Range Hood & Cooktop Market Size Expected to Grow 4.4% Annually to $37.6 Billion by 2030

According to a new report published by Allied Market Research, titled, "Range Hood and Cooktop Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, User-Application and Mode of Sales : Global Opportunity Analysis and Industry Forecast, 2018-2030". The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. The global range hood and cooktop market size 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.

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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 global range hood and cooktop market is emerging at a considerable pace owing to several factors such as increase in compatibility of the appliances, enhanced internet penetration, changes in lifestyle patterns, and growth in concerns about energy prices fuel the increase in sales of the household appliances market. Over the years, there has been an increase in the women workforce; and therefore, families rely on different appliances for comfort. These appliances also help ease the chores and save time.

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.

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.

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Analyst Review:

According to the CXOs of leading companies, the global range hood and cooktop market is emerging at a considerable pace owing to several factors such as increase in compatibility of the appliances, enhanced internet penetration, changes in lifestyle patterns, and growth in concerns about energy prices fuel the increase in sales of the household appliances market. Over the years, there has been an increase in the women workforce; and therefore, families rely on different appliances for comfort. These appliances also help ease the chores and save time. Moreover, Asia-Pacific and LAMEA are projected to register a significant growth as compared to the saturated markets of Europe and North America, due to rapid urbanization, increase in penetration of technology even in small cities, growth in disposable income, and improvement in standard of living. In line with increase in environmental concerns, consumers prefer to buy appliances that are eco-friendly and energy efficient. Therefore, manufacturers take steps to improve the product efficiency and reduce e-waste.

Exploring Growth Opportunities and Demand Trends in the Range Hood and Cooktop:

Consumer Preferences:

• Modern consumers are increasingly looking for stylish and efficient kitchen appliances that enhance the aesthetics of their homes.
• There's a growing demand for smart appliances that offer convenience and connectivity features, such as WiFi-enabled range hoods and cooktops that can be controlled via smartphone apps.
• Energy efficiency is also a significant factor driving consumer choices, with more people opting for energy-efficient induction cooktops and range hoods with low power consumption.

Technological Advancements:

• Advances in technology have led to the development of innovative features in range hoods and cooktops, such as touch controls, automatic sensors, and self-cleaning capabilities.
• Integration with smart home systems and voice assistants like Alexa and Google Assistant is becoming increasingly common, providing users with greater flexibility and control over their kitchen appliances.

Regulatory Changes:

• Stringent energy efficiency regulations and emission standards in various regions are influencing the design and manufacturing of range hoods and cooktops. Manufacturers are focusing on developing products that comply with these regulations while still delivering optimal performance.
• Environmental concerns are also driving the adoption of eco-friendly materials and manufacturing processes in the production of kitchen appliances.

Analyst Review:

According to the CXOs of leading companies, the global range hood and cooktop market is emerging at a considerable pace owing to several factors such as increase in compatibility of the appliances, enhanced internet penetration, changes in lifestyle patterns, and growth in concerns about energy prices fuel the increase in sales of the household appliances market. Over the years, there has been an increase in the women workforce; and therefore, families rely on different appliances for comfort. These appliances also help ease the chores and save time. Moreover, Asia-Pacific and LAMEA are projected to register a significant growth as compared to the saturated markets of Europe and North America, due to rapid urbanization, increase in penetration of technology even in small cities, growth in disposable income, and improvement in standard of living. In line with increase in environmental concerns, consumers prefer to buy appliances that are eco-friendly and energy efficient. Therefore, manufacturers take steps to improve the product efficiency and reduce e-waste.

Key Benefits for Stakeholders:

• The report includes an in-depth analysis of different segments and provides market estimations between 2020 and 2030.
• Porter's five forces model illustrates the potency of buyers & sellers, which assists the market players to adopt effective strategies.
• The key market players are profiled to gain an understanding of the strategies adopted by them.
• This report provides a details on range hood and cooktop market analysis of the current range hood and cooktop market trends and future estimations from 2021 to 2030, which helps identify the prevailing range hood and cooktop market opportunities.

Reason to Buy Range Hood and Cooktop Market Report:

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Range Hood and Cooktop Market.
• Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Range Hood and Cooktop Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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