Smart Oven Market Valuation to Reach USD 600 Million by 2030 at 18% CAGR - Report by Market Research Future (MRFR)
Smart Oven Market Size and Trends Analysis by Application (Single Function, Multiple Function), Structure (Built-in Smart Oven and Countertop), Capacity (20-25 Litre, 26-30 Litres, Above 30 Litres), Distribution Channel (Online, Offline), End User (Restaurants, Gourmet Cafes, Confectionary Stores, Bakeries, Residential) and Region (North America, Europe, Asia-Pacific, and Rest of the World) -Forecast till 2030
New York, US, May 04, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Smart Oven Market Information by Application, Structure, Capacity, Distribution Channel, End User and Region - Forecast till 2030”, the market is estimated to acquire a size of over USD 600 million by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 18% during the review timeframe.
Smart ovens are the next generation of kitchen equipment, featuring advanced capabilities such as the ability to receive, process, and transmit data through smartphones. Electric microwaves with Bluetooth or Wi-Fi capabilities are known as smart ovens. These ovens can be controlled by an app or connected to other devices. The companion app allows users to control and regulate smart ovens from afar. It can also be programmed to perform automatic tasks.
Smart ovens with voice controls and smart home gadgets have been introduced in recent years. Amazon Echo and Google Home can be used to control linked smart ovens via voice commands. These ovens provide all of the regular functions as well as additional settings and customizations.
Some of the key companies profiled in the global smart oven market include:
- Bsh Home Appliances Corporation (Robert Bosch GmbH)
- Breville Group Limited
- Haier Group
- Electrolux AB
- Panasonic Corporation
- LG Electronics Inc.
- Sharp Corporation
- Samsung Electronics Co. Ltd.
- Sub-Zero Group Inc.
- Whirlpool Corporation
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Consumer appliances are constantly improving and adding new features to meet the demands of today's consumers. At the International Home & Housewares Show, a new smart oven concept was unveiled. This oven was created to let consumers control their food even when they are not at home. The smart oven has a number of useful features, including voice control technology and notifications. The oven also comes with a touchscreen display with an easy interface that allows users to quickly access options and set the oven. These characteristics are certain to boost sales of the new oven and the industry as a whole.
The global market for ready-to-eat food is growing at a breakneck pace. This tendency is projected to continue in the future, bolstering the smart oven market's growth. The market is primarily driven by the growing use of smart ovens in the industrial sector, as well as increased demand for convenience foods. The convenience factor is boosted even further by the growing availability of ovens, freezers, and other culinary facilities that make cooking and food preparation easier.
Users of smartphones and the internet are afraid that their personal information, such as their name, home address, email address, and credit card details, could be misused if shared and accessed. Furthermore, smart ovens are primarily managed by company-developed smartphone applications, which capture consumer data, prompting consumer worries about data privacy. As a result, privacy issues may stymie the smart oven market's growth.
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The internet distribution channel has seen an increase in demand as a result of the current breakout of the COVID-19 pandemic. The internet channel is gaining traction as a result of the restrictions imposed during shutdown. As a result, in the current market, internet sales have aided the expansion of the smart oven market. The implementation of an omnichannel approach is projected to accelerate the growth of the wholesale industry. This channel supports the concept of a unified brand experience across all platforms. These reasons encourage the growth of the smart oven market.
The market is divided into single and multiple function categories based on application. Due to many advantages such as the ability to select the right cooking functions for a meal, the multiple function category held the greatest market share in the global smart oven market for the year 2021.
The worldwide smart ovens market is divided into built-in smart ovens and counter top smart ovens based on structure. The counter top category accounted for the highest proportion of the global smart oven market in 2021.
The global market is divided into three categories based on capacity: 20-25 liters, 26-30 liters, and above 30 liters. In the year 2022, the worldwide smart oven market is expected to be dominated by the 26-30 liters segment.
The market is divided into offline and online distribution channels. For the year 2022, the offline channel is likely to dominate the worldwide smart oven market, while the internet channel is expected to rise at the fastest CAGR.
Restaurants, gourmet cafés, confectionery stores, bakeries, and others are among the end-users in the global smart oven market. Due to an increased desire to reduce cooking time, the restaurant industry accounted for the largest market in 2021.
Because of rising disposable income and increased demand from the construction industry, North America is expected to lead the worldwide smart oven market. North America and Europe are at the forefront of new technology and infrastructure. The construction industry's continuous rise, as well as consumer preferences for innovative kitchen appliances, has fueled demand for smart ovens. As a result, manufacturers are rushing to seize attractive prospects in these regional marketplaces. Furthermore, these regions are bringing in faster and new breakthroughs in smart oven technology than other regions.
Due to consumer adoption of Internet of Things (IoT) enabled devices, the Asia Pacific region is predicted to develop at the fastest CAGR throughout the projection period. Furthermore, in the Asia Pacific region, expanding population and urbanization are likely to drive the market in the future.
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