, according to a new report by Grand View Research, Inc. Extensive usage of IoT devices and smart features in range hood devices is expected to be the key factor driving the market. Furthermore, changing lifestyles due to busy work schedules along with increasing number of hotels and food chains, particularly in developing countries like India and China, are accelerating the market growth.

Stringent regulations by governments to ensure cleanliness and hygiene in commercial kitchens is also likely to augment the demand for these products over the forecast period. For instance, in India, Serve Safe, a nationwide initiative by the Food Safety and Standards Authority of India, ensures the safety of food. The under cabinet hood product type segment accounted the highest market share in 2018 and is projected to maintain its leading position during the forecast years. This growth can be attributed to the easy installation and affordability and compatibility of these devices with different kitchen designs.

Gather more insights about the market drivers, restrains and growth of the Global Range Hood Market

 

Moreover, the duct transports smoke and particles out of the kitchen whereas other ductless versions recirculate the air inside. Ceiling hoods are expected to witness the highest CAGR of 4.8% from 2019 to 2025. Growth number of kitchen remodeling activities is anticipated to drive the demand for ceiling-mounted hoods, thereby boosting the segment growth. The offline distribution channel segment led the global range hood market accounting for the highest market share of more than 70% in 2018. However, rising popularity of e-commerce platforms and usage of smart devices, such as mobile phones and tablets, are expected to drive the online segment.

Range Hood Market Report Highlights

• Online distribution channel is anticipated to be the fastest-growing segment over the forecast years on account of extensive usage of smartphones and e-commerce platforms for shopping

• Moreover, benefits offered by online portals like easy payment options, free installation, warranty, etc. are anticipated to spur the segment growth in futures

• Ceiling mount hood product type segment is estimated to witness the highest CAGR of 4.8% from 2019 to 2025

• North America was the dominant regional market in 2018. However, APAC is anticipated to expand at the fastest CAGR of 5.0% during the forecast period

• Some of the leading companies in the market include Asko Appliances; Broan, Inc.; BSH Home Appliances Corp.; Elica S.p.A.; Faber S.p.A.; Falmec S.p.A.; Miele, Inc.; Panasonic Corp.; Samsung Electronics; and Whirlpool Corp.

Regional Insights

• North America accounted for the highest range hood market share in 2018 and is projected to expand further at a steady CAGR from 2019 to 2025. Quick adoption of advanced technologies in the region and resultant demand for connected and smart devices, especially in countries, such as Canada and Mexico, are the key market drivers. Asia Pacific is expected to be the fastest-growing regional market with a CAGR of 5.0% from 2020 to 2025.

• Continuous expansion of the residential sector on account of the increasing number of households, coupled with major home improvement projects undertaken by consumers in the country, is boosting the demand for range hoods in the U.S. According to the National Association of Home Builders (NAHB), 82% of the remodelers in the U.S. ranked kitchen renovation as their top job as of 2019. Consumers are likely to invest in high-end kitchen appliances that complement their kitchen décor.

• According to the Leading Index for Remodeling Activity, home improvement spending in the U.S. is rising at ~6% annually. In addition, homeowners are investing more in lifestyle-enhancing projects than in traditional maintenance tasks. Moreover, the rising trend of millennials buying homes, particularly older homes, is driving the need for more repairs. According to a study by HomeAdvisor, millennials are investing in a higher number of home improvement projects each year compared to other age groups. This rising trend will boost the demand for range hoods in the U.S.

• Increasing consumer spending capacity and high demand due to increasing awareness about the product benefits are accelerating the growth of the market in the Asia Pacific region. The increased need for convenient cleaning solutions due to the growing number of working individuals, especially in developing countries like India and China, is also driving the product demand. Moreover, with rapid urbanization and the popular trend of small and compact homes in the region, consumers prefer convenient kitchen designs, such as modular patterns, which is expected to drive the demand further.

Order a free sample PDF of the Range Hood Market Intelligence Study, published by Grand View Research.