Smart Oven Market Analysis

Smart Oven Market Overview

The Global Smart Oven Market is projected to register a CAGR of 13.73% and reach a value of USD 746.00 million by 2030. 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. Other smart home appliances like your phone, phone apps, Amazon's Alexa, smart dishwashers, smart microwaves, and more may be able to communicate with a smart oven. Smart ovens provide pre-sets for different food kinds, enabling quicker and more informed cooking.

Additionally, it has a self-cleaning capability and saves time and effort by remembering the user's preferences for subsequent usage. Increased demand for smart ovens as a result of rising demand for frozen food and ready-to-cook foods globally is the main reason fueling the market's expansion. A smart oven can help with everyday cooking decisions, save time, and provide the convenience of use given the evolving lives and busy schedules of today's consumers. 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

COVID-19 Impact Analysis

The COVID-19 pandemic has adversely affected and is expected to continue to pose risks to the Smart Oven business. There are numerous risks related to the outbreak of COVID-19. The pandemic spread across the globe during 2021  and continues to impact economic activity around the globe. COVID-19 caused disruption and volatility in the global capital markets, resulting in an economic slowdown in 2021. The COVID-19 pandemic and its associated economic uncertainty negatively impacted the Smart Oven market in most regions and across a variety of customers. Governments worldwide have introduced certain measures, such as travel prohibitions, shutdowns of certain businesses, bans on group events and gatherings, shelter-in-place orders, curfews, and recommendations for practising social distancing. These restrictions have resulted in weakening activity and temporary closures of manufacturing facilities. COVID-19 has affected the Smart Oven market in many ways.

Market Dynamics

The Global Smart Oven Market is projected to register a CAGR of 13.73% during the forecast period. The key factors driving the growth of the global smart oven market are the increasing deployment of IoT in kitchen appliances and the growing adoption of energy-saving products in smart homes. However, security and privacy concerns among end users are expected to restrict the growth of the market during the forecast period. Furthermore, increasing investment by key players as well as the growing working women population coupled with their hectic schedules is anticipated to create growth opportunities for the market.

Drivers:

• Increasing deployment of IOT in Kitchen Appliances

The growing deployment of IoT in kitchen appliances product owing to the various advantages possessed by it such as IoT-capable consumer electronics promote the use of linked gadgets that can improve consumers' daily lives. Another example, it is possible for individuals to eat nutritious meals thanks to IoT-based connectivity in the kitchen. For instance, technology that acts as a personal nutritionist has developed, assisting individuals in achieving their unique health goals. IoT apps for smartphones can offer completely unique diet plans that have been certified by knowledgeable doctors. There are now apps that can recognize foods, scan food items for nutritional data, and even keep track of the daily nutrient intake. In smart homes, home systems and appliances are built on the Internet of Things (IoT) technology, sensors, and services that are connected via a communication network and can be accessed, monitored, and controlled remotely. Home thermostats, lights, locks, TVs, security cameras, audio speakers, and kitchen appliances, for example, smart oven are linked, forming a single system that can be operated with a smartphone or a mobile touchscreen device. Besides this, the presence of major players in the region providing smart oven with built in IoT platform is entering into various types of strategies in order to expand its product portfolio and serve the various end-user is set to boost its market growth.

Restraint:

• Security and Privacy concerns among End Users

All smart appliances are connected to the Internet, enabling supplemental services to make life and work easier. However, as the number of connected home devices grows, so does the number of security issues. Around 75% of connected devices are thought to be vulnerable to a wide range of attacks. Connecting stand-alone smart devices such as lights, kitchen appliances, and locks poses a slew of security concerns. Data and identity theft, device hijacking, distributed denial of service (DDoS), and persistent denial of service are all common security concerns and attacks against smart home devices. For instance, according to the FBI’s Internet Crime Report 2021, a record 847,376 complaints of cyber-crime were reported to the FBI by the public, a 7 percent increase from 2021 .Besides this, wireless technology such as wireless local area network (LAN) lacks security, allowing packets to be intercepted, read, and manipulated by other parties. The quality of a wireless LAN signal in a home or office is heavily influenced by walls, ceilings, and bulky items such as fire doors. Additionally, devices that emit electromagnetic signals, such as amplitude modulation/frequency modulation (AM/FM) radios, televisions, and microwave ovens, may cause radio frequency interference. All of these concerns could lead to shaky or unreliable connections in various areas of the smart home. Thus, as the smart home environment is always connected to the outside world via Internet, the risk of security and privacy concerns among end users is expected to continue, hampering the growth of the global smart oven market during the forecast period.

