Americas Range Hood Market In-depth Analysis Report By Challenges, 2028

Posted on 2022-08-18 by researchinsights in Industrial // 0 Comments

San Francisco, Calif., USA, Aug 18, 2022 — /EPR Network/ —

Americas Range Hood Industry Overview

The Americas range hood market size was valued at USD 4.45 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2021 to 2028. Higher penetration of modular kitchens with the rise in home remodeling is boosting the growth. With the expansion of real estate as well as commercial construction, the market is bound to witness a higher demand for range hoods in these segments. According to the World Property Journal, U.S. Housing Market’s combined value hit USD 33.6 trillion in January 2020. The increasing infrastructural developments, as well as new building permits in the region, are expected to boost the market growth. Technological advancements in kitchen appliances, along with the rising usage of IoT in kitchen hood devices, are expected to be the key factors boosting the growth.

Manufacturers are focusing on developing innovative devices owing to consumer preference for smart features, such as noise reduction, wireless connectivity, and installation of temperature, optic, and infrared sensors, in the products. For instance, manufacturers of range hoods use multiple insulation layers, sound-absorbing base, and filtration system motors to reduce noise. This factor is also likely to contribute to market growth.

Gather more insights about the market drivers, restraints and growth of the Americas Range Hood market

Increased spending on home improvement projects or home remodeling is also boosting product demand. Growing home values have doubled homeowners’ equity in five years till 2019, indicating a surge in spending capacity on home improvement. According to the National Association of Realtors (NAR), the existing home sales rose by 10.5% y-o-y to a seasonally adjusted annual rate of 6 million units in August 2020. Likewise, according to the US Census Bureau, sales of new homes soared by 43.2% y-o-y to a seasonally adjusted annual rate of 1,011,000 units in August 2020. In Canada, house prices grew 4.6 % YoY in November 2020, following an increase of 3.9 % YoY in the previous month.

The covid-19 pandemic has also significantly impacted the market with stay-at-home orders and safer-at-home advisories, Americans have become increasingly reliant on their household appliances. Consumers are relying on common kitchen appliances with greater frequency. According to the blog by Applied Marketing Science, Inc., 35-40% of consumers have turned to home-cooked meals for the first time as a result of the pandemic. This scenario is likely to cause greater attraction of consumers towards the market in the forthcoming years.

Stringent regulations by various regional governments regarding cleanliness and hygiene in restaurants and food chains have mandated the installation of range hoods, which is also boosting the market growth. Moreover, these devices offer added advantages such as heat reduction, maintenance of air quality, and increased safety.

Browse through Grand View Research’s Consumer Goods Industry Related Reports

Modular Kitchen Market – The global modular kitchen market size was valued at USD 19.26 billion in 2018. The rapid growth of the residential construction industry is expected to be a key driver for the market.

Range Hood Market – The global range hood market size was valued at USD 10.71 billion in 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2025.

Americas Range Hood Industry Segmentation

Grand View Research has segmented the Americas range hood market based on product, end-user, distribution channel, and region:

Americas Range Hood Product Outlook (Revenue, USD Million, 2016 – 2028)

Under Cabinet
Wall Mounted
Ceiling Mount

Americas Range Hood End-user Outlook (Revenue, USD Million, 2016 – 2028)

Residential
Commercial

Americas Range Hood Distribution Channel Outlook (Revenue, USD Million, 2016 – 2028)

Online
Kitchen Stops
Supermarkets & Hypermarkets
Specialty Stores
Local Kitchenware Shops

Americas Range Hood Regional Outlook (Revenue, USD Million, 2016 – 2028)

U.S.
Canada
South America

Market Share Insights:

December 2020: Broan-NuTone, LLC launched a series of three new models of chimney hoods in the new Designer Collection. The models, available in stainless steel and black stainless steel (model BWS1 exclusively), feature refined lines that form a slim contemporary design.

Matched content

Editor’s pick