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Smart Ovens Market Foreseen to Grow Exponentially by 2030
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The global smart ovens market size was valued at USD 220.4 million in 2020 to USD 572.14 million by 2027, at a CAGR of 14.6% from 2021 to 2027. The smart ovens market has witnessed an upsurge in technological innovations in the last two years. The recent strides are now aiming at advancements of sensor technology, which will empower adaptable, smart systems targeting safety. Smart sensing in smart ovens has enhanced the overall safety of smart ovens during cooking. Unmonitored cooking is the leading factor that is responsible for a kitchen fire. As a result, advanced sensors are being developed to enable contextual data acquisition around the oven, alarming fire hazards to users. Such safety features are anticipated further to bolster demand for smart ovens during the forecast period.
Presently, consumers prefer appliances with advanced features and the latest technologies. Several companies operating in the market are offering smart ovens that can be operated through devices such as smartphones. The latest developments market includes the launch of GE PROFILE SERIES 30" microwave oven, which comes with functions that can be controlled wirelessly through a consumer's smartphone. Smart ovens adoption is higher in developed nations such as America and Europe. It is anticipated that developing economies such as India and Brazil would significantly contribute to the growth of the smart ovens market in the years to come.
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The global smart ovens market is analyzed based on its prospects and future growth rate. The report highlights numerous factors that influence the growth of the global smart ovens market. These include market forecast, drivers, restraints, opportunities, and the role of key players operating in the market. The report is analyzed by type, which provides for built-in and countertop. The report also segments the market based on end-users, mainly residential and commercial. By sales channel, the market is studied across offline and online channels. Furthermore, it includes revenue generated from the sales of smart ovens across North America, Europe, Asia Pacific, and LAMEA.
Global Smart Ovens Market Dynamics
Drivers: Advancements in features of smart ovens
The presence of Wi-Fi or Bluetooth connectivity features allows users to control some features of smart ovens using smartphones or smart speakers. Cooking temperature sets the oven to preheat, and even switching off a range can be performed remotely with the help of smartphones. Furthermore, they can be connected to digital platforms such as Yummly, a food and digital recipe platform by whirlpool. Smart ovens automatically read the instructions from such platforms. They can perform many functions such as preheating, cooking food as instructed, and then turning off automatically based on instructions provided. As a result, smart ovens offer great convenience to users and thus, are estimated to drive the smart ovens market growth.
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Restraints: Availability of cost-effective counterparts to dissuade market growth
In many developing economies, the majority of the population live in rural areas, where the use of traditional cooking equipment is still prevalent, and such equipment is more convenient than smart ovens for them due to factors such as lack of education/awareness and shortage of power/electricity, thus challenging the growth of the market.
Opportunities: Expansion of smart ovens in developing countries
Increasing urbanization and the adoption of western culture have transformed customers' lifestyles, especially in developing countries. Demand for advanced home appliances can be improved with extensive marketing strategies and growing awareness among consumers. Through effective marketing, companies can reach their target audiences and cater to their needs. Companies operating in this market plan to invest heavily in marketing and advertising campaigns to promote their innovative technologies among the masses and increase their revenue. Thus, act as a lucrative opportunity for market growth.
Scope of the Report
The study categorizes the smart ovens market based on type, sales channel, end user, and regions.
By Type Outlook (Thousand Units, Sales, USD Million, 2017-2027)
- Counter Top
By Sales Channel Outlook (Thousand Units, Sales, USD Million, 2017-2027)
- Offline Channels
- Online Channels
By End User Outlook (Thousand Units, Sales, USD Million, 2017-2027)
By Region Outlook (Thousand Units, Sales, USD Million, 2017-2027)
- North America (US, Mexico, Canada)
- South America (Brazil, Peru, Argentina, Colombia, Rest of Latin America)
- Europe (Germany, UK, Italy, France, Russia, Spain, Poland, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Sweden, Norway, Denmark, Rest of Europe)
- Asia Pacific (China, India, Japan, Indonesia, Malaysia, Thailand, Vietnam, South Korea, Myanmar, Cambodia, Singapore, the Philippines, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, South Africa, UAE, Northern Africa, Rest of MEA)
Residential, by end user, is estimated to be the fastest-growing segment during the forecast period
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Based on the end user, the market is bifurcated into residential and commercial. The residential segment leads in terms of global market demand and is poised to grow with the highest CAGR of 15.0% during the forecast period, 2021-2027. Increasing consumer awareness and improving the standard of living has fostered the demand for smart ovens from the residential segment.
Nowadays, most household kitchen appliances have reduced the extensive amount of human involvement in food preparation. Technological advancements have resulted in reduced prices of such products. The popularity of household smart ovens has increased over the years, owing to their affordable prices and technological advances. Household microwaves have helped consumers cook food quickly within a lesser time, giving them more time for other activities. Microwave ovens have become an integral part of household kitchens. Demand for household ovens has increased due to their ability to cook various foods in less time. The adoption of household microwave ovens has increased due to their multipurpose features and efficient cooking.
Moreover, the working population prefers microwave ovens for their convenience and ease of use. Microwave ovens are available in various sizes, ranging from 20 to 45 liter, to cater to different customer requirements. The increasing propensity of consumers to spend more on kitchen appliances has fueled the growth of the household smart oven segment. Moreover, household consumers demand appliances, which are energy efficient and require minimal space for installation. In addition, improvement in living standards has encouraged consumers to buy technology-driven kitchen appliances. Hence, companies are forced to introduce innovative products and sophistication in their products to cater to the ever-growing demand of customers.
Asia Pacific accounts for the highest CAGR during the forecast period in the smart ovens market
Based on region, the global smart ovens market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The 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 ovens market is analyzed across Japan, China, India, Australia, South Korea, Southeast Asia, and the rest of Asia Pacific. In the Asia Pacific, growth in China is projected to ease to 6.6%, partly reflecting the financial, housing, and fiscal tightening measures of authorities. Growth in Japan has been above potential for eight consecutive quarters and is expected to remain strong at 1.2% for 2020. Demographics, reduction of productivity, and rise of the digital economy impact the long-term growth of the Asia-Pacific smart ovens market.
The growing middle class and working population contribute to the growth of the microwave oven market in the Asia Pacific. Working-class population prefers using microwave ovens as it provides faster and convenient cooking features. The Asia-Pacific market has enormous growth potential for companies offering new and innovative smart appliances. 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 energy-efficient and innovative products to cater to the growing demands of consumers in the Asia-Pacific region.
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Key Market Players
Some of the key players in the smart ovens 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 key growth strategies adopted by different key players in the market.
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