Smart Ovens Market 2021 Business Overview, Challenges, Opportunity Analysis to 2027 – Instant Interview
the global smart oven market size was estimated at 220.4 million USD in 2020 for $572.14 million by 2027, at a CAGR of 14.6% from 2021 to 2027. The smart oven market has witnessed an upsurge in technological innovations over the past couple of years. Recent advances are now targeting advancements in sensor technology, which will enable adaptive and intelligent systems targeting safety. Smart sensing in smart ovens has improved the overall safety of smart ovens while cooking. Unsupervised cooking is the main factor responsible for a kitchen fire. As a result, advanced sensors are being developed to enable the acquisition of contextual data around the oven, alarming fire risks to users. These safety devices are expected to further boost the demand for smart ovens during the forecast period.
Currently, consumers prefer devices with advanced features and latest technologies. Several companies operating in the market offer smart ovens that can be operated through devices such as smartphones. The latest developments in the market include the launch of the GE PROFILE SERIES 30″ Microwave Oven, which comes with features that can be controlled wirelessly through the consumer’s smartphone. The adoption of smart ovens is higher in developed countries like America and Europe. Developing economies such as India and Brazil are expected to contribute significantly to the growth of the smart oven market in the coming years.
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The global smart ovens market is analyzed with respect to its prospects and future growth rate. The report highlights numerous factors influencing the growth of the global smart ovens market. These include the market forecast, drivers, restraints, opportunities, and the role of key players operating in the market. The report is analyzed by type, which provides built-ins and countertops. The report also segments the market based on end users, primarily residential and commercial. By sales channel, the market is studied across both offline and online channels. Additionally, it includes revenue generated from the sales of smart ovens in North America, Europe, Asia-Pacific and the LAMEA region.
Global Smart Oven Market Dynamics
Drivers: advances in smart oven functionality
The presence of Wi-Fi or Bluetooth connectivity features allows users to control certain features of smart ovens using smartphones or smart speakers. Cooking temperature sets the oven to preheat, and even shutting down a cooker can be done remotely using smartphones. In addition, they can be connected to digital platforms such as Yummly, a whirlpool food and digital recipe platform. Smart ovens automatically read the instructions from these platforms. They can perform many functions such as preheating, cooking food according to instructions, and then automatically shutting off according to the instructions provided. As a result, smart ovens provide great convenience to users and hence are expected to drive the growth of the smart oven market.
Constraints: Availability of profitable counterparties to deter market growth
In many developing economies, the majority of the population lives in rural areas, where the use of traditional kitchen equipment is still widespread, and such equipment is more convenient than smart ovens for them due to factors such as lack of education/awareness and lack of power/electricity, thus challenging market growth.
Opportunities: Expansion of smart ovens in developing countries
Increasing urbanization and the adoption of Western culture have transformed the lifestyle of customers, especially in developing countries. The demand for advanced home appliances can be enhanced through extensive marketing strategies and increasing consumer awareness. Through effective marketing, businesses can reach their target audiences and meet their needs. Companies operating in this market plan to invest heavily in marketing and advertising campaigns to promote their innovative technologies to the masses and increase their revenue. Thus, acting as a lucrative opportunity for market growth.
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The study categorizes the smart oven market based on type, sales channel, end-user, and regions.
By Type Outlook (‘000 Units, Sales, USD Million, 2017-2027)
By Sales Channel Outlook (‘000 Units, Sales, USD Million, 2017-2027)
- Offline channels
- Online channels
By End User Outlook (‘000 Units, Sales, USD Million, 2017-2027)
Outlook by Region (‘000 Units, Sales, USD Million, 2017-2027)
- North America (United States, Mexico, Canada)
- South America (Brazil, Peru, Argentina, Colombia, Rest of Latin America)
- Europe (Germany, United Kingdom, Italy, France, Russia, Spain, Poland, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Sweden, Norway, Denmark, Rest of Europe)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Thailand, Vietnam, South Korea, Myanmar, Cambodia, Singapore, Philippines, Australia and New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Saudi Arabia, South Africa, United Arab Emirates, North Africa, Rest of MEA)
The residential segment, by end user, is estimated to be the fastest growing segment during the forecast period
Based on end user, the market is divided into residential and commercial. The residential segment is leading in terms of global market demand and is poised to grow with the highest CAGR of 15.0% during the forecast period, 2021-2027. Increased consumer awareness and improved living standards have fueled the demand for smart ovens in the residential segment.
Most kitchen appliances these days have reduced human involvement in food preparation. Advances in technology have led to lower prices for these products. The popularity of home smart ovens has grown over the years, due to their affordability and advancements in technology. Home microwaves have helped consumers cook food quickly in less time, giving them more time for other activities. Microwave ovens have become an integral part of home kitchens. The demand for home ovens has increased due to their ability to cook various foods in less time. The adoption of home microwave ovens has increased due to their versatile functions and efficient cooking.
Additionally, the working population prefers microwave ovens for their convenience and ease of use. Microwave ovens are available in different sizes ranging from 20 to 45 liters to meet different customer requirements. The growing propensity of consumers to spend more on kitchen appliances has fueled the growth of the home smart oven segment. In addition, domestic consumers demand devices that are energy efficient and require minimal space for installation. Moreover, improving living standards have encouraged consumers to buy state-of-the-art kitchen appliances. Therefore, companies are compelled to introduce innovative and sophisticated products in their products to meet the ever-increasing demand of customers.
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Asia-Pacific accounts for the highest CAGR over the forecast period in the smart ovens market
Based on region, the global smart oven market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Asia-Pacific has a growth rate of 16.6% during the forecast period 2021-2027 and has a revenue share of 16.15% in 2020. The Asia-Pacific smart oven market is analyzed at across Japan, China, India, Australia, South Korea, Southeast Asia and the rest of Asia-Pacific. In the Asia-Pacific region, growth in China is expected to slow to 6.6%, partly reflecting the authorities’ financial, real estate and fiscal tightening measures. Growth in Japan has been above potential for eight consecutive quarters and is expected to remain strong at 1.2% for 2020. Demographics, reduced productivity and the rise of the digital economy are impacting long-term growth. term of the Asia-Pacific smart oven market.
The growing middle class and working population are contributing to the growth of the microwave oven market in Asia-Pacific. The working class population prefers to use microwave ovens as they offer faster and convenient cooking functions. The Asia-Pacific market has huge growth potential for companies offering new innovative smart devices. The low penetration rate of microwave ovens in this region provides ample growth opportunities for key players to gain a first-mover advantage in the market. Established market players need to launch innovative and energy-efficient products to meet the growing consumer demands in the Asia-Pacific region.
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Main market players
Some of the key players in the smart oven market analysis include Samsung Electronics Co. Ltd., June Life Inc., Panasonic Corporation, LG Electronics, Qingdao Haier Co., Ltd. (Haier), Hitachi, Ltd, Whirlpool Corporation, Sharp Corporation. , AB Electrolux, Tovala. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the major growth strategies adopted by the various key market players.