Range Hood and Cooktop Market Expected to Reach $37,646.2 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Range Hood and Cooktop Market by Type, User-Application, Mode of Sales and Region: Opportunity Analysis and Industry Forecast, 2021–2030,”

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. For instance, Samsung Electronics Co. has launched Cooktop with IoT (Internet of Things) Features in 2018, which provides safer and more convenient cooking experiences to the user.  Thus, innovations in kitchen appliances and preferences toward ease of kitchen operations are few of the factors supporting range hood and cooktop market trends.

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), AsiaPacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

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. The range hood and cooktop market demand is expected to grow, especially in the Asia-Pacific, owing to the rise in disposable income and growing consumer interests over innovative kitchen products.

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.