Range Hood: Introduction
- Range hood is a device that has a mechanical fan which hangs above the cooktop or stove. Range hoods remove combustion products, smoke, fumes, airborne grease, steam, and heat from the air by clearing of the air and filtration.
Key Drivers of the Global Range Hood Market
- Increasing number of food chains globally is driving growth of the kitchen hood market. Food chain companies prefer to install advanced kitchen hoods for its easy cleaning ability.
- Rising working population at the global level is expected to boost the usage of this product among residential consumers. Governments of different countries have stringent regulations pertaining to the cleanliness of food manufacturing companies. Furthermore, these devices have added features such as maintenance of air quality, heat reduction, and increased safety, which is likely to drive the market in the next few years.
- Increasing consumer spending through online distribution channels is also likely to propel market growth. Key companies are offering their products through online and offline channels to increase their customer base.
Rising Demand for Smart Kitchen Devices to Create New Market Opportunities
- Innovations in the kitchen products industry is set to create new avenues in the range hood market. Companies are introducing IoT based products with advance features. Furthermore, consumer demand for smart features, including wireless connectivity, noise reduction, and temperature control, is expected to encourage market growth.
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Availability of Low Cost Alternatives to Hamper the Global Range Hood Market
- Maintenance cost of range hood products is very high. Moreover, suitable alternative products including exhausts are available at a cheaper price. This factor will slow down the market growth in the coming years.
Asia Pacific the Dominant Market Set to Expand at a Higher Pace
- Asia Pacific is estimated to be the fastest growing region of the global range hood market. The rising working population is investing in advanced kitchen equipment. Furthermore, rising disposable income in developing economies such as China and India is expected to boost the market growth in the near future.
- North America is the largest market for kitchen hood products. Consumers of this region prefer to use advanced products that consume less energy. Companies in North America are working on product development strategies which support product demand. U.S. based company, North American Kitchen Solutions, Inc. launched a product namely UL710 Type 1 hood. This product operates without a factory cut duct connection, which reduces operational cost.
Key Players Operating in the Global Market
Competition in the global range hood market is very high. Large number of small and large scale players are present in the market. Companies are opting for various strategies to expand their market share including merger & acquisition, and product innovation and development. For example, India based company Faber started offering chimneys without filter. This product makes lower noise than similar products. Moreover, it also does not require regular cleaning.
A few of the key players operating in the global range hood market are listed below:
- 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
- Whirlpool Corp.
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Global Range Hood Market: Research Scope
Global Range Hood Market, by Product Type
- Under Cabinet
- Wall Mounted
- Ceiling Mount
Global Range Hood Market, by Distribution Channel
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.