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Range hoods are increasingly incorporating smart technology, enabling features like Wi-Fi or Bluetooth connectivity and voice activation through smart home systems. These advanced range hoods can automatically adjust their suction power based on cooking conditions, boosting both convenience and energy efficiency. With consumers becoming more energy-conscious, there's a marked preference for energy-efficient appliances. In response, manufacturers are prioritizing the development of range hoods that align with stringent energy efficiency benchmarks, notably those certified by ENERGY STAR. Such eco-friendly choices not only curtail utility expenses but also lessen environmental footprints.
As kitchens take center stage in home design, there's a heightened demand for quieter range hoods. In response, manufacturers are rolling out models equipped with cutting-edge noise reduction technologies, especially catering to those with open-plan kitchen designs. Aesthetic considerations are paramount, with consumers seeking stylish range hoods that seamlessly blend with contemporary kitchen aesthetics. Demand is surging for bespoke finishes, premium materials like glass and stainless steel, and a spectrum of color choices. Furthermore, the rising trend of minimalistic and integrated kitchen designs is fueling the popularity of sleek, under-cabinet, and ceiling-mounted hoods.
In the Asia-Pacific region, rapid urbanization and rising disposable incomes are fueling investments in premium kitchen appliances, including range hoods. Theres a growing preference for compact, multifunctional designs suitable for smaller living spaces.
Key players in the industry include Asko Appliances, BSH, Captive-Aire Systems, Elica, Empava Appliances, Faber, Falmec, Fotile, GE Appliances, Kitchen Aid, and Kobe Range Hoods.
The global range hood industry was valued at USD 19.9 billion in 2023 and is projected to expand at a CAGR of 6.4% from 2024 to 2032. The rapid growth of the quick-service restaurant and food sector can be attributed to increasing consumer spending on dining out.
The wall mount segment dominates the market, generating approximately USD 8.7 billion in revenue in 2023. It is forecasted to grow at a CAGR of 6.6% during the projected period.