Smart Ovens Market share rise at a staggering CAGR of 14.8%

Introduction

Smart ovens, linked ovens, or smart cooking appliances are kitchen equipment that uses advanced technology to connect to the Internet and provide several unique features. Through automation, remote access, and networking with other smart home devices, these capabilities improve culinary convenience, control, and efficiency.

The smart ovens market has grown, due to increased customer demand for connected and automated kitchen appliances, Internet of Things (IoT) technology improvements, and the convenience of remote control and monitoring capabilities. Thus, the market share is expected to grow at a 14.8% CAGR. Due to the Internet of Things (IoT) and the developing smartphone market, smart ovens may now be controlled via smartphone apps that provide clients with real-time status information. This is one of the most crucial factors driving the global market's expansion.

Market Dynamics

Rising Consumers and Smart Appliances Drive the Market

The smart ovens industry is driven by smart appliance demand. Customers are increasingly interested in linked devices that simplify daily life. A smart oven with a remote control lets them preheat, set the time and temperature, and monitor the cooking process from their smartphone. Today's consumers like this control and ease. The smart oven market trend is evolving. According to Deloitte, 69% of US customers think smart home technology simplifies their lives.

Remote control and automation are becoming increasingly popular, as 58% of poll respondents use their cell phones to control smart home devices. Coldwell Banker Real Estate LLC's 2020 Smart Home Week Survey shows that 25% of American homes have a smart device. Smart ovens' convenience, time-saving capabilities, and compatibility with other smart devices are expected to boost connected home technology adoption.

Integration of Smart Home Ecosystem Creates Tremendous Opportunities

Smart ovens can be integrated into smart home ecosystems to improve user convenience and speed up daily operations. A smart kitchen with integrated appliances matches the IoT-driven home trend. Manufacturer alliances and interoperability standards allow smart devices, including ovens, to communicate and cooperate. This could enable smart kitchen ecosystem characteristics like synchronized cooking, autonomous meal planning, and energy-efficient operation. A smart kitchen with integrated appliances matches the IoT-driven home trend. Manufacturer alliances and interoperability standards allow smart devices, including ovens, to communicate and cooperate. This could enable smart kitchen ecosystem characteristics like synchronized cooking, autonomous meal planning, and energy-efficient operation.

Regional Insights

North America led the global smart oven market in revenue in 2021 due to rapid technology advancement and infrastructure upgrades. Complex and clever smart home equipment is becoming more popular. The country's smart housing population has grown, resulting in more use of kitchen equipment, including lights, smart smoke sensors, smart chimneys, and smart ovens. More people can buy smart gadgets from the US because it has one of the lowest import taxes. The United States has one of North America's best living standards. Lifestyle changes and increased affluence boost demand for smarter household goods like smart ovens. With rising incomes, Mexico has a market for tiny smart kitchen devices like smart ovens. Future demand for smart home equipment in Mexico will soar. The region's need for smart ovens will expand as the middle class grows and tourism grows.

The European market study covers Germany, the UK, France, Italy, Spain, Russia, and Europe. The smart house is spreading in these countries. As a result of higher income levels and an increase in disposable cash, a lucrative market for smart ovens has formed in the area. Germany will rank second in the EU population after Russia by 2021. Furthermore, it is advanced technology. Germany is a global powerhouse due to its educated and talented workforce. The country's growing manufacturing economy and upper-middle class have increased smart home equipment demand. Due to high real estate values, especially in cities, most Germans live in small flats. The number of studio and service units has grown nationwide. Due to smaller homes, the region needs more tiny and smart devices.

Key Highlights

• The global Smart Ovens market size was valued at USD 758 million in 2023 and is projected to reach USD 2286 million by 2031, registering a CAGR of 14.8% during the forecast period 2023-2031. 
• The market is divided into two segments based on distribution channels: store-based and non-store-based. The primary distribution channel is store-based.
• The product type is further classified as having single or many functionalities. Multiple functions headed the market.
• The market is divided into connectivity types such as Bluetooth, Wi-Fi, NFC, and others. Bluetooth has the most market share.
• The market is separated into three categories based on capacity: 20-25 liters, 26-30 liters, and above 30 liters. Ovens with capacities above 30 liters are extensively utilized in the market.
• The category can be subdivided based on end-user into residential and commercial. The residential sector drives market expansion.
• Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.

Competitive Players

Competitive Landscape

The key players in the global Smart Ovens market are Electrolux, Panasonic, Breville, Sharp, Haier, LG, Bosch, Whirlpool, Samsung, and Sub-Zero are all companies from Sweden, Japan, Australia, China, Korea, Germany, and the US that operate in the home appliance industry.

Recent Developments

Market News

• August 2023- LG ThinQ Smart Home Platform to Support Cross-Brand Connectivity.
• August 2023- EVolity Corporation (from now on, "EVolity") was founded by Panasonic Holdings Corporation (hereinafter, "Panasonic HD") and Marubeni Corporation (hence, "Marubeni") to provide fleet management services for commercial electric vehicles (EVs).
• August 2023- Samsung released new research illustrating consumers' desires for home electronics.

Segmentation

Global Smart Ovens Market: Segmentation

By Product Type

• Single Function
• Multiple Function

 By Connectivity

• Bluetooth
• Wi-Fi
• NFC
• Others

By Capacity

• 20-25 Litres
• 26-30 Litres
• Above 30 Litres

By End-Use

• Residential
• Commercial

By Distribution Channel

• Store-Based
• Non-store Based

By Region

• North America
• Asia-Pacific
• Europe
• The Middle East and Africa
• Latin America