Smart Ovens Market

Market Overview

The global smart ovens market size was valued at USD 758 million in 2022 and is projected to reach a value of USD 2,286 million by 2031, registering a CAGR of 14.8% during the forecast period (2023-2031).

Due to rising customer demand for connected and automated kitchen appliances, advancements in Internet of Things (IoT) technology, and the convenience of remote control and monitoring features, the global smart ovens market is expected to boost. Smart ovens, also known as linked ovens or smart cooking appliances, are kitchen appliances that have advanced technology that allows them to connect to the Internet and offer a variety of novel capabilities. These features improve cooking convenience, control, and efficiency through automation, remote access, and connectivity with other smart home devices.

Smart ovens Market share is predicted to develop at a 14.8% CAGR due to rising customer demand for connected and automated kitchen appliances, advancements in Internet of Things (IoT) technology, and the convenience of remote control and monitoring features. Smart ovens can now be handled via smartphone apps that give clients real-time status information thanks to the Internet of Things (IoT) and the burgeoning smartphone industry. This is one of the most important reasons fueling the worldwide market's expansion.

Market Dynamics

Market Drivers

Rising Consumer and Smart Appliances

The increased demand for smart appliances is driving the smart ovens industry. Customers are increasingly interested in linked gadgets that improve convenience and streamline everyday activities. They can preheat the oven, set the cooking time and temperature, and monitor the cooking process from their smartphone using a smart oven with remote control features. This amount of control and ease is appealing to today's consumers. The smart ovens market trend is transforming. According to a Deloitte report, 69% of customers in the United States feel smart home technology improves their lives easier.

Furthermore, 58% of poll respondents said they use their smartphones to handle smart home gadgets, demonstrating the growing popularity of remote control and automation functions. Furthermore, according to Coldwell Banker Real Estate LLC's 2020 Smart Home Week Survey, 25% of American homes own at least one smart gadget. Smart ovens are projected to significantly contribute to embracing connected home technologies since they provide convenience, time-saving features, and interaction with other smart devices.

Market Restraints

High Cost

The comparatively high cost of smart ovens is a significant impediment to consumer adoption. The availability of low-cost alternatives in typical ovens can influence consumer decisions. A basic conventional oven, for example, may suit a household's cooking needs without requiring the additional expenditure that a smart oven requires. The affordability barrier can be even more severe in emerging markets or countries with lower disposable incomes. While smart ovens provide convenience and advanced technology, their adoption may be hampered by price, particularly if consumers value affordability above extra features. To make these appliances more accessible to a larger variety of consumers, manufacturers in the smart ovens industry must carefully combine innovation with pricing tactics. Smart oven prices may fall as the market evolves and technology matures, encouraging greater adoption among consumers with varied budgets.

Market Opportunities

Integration of Smart Home Ecosystem

Integrating smart ovens with larger smart home ecosystems offers a great opportunity to improve user convenience and expedite daily operations. The idea of a smart kitchen, which appliances work together smoothly, fits well with the emerging trend of IoT-driven houses. Manufacturers can form alliances and develop interoperability standards, allowing diverse smart devices, including ovens, to interact and coordinate operations. This could result in novel capabilities such as synchronized cooking operations, automatic meal planning, and energy-efficient operation throughout the smart kitchen ecosystem. The idea of a smart kitchen, in which appliances work together smoothly, fits well with the emerging trend of IoT-driven houses. Manufacturers can form alliances and develop interoperability standards, allowing diverse smart devices, including ovens, to interact and coordinate operations. This could result in novel capabilities such as synchronized cooking operations, automatic meal planning, and energy-efficient operation throughout the smart kitchen ecosystem.

Regional Analysis

The global smart ovens market analysis is conducted across North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America's smart oven industry size is expected to boost at a CAGR of 14.4% during the forecast period. North America dominated the global smart oven market because of the increased speed of technological progress and the upgrade of infrastructure and equipment. Customers' desire for increasingly complex and intelligent smart home equipment is growing. The country has also seen a growth in the number of smart houses, which has contributed to an increase in the use of various kitchen equipment and gadgets, such as lighting, smart smoke sensors, smart chimneys, and smart ovens, among other things.

