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The Smart Oven Market size is estimated to increase by USD 519.8 million, at a CAGR of 20.65% between 2023 and 2028. The market's growth is influenced by several key factors. Firstly, changing lifestyles in both developed and developing economies are driving demand for efficient and time-saving cooking solutions, elevating the appeal of smart ovens. These appliances offer ease and convenience with advanced features like remote control and automated cooking functions, catering to busy households. Secondly, innovations in smart kitchen appliances are reshaping consumer expectations, integrating technology to enhance cooking experiences and efficiency. These advancements include connectivity features and energy-saving capabilities, appealing to environmentally conscious consumers. As these trends converge, manufacturers are focusing on developing intuitive and interconnected kitchen solutions. This evolution underscores a shift towards modern living standards and sustainable practices, positioning smart kitchen appliances as pivotal in the future of culinary technology.
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The market is witnessing significant growth due to the increasing popularity of small kitchen appliances like air-fryer that cater to the convenience of busy lifestyles. These ovens offer cooking processes with device connectivity and hand-free control, making them a desirable addition to functional kitchen spaces. The market is driven by the trend of distant cooking options, allowing users to monitor and control their ovens from anywhere using smartphones and digital platforms. Smart ovens come with visually appealing designs and advanced features such as voice controls, cooking temperature settings, preheat functions, and safety features. The countertop segment dominates the market due to its ease of use and portability. The integration of algorithms, personalized product recommendations, nutritional information, and calorie tracking further enhances the user experience. Consumers can purchase smart ovens through various channels such as online shopping, physical stores, and delivery options. Online retail platforms provide convenience and accessibility, while physical stores offer the advantage of hands-on experience. Wi-Fi and Bluetooth connectivity enable seamless integration with companion apps, allowing users to access features such as cooking temperature settings and preheat functions remotely.
The changing lifestyles in developed and developing economies are driving growth in the market. Products usually fall under the premium category when it comes to the global market. This is attributed to the innovation and technology implemented in cooking appliances. Due to the availability of high-speed internet and improvements in communication services, smart technologies have become widespread in industrial countries, which has increased the demand for smart home equipment.
Moreover, the increase in urbanization, availability of goods, increase in real income, sense of having comfort, and tendency to spend on expensive but worthy products has been observed in customer behavior. Vendors are also drawing consumer interest by adding value to their products and expanding their product portfolio. Such factors will drive the market growth and trends during the forecast period.
The high demand for energy-efficient microwave ovens is a key trend in the market trend. Kitchen and home appliances account for one-fourth of the energy used by families. A microwave oven is a kitchen device that warms and cooks food using electromagnetic radiation. Consequently, it uses less energy than a regular gas stove or oven. In energy-efficient microwaves, the consumption of electricity is lower resulting in a high level of adoption by consumers.
However, power tariffs are high in most developing countries, forcing consumers to switch to energy-efficient devices. The suppliers are making energy-saving devices that cook food in less time and at low power. With the growing adoption of smart home systems, the demand will also increase, leading to a rise in the market growth during the forecast period.
The high initial and maintenance costs are a major challenge in the market. It's more expensive to have smarter ovens than a traditional oven. In developing countries, consumers prefer home appliances that cost less and offer high performance. This preference is based on the daily usage of products. Other possibilities are also available for those of the Middle Class, e.g. induction stoves, cooking ovens, and more traditional kitchen appliances.
Moreover, these ovens have a complicated mechanism and require special skilled labor, equipment, and technology to fix repairs. A high expenditure on the consumer end is involved in the extensive repair. Such factors will hinder the usage, which, in turn, will affect the growth of the market in focus during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Electrolux AB - The company offers smart ovens such as the joule oven air fryer pro, the smart oven air fryer pro, and the smart oven air fryer.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel comprises hypermarkets, convenience stores, clubhouse stores, specialty stores, and department stores. The shift in consumer preference for shopping on Internet platforms has led to a gradual decrease in sales via offline distribution channels. To drive sales through offline channels, vendors are directing their sales through local retail entities.
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The offline segment was the largest segment and was valued at USD 153.40 million in 2018. Offline stores are convenient for many customers because they can understand the technology in person, which helps to minimize the likelihood of confusion among them. Offline distribution channels are becoming less popular, extensive marketing activities will propel sales through offline channels at a steady rate and will positively impact the market growth for smart ovens during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2023, the market in North America was the second-largest contributor to global sales, mainly due to high consumer awareness about the benefits of the appliances.
In addition, favorable infrastructure, such as high Internet penetration and widespread adoption of smart homes, contributes to the growing demand for smart cooking appliances in North America. The demand for the ovens in North America is expected to grow at a notable rate, driven by an expected rise in the popularity and adoption of smart home technologies, particularly in the US and Canada, during the forecast period. The US is the leading country in the market in North America.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is witnessing significant growth due to the increasing popularity of small kitchen appliances that cater to the convenience of busy lifestyles. Cooking processes are becoming smarter with the integration of technology, allowing users to control their ovens from a distance using their smartphones. Visually appealing and functional kitchen spaces are in demand, and smart ovens offer multiple function settings, temperature control, and additional cooking capabilities. Juicers, coffee maker machines, electric kettles, microwaves, and other small kitchen appliances are being upgraded with smart technology, Wi-Fi connectivity, and smartphone apps. Connected homes and smart appliances are becoming the norm, offering hand-free control and energy efficiency. However, security concerns, data privacy, and hacking are major challenges for the market. Air fryers, blenders, and multi-function appliances are also gaining popularity in both household and commercial settings. The manufacturing hub is shifting towards online shopping, physical stores, and delivery options on various online retail platforms. Tech-savvy consumers are increasingly seeking smart ovens that align with their health and wellness goals. Overall, the market is expected to continue its growth trajectory, driven by the demand for convenience, functionality, and advanced technology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 20.65% |
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Market Growth 2024-2028 |
USD 519.8 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
15.57 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 40% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alto Shaam Inc., Brandt Group, Breville Group Ltd., Electrolux group, General Electric Co., GoWISE USA, Haier Smart Home Co. Ltd., Hitachi Ltd., JS Global Lifestyle Co. Ltd., LG Electronics Inc., Maestro Food Co., MIDEA Group Co. Ltd., Miele and Cie. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smeg S.p.a., Weber Stephen Products HK Ltd., and Whirlpool Corp. |
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Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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