Market Research Future has published a cooked research report on the Global Smart Oven Market, 2020–2030. The Global Smart Oven market is projected to exhibit a CAGR of 13.73% during the forecast period of 2022 to 2030.
Market Research Future has recognized the following companies as the key players in the Global Smart Oven Market: Electrolux AB (Sweden), Panasonic Corporation (Japan), Breville Group Limited (Australia), Sharp Corporation (Japan), Haier Smart Home Co., Ltd (China), LG Electronics Inc. (Korea), Robert Bosch GmbH (Germany), Whirlpool Corporation (US), Samsung Electronics Co. Ltd. (Korea) and Sub-Zero Group Inc. (US)
The Global Smart Oven market is projected to be valued at USD 746.00 million by 2030, recording a CAGR of 13.73% during the forecast period. A smart oven is a specific kind of oven that can interact with all other smart appliances in your house, enabling users to cook more effectively, more quickly, and with greater accuracy. A smart house can be managed through a smartphone application that provides users with real-time status information. The ease of remote access is one of the main factors influencing consumer desire for smart ovens. In addition, the adoption of smart homes and smart appliances is fueling the growth of smart ovens in the consumer durables industry.
The Global Smart Oven market has been segmented based on type, connectivity, capacity, end use, distribution channel, and region.
Based on Type, the global Smart Oven market has been segmented into a single function and multiple function. The multiple function segment accounted for the largest market share of 91.22% in 2021. This category of smart ovens has a broader variety of cooking techniques that provides better products. Multi-functional smart ovens are nowadays available in the 3d cooking features, such benefits make the multi-function ovens more advanced and efficient which helps to gain certain growth of the market. Moreover, multifunction ovens are now being controlled and operated with various mobile applications that provide consumers with real-time updates.
Based on Connectivity, the global Smart Oven market has been segmented into Bluetooth, Wi-Fi, NFC, and Others. The Bluetooth segment accounted for the largest market share of 53.90% in 2021. The technology that makes it possible to transfer data over a short distance between devices is called Bluetooth. Mobile devices and stationary equipment are frequently connected using Bluetooth. Additionally, the biggest feature that makes an oven smart is its ability to connect to your home Wi-Fi or use Bluetooth to allow you to control it from your smartphone or tablet. The advanced technology of these smart ovens helps to operate the appliances with remote control and voice control systems. This Bluetooth-enabled smart oven is usually supported by additional premium features such as internal cameras, for keeping an eye on the cooking process, and is considered the greatest in cooking technology, such as the ability to heat two areas in the same oven to different temperatures.
Based on Capacity, the global Smart Oven market has been segmented into 20-25 LITRES, 26-20 Litres and Above 30 Litres. The Above 30 Litres segment accounted for the largest market share of 52.39% in 2021. With a capacity of more than 30 liters, this smart oven is a fantastic choice for the majority of large families. A smart oven's volume determines its wattage. The relationship between volume and wattage and power usage is linear.
Based on End Use, the global Smart Oven market has been segmented into residential and commercial. The residential has accounted for the largest market share of 60.20% in 2021. The category includes a variety of smart ovens, which include updated technology within appliances. Residential smart ovens are generally available in the mid-range of 400-500 USD, whereas the high range of these smart ovens is categorized between 1000 USD and above. A smart oven is a sort of kitchen appliance that associates the utility of conventional and microwave ovens with Wi-Fi and Bluetooth for providing improved connectivity. The demand for smart ovens is predictable to enlarge over the forecast period due to the improved acceptance of cutting-edge technologies like IoT in both multifamily housing situations.
Based on Distribution Channel, the global Smart Oven market has been segmented into store-based and non-store-based segments. The store-based has accounted for the largest market share of 91.55% in 2021. The store-based segment has been divided into supermarkets & hypermarkets, specialty stores, and others. Supermarkets & hypermarkets play a significant role in the distribution of smart ovens products. Furthermore, the specialty stores sub-segment is expected to be the largest, as these channels account for the maximum sale of smart ovens. The store-based segment accounted for the largest market share of 91.55% in 2021 and is projected to register a 13.63% lower CAGR during the forecast period
On the basis of region, the Global Smart Oven market has been categorized as North America, Europe, Asia-Pacific and Rest of the World. As per MRFR analysis, North America accounted for the largest market share of 37.30% in 2021, Due to the upgrading of infrastructure and equipment and the escalating pace of technological innovation. The demand for increasingly advanced and intelligent appliances for the smart home is expanding among customers. The country has also experienced an increase in the number of smart homes, which has contributed to the increased use of various kitchen appliances and gadgets, including lighting, smart smoke sensors, and smart chimneys, smart ovens, among others. As the US has among the lowest import taxes, more people can afford imported goods like smart gadgets. The United States has one of the best living levels in North America. Demand for smarter household appliances, such as smart ovens, is also being driven by changing lifestyles and rising money per capita. Germany, the UK, France, Italy, Spain, Russia, and the rest of Europe are all included in the analysis of the European market. The idea of the smart house is expanding in these nations as well. A profitable market for smart ovens has developed in the area as a result of the rising income levels and increase in disposable cash. As of 2021, Germany is the second most populous country after Russia in the EU. Additionally, it is a highly developed technology. Germany is a significant economy worldwide because of its highly educated and skilled working class. The demand for smart home appliances has increased as a result of the country's expanding manufacturing industry over time and an increase in the higher middle-class population. During the forecast period, Asia Pacific is anticipated to expand at the highest CAGR of 15.26%. The most populous continent on earth is Asia-Pacific, which is also home to some of the world's largest economies, including China, India, and Japan. Because of the expansion of the industrial and IT industries, India and China are expanding quickly. The population of the upper middle class in the area has increased as a result of this. A profitable market for smart appliances has been created as a result of the expansion of these industries, which has also sped up urbanization in cities. One of the Asia-Pacific region's most technologically sophisticated nations is Japan. The Rest of the World (RoW) consists of South America, the Middle East, and Africa. The major countries in the Middle East & Africa are Oman, Qatar, Saudi Arabia, the UAE, Kuwait, Jordan, and South Africa. Over the past few years, infrastructure and real estate in the Gulf nations have expanded quickly. Real estate development, improved infrastructure, and low-income tax rates have led to an increase in migration, which has boosted the need for smart appliances like a smart oven in the area. Large cities in the Middle East and Africa are becoming more crowded, and infrastructure development is developing as a result of the region's fast growth. Compact and smart home equipment are more in demand due to houses' limited space. The market in the area is also being driven by the adoption of smart city projects
Key Findings of the Study: