Steady growth in disposable income and gross national income, rise in urbanization, and increase in affordability of household appliances drive the growth of the global range hood and cooktop market.
PORTLAND, Ore., March 22, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Range Hood and Cooktop Market by Type (Range Hood & Cooktop), User-Application (Personal & Professional), and Mode of Sales (Online & Offline): Global Opportunity Analysis and Industry Forecast, 2018-2030". According to the report, the global Range Hood and Cooktop industry generated $23.8 billion in 2020, and is anticipated to generate $37.6 billion by 2030, witnessing a CAGR of 4.4% from 2021 to 2030.
Prime determinants of growth
Steady growth in disposable income and gross national income, rise in urbanization, and increase in affordability of household appliances drive the growth of the global range hood and cooktop market. However, intense competition and availability of counterfeit brands hinder the market growth. On the other hand, technological advancements and intense capitalization in developing economies to explore the untapped markets present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global range hood and cooktop market.
- The sales of range hood and cooktop went down significantly, owing to the implementation of lockdown.
- However, the market is going to recover soon in 2022.
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The personal segment to maintain its leadership status throughout the forecast period
Based on user-application, the personal segment held the highest market share in 2020, accounting for more than two-third of the global range hood and cooktop market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 4.6% from 2021 to 2030.This is attributed to rapid development in the sector's growth, increasing consumers spending over the innovative home products, and others.
The offline segment to maintain its lead position during the forecast period
Based on mode of sales, the offline segment accounted for the largest share in 2020, contributing to more than two-third of the global range hood and cooktop market, and is projected to maintain its lead position during the forecast period. This is owing to rapid development in structured market strategies and emergence of modern-trades in the global marketplace. However, the online segment is expected to portray the largest CAGR of 5.3% from 2021 to 2030,as the number of consumers are inclining towards the home delivery and convenient shopping pattern.
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Europe, followed by North America, to maintain its dominance by 2030
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.
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