Date : August 16, 2022
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Latin America-The lowest contributing region to grow over a market growth of 5%.: Bonafide Research

Latin America-The lowest contributing region to grow over a market growth of 5%.: Bonafide Research
The range hood market in South America is anticipated to expand strongly in the ensuing time zone. The main primary growth driver is the high penetration of modular kitchens with the surge in house renovation. Range hood demand is increasing significantly in the market due to the increase of commercial and residential building. Manufacturers who minimize noise via the use of filtration system motors and several insuSouthg layers are also expected to support market expansion. Range hood installation has been imposed by the government's strict rules surrounding cleanliness and hygiene in fast food chains and restaurants, which is also fueling the market's expansion.

According to the Bonafide Research, “South America kitchen hood market outlook, 2027” the market is expected to have CAGR value of 5.27% in the forecast period. In 2021, the market value was worth USD 0.278 Billion.The increasing penetration of modular kitchens along with the rise in home renovations is the key growth driver. Due to the development in commercial and residential construction, range hood demand is significantly rising in the sector. Brazil has the largest kitchen hood market in South America, with only a few significant companies controlling the majority of the market. South America is a highly urbanized region for a market that is continually growing. Due to a decline in the market demand for home goods and reduced lending rates, Brazil's GDP only slightly increased in 2019. Brazil accounted for 40% of the South American Kitchen Hood market in 2020.The need for voice activation and smart technology continues to dominate the appliance industry. Despite the shaky economic climate, Mexico's kitchen hood market continued to grow favorably.

Additionally, these gadgets provide other benefits like heat reduction and air quality maintenance.The availability of inexpensive substitutes is limiting market expansion. Many customers are depending on common kitchen equipment more frequently, which restrains market expansion. Stay-at-home orders on the market have been badly impacted by the COVID-19 epidemic. Due to the epidemic, many Americans are becoming more dependent on their home appliances, which will impede market expansion.

The market for range hoods, which give customers quick and free access to these equipment, is expanding in Brazil as a result of falling inflation rates and cheap loan rates. Brazil's cities are seeing an increase in the number of tiny households and rental homes, which has changed customer preferences as manufacturers adapt range hood designs to meet the demands. Mexico also exports a lot of goods because to its advantageous location. Range hood demand is anticipated to increase as kitchen renovation becomes a more popular trend in South America.
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Latin America-The lowest contributing region to grow over a market growth of 5%.: Bonafide Research

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