Yahoo Finance Americas $6.11 Billion Range Hood Market to 2028: New Trends and Innovation in Range Hoods have Created Immense Opportunities
Dublin, May 18, 2021 (GLOBE NEWSWIRE) -- The "Americas Range Hood Market Size, Share & Trends Analysis Report by Product (Under Cabinet, Wall Mounted, Ceiling Mount), by End User, by Distribution Channel, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The Americas range hood market size is expected to reach USD 6.11 billion by 2028, registering a CAGR of 4.0% over the forecast period.
hanging lifestyles, exposure through traveling, and design innovations have set the pace for new modern standards of living. With higher spending capability as well as improved infrastructure facilities, the need for comfort in the kitchen has triggered a positive impact on the market.
The growing home values have doubled homeowner equity, indicating a trend of homeowners feeling richer and disposed towards spending money on home improvement. The online home remodeling platform Houzz reported a 58% uptick in the project leads for home professionals in June 2020, as compared to the same month the previous year.
Similarly, kitchen and bath remodeling projects picked up by 40%, according to the agency. According to Home Improvement Research Institute (HIRI), home improvement spending by Americans was likely to reach USD 439.9 billion in 2020, incurring a rise of 8.7% in spending.
With an increasing number of families considering the kitchen as a central gathering place in the home, the focus on renovating and improvising the area has been growing. For instance, the 2019 U.S. Houzz Kitchen Trends Study found that spending on both median and large kitchen remodels increased by 10% from 2018.
Furthermore, an increasing number of millennials are buying homes, particularly older homes that require more repairs. According to studies by HomeAdvisor, millennials are investing in a greater number of home improvement projects each year compared to other age groups.
The increasing infrastructural developments, as well as new building permits in the region, are expected to boost the market growth. According to the U.S. Census Bureau, privately-owned housing units authorized by building permits in November 2020 were at a seasonally adjusted annual rate of 1,639,000. This is 6.2% (1.5 percent) above the revised October rate of 1,544,000 and is 8.5% (1.8 percent) above the November 2019 rate of 1,510,000.
Moreover, rapid construction in the commercial segment, particularly the hospitality sector, is also driving the demand for kitchen range hoods. The hotel industry is a key supporting factor to the region's hospitality sector, driving the construction of more hotels. The booming tourism and real estate industries, accompanied by various infrastructural developments in the hospitality sector, will continue to spur the market for kitchen ventilation over the forecast period.
Under-cabinet product held over 42.7% of the Americas range hood revenue in 2020. These are the most common range hoods as the design of an under-cabinet venting system is simple and versatile to fit any kitchen style or design. The current trend of open shelves in a kitchen, as opposed to upper cabinets, is drawing more attention toward the installation of such range hoods.
New trends and innovation in range hoods have created immense opportunities in the market concerning product installation and design. For instance, AKDY, a manufacturer of high-end kitchen and bath appliances, introduced the Under Cabinet Range Hood Collection containing detailed 3D drawings that can be used in kitchen remodeling projects.
Americas Range Hood Market Report Highlights
Canada is expected to register the fastest CAGR of 4.5% from 2021 to 2028. Steady growth in the number of foodservice joints and residential construction projects are the main factors driving the demand for range hoods
Kitchen stops distribution channel dominated the market by contributing over 57.7% in the revenue in 2020
The residential end-user segment held the largest market share in 2020, contributed more than 85.7% of the total revenue owing to its higher penetration across households
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Americas Range Hood Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.5. Business Environment Analysis
3.5.1. Industry Analysis - Porter's
3.6. Roadmap of Americas Range Hood Market
3.7. Market Entry Strategies
3.8. Impact of COVID-19
Chapter 4. Consumer Behavior Analysis
4.1. Consumer Trends and Preferences
4.2. Factors Affecting Buying Decision
4.3. Consumer Product Adoption
4.4. Observations & Recommendations
Chapter 5. Americas Range Hood Market: Product Estimates & Trend Analysis
5.1. Product Movement Analysis & Market Share, 2020 & 2028
5.2. Under Cabinet
5.3. Wall Mounted
5.4. Ceiling Mounted
Chapter 6. Americas Range Hood Market: End-user Estimates & Trend Analysis
6.1. End-user Movement Analysis & Market Share, 2020 & 2028
6.2. Residential
6.3. Commercial
Chapter 7. Americas Range Hood Market: Distribution Channel Estimates & Trend Analysis
7.1. Distribution Channel Movement Analysis & Market Share, 2020 & 2028
7.2. Online
7.3. Kitchen Stops
7.4. Supermarkets & Hypermarkets
7.5. Specialty Stores
7.6. Local Kitchenware Shops
Chapter 8. Americas Range Hood Market: Regional Estimates & Trend Analysis
8.1. Regional Movement Analysis & Market Share, 2020 & 2028
Chapter 9. Competitive Analysis
9.1. Key players, recent developments & their impact on the industry
9.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
9.3. Vendor Landscape
9.3.1. Key company market share analysis, 2020
Chapter 10. Company Profiles
Whirlpool Corporation
GE Appliances, a Haier company
Broan-NuTone, LLC
Robert Bosch GmbH
Haube Range Hood Co.
KOBE Range Hoods
Victory Range Hoods
Proline Range Hoods
Faber US and Canada
Vent-A-Hood Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ljz4jt
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