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Range Hood and Cooktop Market is Anticipated to Reach At $37,646.2 Million by 2030 | Growing At a CAGR of 4.4%
Range Hood and Cooktop Market
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The global range hood and cooktop market size market was valued at $23,875.3 million in 2020, and is projected to reach at $37,646.2 million by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
In 2020, the Europe range hood and cooktop market accounted for nearly 35% of the global range hood and cooktop market. The range hood market is currently holding a major share and is expected to grow with highest CAGR over the coming years. Product innovation is further driving the market growth and enticing consumers toward the segment.
The manufacturers are focusing on brand awareness, market penetration, and supply chain network to fulfil the demand from consumer's side. According to the report published by the JETIR 2019, advertisement plays an important role with an effectiveness of ~70% as a source of awareness of home appliances. These innovations in marketing strategies along with the digitization are placing demands in range hood and cooktop market, but also open up major opportunities to the marketers.
Manufacturers in the kitchen appliances market are continuously developing products with enhanced functionality and features to remain competitive. Despite developing products with higher added value, the prices for the products have collapsed and thus, remained stagnant at a low level for several years. The decrease in price was due to the pressure of competition from countries with low manufacturing costs. Manufacturers are also facing pressure related to margins owing to fierce competition in the market. This decrease in price is forcing companies to develop innovative products and is encouraging customers to purchase the range hoods and cooktop. This, in turn, drives the range hood and cooktop market growth.
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The range hood and cooktop industry is segmented into type, user application, mode of sales, and region. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, U.K., Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for more than one-third of the global range hood and cooktop market, owing to the huge and aware consumer base, well established electronics market, and rising consumer interest over kitchen appliance in the market. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 5.6% during the forecast period, owing to the increasing industrialization, westernization, and rise in business opportunities in the kitchen appliances market in the region.
The Covid-19 pandemic has a vital impact on the growth of the global Range Hood and Cooktop Market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global Range Hood and Cooktop Market.
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Key findings of the study:
○ By type, range hood segment lead in terms of range hood and cooktop market share in the year 2020, however the cooktop segment is expected to grow with a decent CAGR during the forecast period.
○ By user application, personal segment is the most popular users of range hood and cooktop, however, the professional segment is expected to have the lowest CAGR growth during the forecast period.
○ By mode of sales, offline segment is the most popular channel of range hood and cooktop, however, the online channel is expected to have the highest CAGR growth during the forecast period.
○ By region, Europe is the largest market in terms of market size and is likely to dominate the global market throughout the forecast period.
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