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, according to a new report by Grand View Research, Inc. Changing 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.
The key companies of the industry include Whirlpool
Corporation, Broan-NuTone, LLC, GE Appliances, a Haier company, Robert Bosch
GmbH, Haube Range Hood Co., KOBE Range Hoods, Victory Range Hoods, Proline
Range Hoods, Faber US and Canada, and Vent-A-Hood® Ltd.
Related Press Release@ Americas Range Hood Market Report
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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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