Range Hood and Cooktop Market Estimated to Reach $37.6462 Billion by 2030, Growing at 4.4% CAGR From 2018-2030

Europe is the largest market in terms of market size and is likely to dominate the global market throughout the forecast period.

WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, June 28, 2024 /EINPresswire.com/ -- 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.

According to a new report published by Allied Market Research, titled, "Range Hood and Cooktop Market by Type, User-Application, and Mode of Sales: Global Opportunity Analysis and Industry Forecast, 2018-2030". The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

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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.

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.

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

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Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for more than one-third of the global range hood and cooktop market, owing to the huge and aware consumer base, well established electronics market, and rising consumer interest over kitchen appliance in the market. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 5.6% during the forecast period, owing to the increasing industrialization, westernization, and rise in business opportunities in the kitchen appliances market in the region.

The Covid-19 pandemic has a vital impact on the growth of the global Range Hood and Cooktop Market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global Range Hood and Cooktop Market.

𝐄𝐱𝐩𝐥𝐨𝐫𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐃𝐞𝐦𝐚𝐧𝐝 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐚𝐧𝐠𝐞 𝐇𝐨𝐨𝐝 𝐚𝐧𝐝 𝐂𝐨𝐨𝐤𝐭𝐨𝐩:

𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐏𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬:

○ Modern consumers are increasingly looking for stylish and efficient kitchen appliances that enhance the aesthetics of their homes.
○ There's a growing demand for smart appliances that offer convenience and connectivity features, such as WiFi-enabled range hoods and cooktops that can be controlled via smartphone apps.
○ Energy efficiency is also a significant factor driving consumer choices, with more people opting for energy-efficient induction cooktops and range hoods with low power consumption.

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬:

○ Advances in technology have led to the development of innovative features in range hoods and cooktops, such as touch controls, automatic sensors, and self-cleaning capabilities.
○ Integration with smart home systems and voice assistants like Alexa and Google Assistant is becoming increasingly common, providing users with greater flexibility and control over their kitchen appliances.

𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐂𝐡𝐚𝐧𝐠𝐞𝐬:

○ Stringent energy efficiency regulations and emission standards in various regions are influencing the design and manufacturing of range hoods and cooktops. Manufacturers are focusing on developing products that comply with these regulations while still delivering optimal performance.
○ Environmental concerns are also driving the adoption of eco-friendly materials and manufacturing processes in the production of kitchen appliances.

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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.

𝐑𝐞𝐚𝐬𝐨𝐧 𝐭𝐨 𝐁𝐮𝐲 𝐑𝐚𝐧𝐠𝐞 𝐇𝐨𝐨𝐝 𝐚𝐧𝐝 𝐂𝐨𝐨𝐤𝐭𝐨𝐩 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:

○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Range Hood and Cooktop Market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Range Hood and Cooktop Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 "𝐀𝐌𝐑 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

○ Cookware Market is projected to reach $34.1 billion by 2030
○ Commercial Refrigeration Market is projected to reach $35.25 Bn by 2027

○ White Goods Market is estimated to reach $ 1,031.0 billion by 2027
https://www.alliedmarketresearch.com/white-goods-market-A06558

○ Household Appliances Market is projected to reach $763,451 million by 2025
https://www.alliedmarketresearch.com/household-appliances-market

○ Dishwasher Market is estimated to reach $ 54,293.4 million by 2030
https://www.alliedmarketresearch.com/dishwasher-market-A13877

○ Cooking Appliances Market Size, Growth Analysis, Opportunities
https://www.alliedmarketresearch.com/cooking-appliances-market

David Correa
Allied Market Research
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