Globally, the smart ovens market is expected to expand at a significant CAGR over the next few years due to its growing scope and applications. Key factors such as rapid urbanization, increasing adoption of smart kitchen appliances, high spending in dining outlets, and rising demand for smart ovens in residential and commercial sectors are expected to drive global market revenue growth during the forecast period.
A smart oven is one of the most widely used smart kitchen appliances that make cooking hassle-free and simpler and is equipped with digital features such as voice control, remote monitoring, and interchangeable attachments. Changing lifestyle preferences, rising demand for frozen and ready-to-eat food, growing adoption of smart homes, and rising purchasing power has resulted in increasing demand for smart ovens.
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Factors such as improving standard of living globally, rising adoption of smart technologies, increasing income and spending capacity among consumers, and rising investments in developing smart ovens with more features are expected to drive global market growth going ahead.
However, high cost of certain multifunction smart ovens, low awareness about smart appliances, and technical errors in smart ovens are some key factors that can hamper overall market growth during the forecast period.
Smart Microwave Oven Segment To Register Rapid Revenue CAGR:
The smart microwave oven segment is expected to register rapid revenue CAGR over the forecast period. This can be attributed to rising adoption of smart kitchen appliances with remote applications, high demand for multifunctional smart microwave ovens, and rising availability of various types of smart microwave ovens.
Residential Segment to Account for a Significantly larger Revenue Share:
The residential segment is expected to account for a significantly larger revenue share between 2022 and 2028 owing to changing lifestyle preferences, increasing disposable income, rapid urbanization, rising adoption of smart kitchen appliances, and increasing demand for smart ovens with multiple functions and features.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share during the forecast period owing to increasing technological advancements and modernization of devices, rapid advancements in smart ovens, and growing preference for innovative and smart appliances for smart homes. Moreover, increasing investments in developing smart ovens with more advanced features, presence of leading manufacturers, and high disposable income are expected to drive North America market growth during the forecast period.
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Smart Ovens Market By Company:
Electrolux WhirlpoolGE (Haier)BoschGalanzMideaPanasonicSANYOSiemensBrevilleSamsungSharpKenmoreEmersonLG
Smart Ovens Industry Recent Developments:
In September 2019, Sharp announced the launch of Innit-enabled 78 litre Love2Cook smart oven equipped with advanced features and assistance.In March 2022, Breville announced the launch of Joule Oven Air Fryer Pro, equipped with 13 smart cooking functions such as toast, dehydrate and slow cook.The global smart ovens market has been segmented based on type, application, and region:
Smart Ovens Market Segment by Type:
Smart Microwave OvenSmart Wall OvenOthers
Smart Ovens Market Segment by Application:
Smart Ovens Market Segment by Region:
North America (USA, Canada)Europe (Germany, France, UK, Italy, Russia)Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam)Latin America (Brazil, Argentina)Middle East & Africa (Turkey, Saudi Arabia, U.A.E)
Key Reasons to Purchase:
Estimates 2022 to 2028 smart ovens market current market trends and development trendsMarket dynamics along with growth opportunities of the market in the years to comeMarket segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspectsRegional and country level analysis integrating the demand and supply forces that are influencing the growth of the smart ovens marketCompetitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five yearsComprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market playersBrief about impact of COVID-19 on the global smart ovens market
Key Questions Addressed:
What was the market size of the smart ovens market in 2021?What revenue CAGR is the global smart ovens market expected to register during the forecast period?Which regions are covered in the global smart ovens market?Which region is expected to lead in terms of revenue share over the forecast period?What are the key factors expected to drive global market growth during the forecast period?Who are the top 10 key players operating in the global smart ovens market?Based on type, which segment is expected to register significant revenue CAGR over the forecast period?What are the key factors that can hamper overall market growth to a certain limit during the forecast period?
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