Global Smart Oven Market was valued US$ 98.XX Mn in 2019 and is expected to reach US$ 29X.XX Mn by 2027, at CAGR of 20.XX% during forecast period of 2020 to 2027.
Global Smart Oven Market
Smart Oven Introduction:
Smart ovens provide safety, convenience, timely alerts, and runs on remote access which empower consumers to operate it from any location. The smart oven has witnessed quit good popularity & demand from the customers mainly due to its smart features like fast & easy to connect property and the advanced technologies implemented into it. It can be connected effortlessly to various other modular kitchen appliances including refrigerators, smart chimneys, media players, room lights, sensors and various other advanced devices. It uses connection medium of NFC, Wi-Fi, or Bluetooth technologies. Furthermore, the manufacturers of smart oven have presented ovens having several advanced features, for instance, one of them is the oven with temperature probes that can switch off automatically in case the food extents the right temperature.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Global Smart Oven Market Overview:
In terms of revenue, global smart oven market has share of US$ 98.XX Mn in 2019. Increase in urban population along with the rising disposable income in emerging economies is always demand for fast lifestyle, where every work even cooking should be done in minimum time, which has continuously encouraged users to opt for convenient home and kitchen appliances. Smart oven complements such living standards and hence its market experience the healthy growth and can reach to US$ 29X.XX Mn by 2027 with the estimated CAGR of 20.XX% during the forecast years.
The multiple function smart oven type of the global smart oven market is likely to grow at CAGR of XX.XX % and anticipated to hold the major market share during the forecast period. This segment is expected to bring in revenues of nearly US$ 4X.11 Mn by the end of 2027. High CAGR % and largest market share can be attributed on account of wide usage in residential application and due to multiple features offered such as grilling and convection by the multiple function smart oven.
Wide acceptance of smart ovens in residential as well as commercial applications is expected to enhance the demand for smart ovens during the forecast period. Hece both types of applications residential & Commercial is expected to grow at rapid pace with CAGR of XX.XX% and XX.XX% and anticipated to reach at value US$ XX.XX Mn and US$ XX.XX Mn respectively. The reason behind high popularity, fast adoption and large growth of the smart oven with capacity of 20-25 liters is that consumers prefer larger capacity ovens, hence this segment is expected to grow with CAGR of XX.XX% and reach value of US$ XX.XX Mn by end of the forecast period. Increased use of advanced technologies like, IoT in both residential & commercial setups as well as increased use of Wi-Fi/Bluetooth connectivity in kitchen appliances is expected to boost the demand for smart ovens during the forecast period. In terms of distribution channel, the online segment is expected to expand at the highest CAGR of XX.XX% during the forecast period due to rapid urbanization & technological advancements. Convenience of online shopping has also supplemented market growth and created an incremental opportunity due to convenience of online distribution.
Global Smart Oven Market: Regional Analysis
North America and Europe are the most progressive regions in terms of technology acceptance & usage, infrastructure, and urbanization. Hence, these regions have emerged as an attractive destinations for the key players. European and North American market are expected to contribute high growth by maintaining CAGR of XX.XX% and XX.XX% respectively, majorly due to the increasing demand and popularity of advanced & time efficient cooking methods in the U.S. and other key European countries.
of smart oven with advanced connectivity and more cooking options as compared to Asia Pacific and Middle East regions. The market in Europe is expected to grow at the highest growth rate during the forecast period due to continuous growth in residential construction and customer preference toward trendy kitchen designs and advanced products in the kitchen. The market share of smart ovens in North America was 35.4% in 2017 followed by Europe.
Global Smart Oven Market Analysis by Segmentation:
The global smart oven market is segmented based on the application, type, structure, Capacity, distribution Channel, connectivity and region. The type segment includes single functions & multiple functions. On the basis of structure, the global market is segmented as counter top and built-in. Built-in ovens are mostly utilized in gourmet cafes, restaurants, confectionary stores, and bakeries for commercial usage. Owing to their compact size and shape, counter top ovens are generally utilized for household purposes. Report covers the entire details about each segment, their current and forecasted market share and estimated CAGR in each year from 2020 to 2027.
Global Smart Oven Market by Type
Global Smart Oven Market by Structure
Global Smart Oven Market by Connectivity
Global Smart Oven Market by Capacity
20 – 25
26 – 30
Global Smart Oven Market by Application
Global Smart Oven Market by Distribution Channel
Global Smart Oven Market by Region
Middle East & Africa (MEA)
Global Smart Oven Market Competitive Land Scape & Key Players:
Some of the major players in the global smart oven market are LG Electronics, Whirlpool Corporation, Samsung Electronics Ltd., Hoover Limited, Panasonic Corporation, Dacor Inc., and BSH Home Appliances Group.
• BSH Home Appliances Group
• Candy Hoover Group S.r.l.
• Dacor, Inc.
• GE Appliances
• Haier Inc.
• June Life Inc.
• LG Electronics
• Sharp Corporation
• TTK Prestige Ltd
• Sub-Zero Group, Inc.
Objective of the Report:
The objective of the report is to present a comprehensive analysis of Global Smart Oven Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are 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 Global Smart Oven Market dynamics, structure by analyzing the market segments and project the Global Smart Oven Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Smart Oven Market make the report investor’s guide.
For More Information Visit @: Maximize Market Research Company
This Report Is Submitted By : Maximize Market Research Company
Customization of the report:
Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.