Opportunities:

• 
  Increasing investment by the Key Players  

The growing demand of smart oven among various end-users such as residential, commercial and many more has compelled the manufacturers to adopt various strategies in order to expand its product portfolio which in turn would serve as an opportunity for its market growth. For instance, in February 2021, a $30 million Series C funding round led by Left Lane Capital, an investment firm specializing in high-growth internet and consumer companies, has been closed by Tovala, the first meal delivery service linked with a countertop smart oven that scans, steams, bakes, and broils its chef-crafted meals. The company's most recent funding total of over $50M thanks to Tovala's second fundraise in a six-month period will allow the quick expanding of business to open a new production facility, grow the team, enhance the customer experience, and continue establishing itself as a leading name in food and consumer technology. Moreover, in February 2018, as it expands outside of its typical markets, Tyson Foods Inc., the nation's largest meat processor, has invested in Tovala, a startup that develops internet-connected steam ovens for ready-to-cook meals. Tyson Ventures, its $150 million venture capital arm, participated in the financing round with other investors for Chicago-based Tovala, which prepares meals using bar-code technology. Tovala will invest the funds in marketing, new product development, and business expansion.

Segment Overview

By Type

Based on Type, the global Smart Oven market has been segmented into single function and multiple function. The multiple function segment accounted for the largest market share of 91.22% in 2021  and is expected to exhibit the highest CAGR of 13.78% during the review period.

By Connectivity

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, while the NFC is likely to register the highest CAGR of 14.47% during the review period.

By Capacity

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, while the 20-25 Litres segment is expected to exhibit the highest CAGR of 14.00% during the review period

By End Use

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 and is expected to register the highest CAGR of 14.55% during the review period.

By Distribution Channel

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 whereas the non-store-based is expected to register the highest CAGR of 14.76% during the review period 

Global Smart Oven Market Share, by Region, 2021 (%)Sources: MRFR Analysis

Regional Analysis

By region, the Global Smart Oven Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market share of 37.30% in 2021. Europe accounted for the second-largest market with a share of 33.23% in 2021  and is projected to exhibit a CAGR of 13.98% during the review period. Whereas the Asia-Pacific is expected to register the highest CAGR of 15.26% during the forecast period.

North America

In 2021, North America had the highest market share worldwide, accounting for over 37.30% of the total value. In terms of revenue, North America dominated the worldwide smart oven market 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. As income levels have increased, a potentially profitable market for tiny smart kitchen products like smart ovens has emerged in Mexico. Mexico is anticipated to have rapid rise in demand for smart home equipment in the upcoming years. The rise of the middle class and the expansion of tourism in the nation will both considerably contribute to the region's desire for smart household products like smart ovens

Europe

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. The majority of the population of Germany lives in small flats as a result of the country's high real estate prices, particularly in its urban areas. The number of studio and service apartments has increased throughout the nation. The region now has a greater need for tiny and smart gadgets due to the reduced residential sizes.

Competitive Landscape

The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such as Electrolux AB (Sweden), Panasonic Corporation (Japan), Breville Group Limited (Australia), Sharp Corporation (Japan), and Haier Smart Home Co., Ltd (China) dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.

Prominent players in the Global Smart Oven Market include 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), Sub-Zero Group Inc. (US).

Recent Developments

A few developments that occurred in recent times influencing the market growth of gardening tools are listed below:

• In January 2022, Panasonic Corporation launched NN-SV79MS, a smart microwave oven which can be operated through Amazon Alexa voice command making it hands-free & distant-operative cooking.


• In January 2021, Electrolux has initiated again its investment in Springfield, Tennessee in view to consolidate the U.S cooking production facility to capture growth opportunities by innovating new products, deploying automation and enhancing product excellence in North America and Latin America markets.

Scope of the Report

Global Smart Oven Market, by Product Type

• Single Function


• Multiple Function

Global Smart Oven Market, By Function

• Bluetooth


• Wi-Fi


• NFC


• Others

Global Smart Oven Market, by Capacity

• 20-25 Litres


• 26-30 Litres


• Above 30 Litres

Global Smart Oven Market, by End Use

• Residential


• Commercial

Global Smart Oven Market, by Distribution Channel

• Store-Based


• Non-store Based

Global Smart Oven Market, by Region

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • Italy
  
  
  • Spain
  
  
  • UK
  
  
  • Romania
  
  
  • Solvenia
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia & New Zealand
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Souh America
  
  
  • Middle East
  
  
  • Africa
  
  
  
  

Intended Audience

• Smart Oven manufacturers


• Smart Kitchen Appliances Retailers and Distributors


• Government regulatory orgainzations


• Investors