The global range hood market is likely to expand at a considerable growth rate, owing to the proliferation of the residential sector. The explosive growth of the population and the rapid industrial development and migration of people from rural to urban regions have significantly pushed the requirement to develop urban infrastructure.

Due to the surging demand for adequate housing and commercial spaces, government and private players are investing heavily in several residential and real estate projects, which may substantially increase the market share in the years to come.

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The worldwide range hood market has been driving significant gains backed by the increasing product integration across the HRI sector. Over the years, agribusiness has been on a roll due to the prolific growth of QSR and global food chain expansion. Besides, government across several economies has imposed strict mandates on maintaining food safety and hygiene pertaining to increasing emphasis on human health and hygiene, which, in consequence, may propel the industry landscape.

Increasing product application in residential settings

Rising income levels, expanding global population, and rapid urbanization have resulted in the increasing construction, reconstruction, and renovation activities across the residential sector.

As per the recent ICRA estimates, Indian companies are likely to raise over US$ 48 billion through real estate and infrastructure investment trusts in 2022. In addition, the residential and real estate sector in India has attracted significant private investments due to increasing transparency and returns.

Recent IBEF estimates suggest that the real estate in India has attracted almost USD 5 billion worth of institutional investments in 2020 and approx. USD 3.2 billion capital from private equity investments in Q4 2021.

Apart from the increasing investments, the governments across developing economies have rolled out several housing schemes and initiatives like National Urban Livelihoods Mission, Pradhan Mantri Gramin Awaas Yojana, Housing for All Scheme, etc., to aid the development of public infrastructure.

Also, the emergence of eCommerce as a prominent sales channel coupled with the changing buying behavior and increasing expenditure on home aesthetics and advanced kitchen appliances may boost product adoption in residential settings, which, in turn, may augment the range hood market trends.

Proliferation of the HRI sector

The HRI industry is expected to undergo considerable transformation across the Asia Pacific region. This could be largely attributed to the surging catering businesses, changing demand and supply patterns, QSRs, standalone, multi-cuisine restaurants, and fast-food chains.

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As per the recent report by USDA, the HRI sector recorded sales revenue worth USD 573 billion in 2021, while the catering business in the country accounted for almost USD 9.3 million by Q2, 2021, despite the pandemic.

On the other hand, the Indian HRI service sector contributed almost 10% to the country’s GDP, standing at around USD 250 billion in 2021. Another key factor significantly pushing the industry progression is the improving economic growth and the proliferation of the agribusiness sector in the region.

Euromonitor estimated Japan’s GDP to bounce back and rise by almost 2.8% in 2021. In 2020, Japan held a noteworthy share (approx. 22%) in US food and agriculture imports.

These optimistic scenarios point toward the strong growth of HRI and the agribusiness sector in the APAC, which, in turn, will aid the development of the Asia Pacific range hood market.

Partial Chapter of the Table of Content

Chapter 1 Methodology & Scope

1.1 Scope & definitions

1.2 Methodology and forecast parameters

1.3 Region-wise COVID-19 impact analysis:

1.3.1 North America

1.3.2 Europe

1.3.3 Asia Pacific

1.3.4 Latin America

1.3.5 Middle East & Africa (MEA)

1.4 Data Sources

1.4.1 Secondary

1.4.2 Primary

1.5 Industry Glossary

Chapter 2 Executive Summary

2.1 Range hood market 3600 synopsis, 2018–2028

2.2 Business trends

2.2.1 Regional trends

2.2.2 Product trends

2.2.3 Application trends

2.2.4 Distribution channel trends

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