Dryer Vents Market Showcase Improved Sales with Expansion across Prime Economies, reports FactMR stu
The global dryer vents market is projected to record a progressing CAGR of 3.7% during the period 2019-2029.
[USPRwire, Wed Aug 14 2019] In order to dissert the market scenario prevailing across the dryer vents market sector, FactMR has evenly presented a comprehensive analysis report on dryer vents market to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the dryer vents market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.
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Dryer Vents Market in Numbers
- The global dryer vents market is estimated to be valued at ~US$ 360 million by the end of 2019. Adoption of online and offline laundry services has been observed to be gathering visible traction over the recent past, which is likely to remain key factor boosting the sales of dryer vents.
- Prominently driven by the paradigm shift of the laundry industry, from manual process to automation, the global dryer vents market is projected to record a progressing CAGR of 3.7% during the period 2019-2029.
- North America accounts for ~50% revenue shares in dryer vents landscape, and continues to maintain the lead.
- Lucrative opportunities are likely to emerge in North America, underpinned by the strong presence of a large number of self-service laundry businesses in the region.
- The impact of ‘customization’ trend on the dryer vents market has been notable as it complements the desired functionality for residential and commercial systems, which will continue to open new avenues of growth for the stakeholders.
While a majority of leading players in the dryer vents market are based in North America and Europe, they continue to emphasize stronger distribution networks across the countries in the Asia Pacific region, including China, Japan, and India. The dryer vents market in North America and Europe shows a high level of consolidation, with leading players such as
- Defleco ,LLC
- Dundas Jafine Inc.
- Imperial Manufacturing Group, Inc.
- InOvate Technologies, Inc.
- M&M Manufacturing Company, Inc.
collectively accounting for ~30% revenue share. On the other side, the market in Latin America and Asia Pacific is operated by a large number of relatively small players. However, limited production capabilities and distribution networks of these players have restricted their significance at the global level.
In an effort to gain a competitive edge through versatile product offerings within a shorter timeframe, manufacturers are rigorously investing in R&D activities. Adoption of advanced injection molding processes has also been a trending strategy for the participants in dryer vents industry landscape. Hy-C Company, LLC offers ICC listed ‘Dryer Vent Made Easy (DVME)’ that completely eliminates the use of flex pipe and reduces the risk of dryer fires. In addition to diversify their product portfolios, a number of players in the dryer vents market are intensifying their focus on offering commercial as well as industry-specific installation and venting solutions.
Strategic acquisitions of the leading stakeholders in dryer vents market will also remain a key focus area for key market players. For instance, in 2017, MiTek Industries, Inc.’s M&M Manufacturing acquired Snappy ™ Company, the US-based supplier of metal duct systems for the residential HVAC markets. Post this acquisition, both the companies declared that they are combining their manufacturing competencies and refocusing on their customer experience strategies. Moreover, the former has a strong distribution footprint, and continues to be the choice of customers for faster product delivery.
Key Challenges Faced by the Dryer Vents Market Players
- Several research studies show that house fires caused by dryers are far more common than generally believed, calling for the implementation of stringent regulations and standards for dryers and vents, with respect to their installation. Subsequently, the regulatory bodies have imposed strict policies that approve only specific designs of dryer vents, which continues to challenge the growth of market players.
- Growing preference for ventless dryers over vented variants along with rising instances of accumulation of lint in the dryer vents that could lead fire breakouts has added to the reluctance of adopting dryer vents.
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As innovation spawns in the dyer vents space, market stakeholders are creating new vent designs that not only improve the functionalities but also allow to hide the vent. For instance, in 2019, Hide-a-Vent launched innovative vent designs, made of Acrylonitrile Butadiene Styrene (ABS) plastic that can be easily mounted to exterior walls of any structure and camouflage the exterior vents with a customizable cover. Apart from the continuous illusion created by the vent cover and matching piece of sliding, innovative vent designs focus on a few other features as well, such as noise elimination and prevention of the pest or bird penetration.
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