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.
Improvement in economic conditions and increase in disposable income are substantial factors that propel the growth of the household appliances market, which include kitchen appliances. Improved lifestyle and rise in buying power of consumers are the major factors impacting the buying preferences of the consumers, especially in Asia-Pacific where the consumers are adopting western culture. Major kitchen appliances such as range hoods and cooktop have become an integral part of daily activities. A substantial number of consumers with high disposable income have been spending on these appliances including premium & smart appliances. The overall demand for these kitchen appliances has increased among urban households owing to the rise in awareness of modern technologies, willingness to pay for comfort that simplify the work, and increase the user experience. Thus, improved standard of living, rise in need to ease daily chores and growth in disposable income are projected to boost the penetration of innovative products in range hood and cooktop market. This is expected to drive the range hood and cooktop market growth during the forecast period. On the other hand, the steady growing gross national income (GNI) of individual country and regions, as depicted below boosts the market toward growth and development.
With the rise in number of global populations in 2021, people are moving from rural areas to the urban places owing to the ongoing search of better lifestyle, opportunities to explore, and other factors related to their life. Increase in population in urban areas will impact in emergence of new households and household appliance. According to the report published by the NITI Aayog India 2021 & ECOSOC, total world population was recorded at 7,632.8 million with 55.3% people were living in urban areas and is expected to increase the population in these areas by 2050. Thus, surge in urbanization across the world is anticipated to foster the demand for several kitchen appliances such as range hoods, cooktop, and others. Thus, the range hood and cooktop market share is expected to grow decently in kitchen appliances market globally.
However, offering of range hood and cooktop at relatively higher price in kitchen appliances category has led to the advent of counterfeit brands with lower prices in the global range hood and cooktop market. The emergence of several local manufacturers has impacted and shaped the consumer buying behaviour owing to the price sensitivity and affordability among the consumers in several underdeveloped economies. Thus, counterfeit brands are generally prevalent in such economies where customers are highly price-sensitive. This factor restricts the sale of the existing kitchen appliance brands in the region and impacts the consumer’s brand loyalty negatively. On the other hand, development of online distribution channel is one of the major platforms, where transaction of counterfeited brands is easily concealed. According to the report published by the OBERLO 2021, there are approx. 4.9 billion people all across the world who use mobile internet and the number is expected to rise over the coming years, that will support the growth of the market.
Segment Review
The range hood and cooktop market is segmented into type, user application, mode of sales, and region. By type, the market is segmented into range hood (wall mount hoods, island mount hoods, under cabinet type hoods, downdraft ventilation hoods, and ventila) and cooktop (cooktop with overhead hood, downdraft cooktop, coil type cooktop, and Smoothtop cooktop). By user application, it is classified into personal & professional. By mode of sales, the range hood and cooktop market is categorized into online and offline.
Based on the type, range hood market is currently holding a major share and is expected to grow with highest the CAGR over the coming years. Product innovation is further driving the range hood and cooktop market growth and attracting the consumers toward the segment. For instance, Samsung Electronics Co. launched Cooktop with Internet of Things (IoT) features in 2018 to provide safer and convenient cooking experience to the user. This is expected to drive the market growth during the range hood and cooktop market forecast period.
By Type
Range Hood would exhibit the highest CAGR of 4.6% during 2021-2030, owing to the increasing number consumers who are seeking for modern solutions and convenient kitchen appliances in the global marketplace.
On the basis of user-application, the range hood and cooktop are mainly utilized by households and professional users to deliver food services in small scale business. The category comprises personal and professional usage. The personal segment holds major share in range hood and cooktop market owing to the increase in households and rise in spending power of the consumers.
By User-application
Personal category would exhibit the highest CAGR of 4.6% during 2021-2030, as rise in influence of westernization and modernization in developing regions have resulted in the increased demand for new and innovative range hoods and cooktops among them.
Global range hood and cooktop market is divided in terms of sales and distribution through online and offline mode. Online mode includes e-commerce services, online shopping platforms, and pure play online stores that are expected to grow at a higher pace over coming years, However, offline mode of sales currently hold major share in the range hood and cooktop industry which consists of physical stores such as specialty stores, electronics stores, and others.
By Mode Of Sales
Online channel would exhibit the highest CAGR of 5.3% during 2021-2030, as the number of consumers are inclining towards the home delivery and convenient shopping pattern.
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). Asia-Pacific is characterized by huge population, rapid urbanization, growing infrastructural facilities, availability of cheap labor, and increased government initiatives to attract foreign investments.
By Region
Asia-Pacific would exhibit the highest CAGR of 5.6% during 2021-2030, owing to the increasing industrialization, westernization, and rise in business opportunities in the kitchen appliances market in the region.
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.
Range Hood and Cooktop Market Report Highlights
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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.
The global range hood and cooktops market size market was valued at $23,875.3 million in 2020, and is projected to reach at $37,658.3 million by 2030.
The global Range Hood and Cooktop market is expected to register a CAGR of 4.4% from 2021 to 2030.
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The forecast period in the Range Hood and Cooktop market report would be 2021-2030.
The market is segmented by type, user-application, mode of sales, and region in Range Hood and Cooktop market report.
Japan, India, and China are the fastest growing market in Asia-Pacific registering a CAGR of 6.1%, 5.8% & 4.6% respectively.
Europe will dominate the market by the end of 2030.
The sales of range hoods and cooktops went down significantly due to the COVID-19 pandemic. One of the major reasons for the loss of sales was reduced consumer spending on such kind of appliances during the pandemic due to factors such as employment uncertainty and reduced spending power. Furthermore, big companies in the kitchen equipment industry were also limiting their production capacities or were stopping them completely, along with their retail stores.
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