Smart Oven Market: Global Overview and Forecast (2023-2029)

Smart Oven Market size was valued at US$ 294.7 Mn. in 2022 and the total Smart Oven revenue is expected to grow at 14.2% through 2023 to 2029, reaching nearly US$ 746.7 Mn.
Smart Oven Market Overview:
A smart oven is a type of kitchen equipment that combines the function of conventional and microwave ovens with the extra advantages of Wi-Fi and Bluetooth for improved connectivity. Some of these ovens also come with flexible cooktops and voice control features that can be accessed via the accompanying app or smart home assistants such as Google Home and Amazon Alexa. These ovens contain all of the features of conventional ovens, plus additional settings and combinations. Smart ovens give users more control by allowing them to change the temperature and cooking settings from afar. They also have more cooking modes and cycle settings, which include everything from reheating frozen foods to baking and roasting.

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In this report, the Smart Oven market's growth reasons, as well as the market's many segments (Type, Structure, connectivity, Distribution channel, Application, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments.

Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Smart Oven market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Smart Oven market situation.
Smart Oven Market Dynamics:
In the last two years, the market for smart ovens has seen a rise in technological advancements. Recent advances are currently focused on sensor technology advancements, which would allow adaptable smart systems targeting safety. The overall safety of smart ovens during cooking has been improved, thanks to smart sensing. Unsupervised cooking is one of the most common causes of kitchen fires. As a result, improved sensors are now being developed, allowing for the capture of contextual data around the oven alarming for fire hazards to users. In the near future, such safety measures are expected to boost demand for smart ovens over the forecast period.

With the help of smartphones, users can control the temperature of the oven, set it to preheat, and even turn it off. Smart ovens can be linked to digital networks like Yummy, a food, and recipe-sharing application. Smart ovens may read instructions from such a platform and perform operations such as preheating, cooking food according to the specified time, and then turning off the oven based on the instructions. As a result, smart ovens provide customers with a lot of conveniences, which supports their market growth. thanks to the Internet of Things (IoT) and the growing popularity of intelligent home assistants. This is one of the most important reasons for boosting the Smart Oven market's growth around the world.

Consumers are moving towards smart appliances as a result of their hectic lifestyles and rising income levels because smart appliances give convenience and help to reduce electricity consumption. Furthermore, Manufacturers have been able to offer smart ovens with self-cleaning functions and the capacity to turn off automatically when the food reaches the right temperature thanks to technological advancements. They're also combining smart ovens with food-recipe apps, so the appliances can automatically preheat to a predetermined temperature and cook for a predetermined amount of time. Thus, these technological advancements are the major key factors for the growth of the market.

The Smart Oven market is expected to be hampered by the high-power consumption associated with its use. Rising concerns about energy conservation around the world are expected to pose a challenge to the Smart Oven market during the forecast period.
Smart Oven Market Segment Analysis:
By Structure, the countertop segment dominated the Smart Oven market and is expected to grow at the fastest CAGR throughout the forecast period. Countertops are less expensive and more compact than their counterparts, resulting in a high adoption rate, particularly in the home.

By Connectivity, the Wi-Fi connectivity segment is expected to grow at the fastest CAGR in terms of revenue owing to customer preference for user-friendly technology. Wi-Fi is widely used because of its convenience of use and wide range of communication capabilities. All of these reasons have had an impact on the smart oven market's growth.

By Application, the residential segment has expected to grow at a rapid pace owing to the rising urbanization. therefore, the use of incorporated equipment in modern kitchens is also increased. Growing consumer awareness and improving living standards have boosted the demand for smart ovens from the residential segment over the forecast period.

By Distribution Channel, offline distribution channel had a large market share because customers preferred buying kitchen equipment offline. However, due to the current outbreak of the COVID-19 pandemic, the online distribution channel has seen a surge in demand. The internet channel is gaining traction due to the restrictions imposed during the lockdown. As a result, internet sales have encouraged the growth of the smart oven market over the forecast period.
Regional Insights:
In North America and Europe region, the smart oven market is expected to grow at a rapid pace owing to the modern technology and infrastructure adopted by the people in this region. The demand for smart ovens has grown in response to the construction sector's continued rise and consumer preferences for innovative kitchen appliances. As a result, manufacturers are eager to take advantage of profitable opportunities in these regional markets. Furthermore, as compared to other regions, these regions are bringing in rapid innovations in smart oven technology. These factors are expected to grow at the fastest rate during the forecast period.

In the Asia-Pacific region, the market is predicted to grow at the highest CAGR because of the rising standard of life and disposable income in this region during the forecast period.

The objective of the report is to present a comprehensive analysis of the Smart Oven market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Smart Oven market dynamics, and structure by analyzing the market segments and projecting the Smart Oven market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Oven market make the report investor’s guide.
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Smart Oven Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 294.7 Mn.


Forecast Period 2023 to 2029 CAGR:
14.2%
Market Size in 2029:
US $ 746.7 Mn.


 Segments Covered:
by Type
Single Function
Multiple Functions


by Structure
Built-In
Counter Top


by Application
Bluetooth
Wi-Fi
NFC
Others


by Distribution Channel
Online
Offline


by Application
Residential
Commercial



Smart Oven Market, by region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1.Breville
2.BSH Home Appliances Group
3.Candy Hoover Group S.r.l.
4.Dacor, Inc.
5.Electrolux
6.GE Appliances
7.Haier Inc.
8.June Life Inc.
9.LG Electronics
10.Panasonic
11.Samsung
12.Sharp Corporation
13.Tovala
14.TTK Prestige Ltd
15.Whirlpool
16.Sub-Zero Group, Inc.
17.Alto-Shaam, Inc.
18.Illinois Tool Works Inc.
19.Galanz
20.Midea Group
21.Brandt
22.Moulinex

FAQs:

1. Which is the key driving factor for the Smart Oven market during the forecast period?
Ans. Technological advancements are the major key factors for the growth of the Smart Oven market during the forecast period.

2. What is the restraint for the Smart Oven market?
Ans. The high-power consumption associated with its use is a restraint for the Smart Oven market.

3. What is the projected market size & growth rate of the Smart Oven Market?
Ans. Smart Oven Market size was valued at US$ 294.7 Million in 2022 and the total Smart Oven revenue is expected to grow at 14.2% through 2023 to 2029, reaching nearly US$ 746.7 Million.

4. What segments are covered in the Smart Oven Market report?
Ans. The segments covered are Offering, End-Users, Resolution, Application, and, Region.