The Asia Pacific Range Hood Market would witness market growth of 9.7% CAGR during the forecast period (2021-2027). Food chains are increasingly becoming popular across the globe. People prefer going to these outlets to have their favorite food and spend some quality time with their families or friends.
Due to this factor, the number of food chains all over the world has increased, hence creating lucrative growth opportunities for the market. Almost every food chain companies opt to install the advanced range hoods in order to maintain cleanliness. Many companies utilize manifold layers of lining, the base for the lower down sound, and the motors for the filtration system to minimize sound, it would further add to the growth of the market. Moreover, shifting of lifestyle patterns due to the hectic schedule of work along with an increasing number of restaurant chains or food chains majorly in developing countries like India and China, are fueling the growth of the range hood market.
The growth of range hood market is attributed to the technological improvements and the increasing usage of loT technology in range hood devices. The key manufacturers are turning their attention towards creating more advanced gadget due to the increasing consumer preference for various smart features like noise reduction, installation of temperature, wireless connectivity, optic, and infrared sensors, in various kitchen appliances.
For example, manufacturers utilize a sound-absorbing base, multiple insulation layers, and filtration system motors in order to minimize the noise coming out of kitchen appliances, this aspect is surging the growth of the market. Additionally, shifting lifestyle owing to the busy work schedule coupled with the rising number of hotels and food chains, specifically in emerging nations like China and India further contributes to the increasing market growth.
The Offline market dominated the South Korea Range Hood Market by Distribution Channel in 2020, thereby, achieving a market value of $332.8 Million by 2027, growing at a CAGR of 9.9 % during the forecast period. The Online market is expected to witness a CAGR of 11.2% during (2021 - 2027).
Based on Type, the market is segmented into Under Cabinet, Wall Mounted, Ceiling Mount and Other Types. Based on Distribution Channel, the market is segmented into Offline and Online. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Range Hood Market is Projected to reach USD 17.6 Billion by 2027, at a CAGR of 8.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Whirlpool Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Panasonic Corporation, Miele & Cie. KG, Broan-NuTone, LLC (Nortek Holdings LLC), Faber S.p.A. (Franke Holding AG), Falmec S.p.A., Asko Appliances AB (Hisense Group), Robert Bosch GmbH (BSH Home Appliances Corporation), and Elica S.p.A. (FAN S.A.)
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