Since the United States has one of the lowest import taxes in the world, more individuals can buy imported items such as smart gadgets. The United States has one of North America's highest standards of life. Changes in lifestyle and rising per capita income also drive demand for smarter household goods such as smart ovens. With rising income levels, Mexico has formed a viable market for miniature smart kitchen items such as smart ovens. In the future, Mexico's demand for smart home equipment will skyrocket. The rise of the middle class and the expansion of tourism in the country will significantly increase the region's demand for smart household items such as smart ovens.

Europe is predicted to rise at a substantial CAGR of 14.6% throughout the forecast period. The European market study includes Germany, the United Kingdom, France, Italy, Spain, Russia, and the rest of Europe. The concept of the smart house is spreading in these countries as well. As a result of increased income levels and an increase in disposable cash, a successful market for smart ovens has emerged in the area. Germany will be the EU's second most populated country after Russia by 2021.

Furthermore, Germany is a key global economy because of its highly educated and talented labor force. The country's rising manufacturing industry and an expansion in the upper-middle-class population have raised the demand for smart home equipment over time. Most of Germany's population lives in modest flats because of its high real estate values, particularly in its urban regions. Across the country, the number of studio and service apartments has expanded. Because of the smaller dwelling sizes, the region has a stronger demand for small and smart devices.

The Asia-Pacific area is a dynamic and fast-increasing market for smart ovens, with factors such as urbanization, changing lifestyles, technical improvements, and a growing preference for handy and connected appliances driving demand. South Korea and Japan are noted for being early adopters of technology. Smart ovens with cutting-edge capabilities and seamless connectivity with other smart devices are more likely to be adopted by consumers in these countries. Smart ovens can provide pre-programmed cooking characteristics for numerous local foods in Asia-Pacific, where culinary diversity is abundant. A smart oven, for example, may have settings tailored to Indian curries, Chinese stir-fries, or Japanese sushi rice. Manufacturers in this region can capitalize on the region's growing desire for innovative and practical kitchen appliances by developing smart ovens adapted to local needs and tastes.

Smart ovens market insights show that the market in the Middle East region is in its nascent stage. Cultural richness, economic expansion, hospitality industry demands, and the rise of smart homes all influence the Middle East and Africa smart ovens market. Manufacturers can customize smart ovens to match local demands and preferences, contributing to the region's changing culinary and technology ecosystem.

Segmental Analysis

The global smart ovens market is segmented based on product type, function, capacity, end-user, and region.

The product type is further segmented into single and multiple functions.

Multiple functions led the market. Smart ovens with multiple functions, called multi-cookers or combination ovens, provide a wider range of cooking methods and techniques. These ovens frequently contain baking, roasting, broiling, steaming, and other functions all in one appliance. They are versatile and eliminate the need for many separate cooking units. Single-function smart ovens are designed to excel at a certain culinary activity. These ovens frequently excel at a single cooking style, such as baking, roasting, or broiling. They are outfitted with intelligent features that improve the chosen cooking method, giving precision and convenience.

Based on connectivity, the market is fragmented into Bluetooth, Wi-Fi, NFC, and others.

Bluetooth holds the major market share. Bluetooth-enabled smart ovens allow customers to connect their cell phones or other devices straight to the oven. This allows for smooth connectivity for remote control, monitoring, and the transmission of cooking instructions. Wi-Fi-enabled smart ovens offer more connectivity by allowing customers to control and monitor the oven remotely via the Internet. Users can interact with the oven from any location with a stable internet connection, increasing flexibility and convenience.

Based on capacity, the market is divided into 20-25 liters, 26-30 liters, and above 30 liters.

Above 30 liters are commonly used capacity ovens in the market. Smart ovens with capacities greater than 30 liters give adequate area for more extensive cooking requirements. They are appropriate for larger families, larger households, or individuals who frequently cook for gatherings or host dinner parties. Smart ovens ranging from 26 to 30 liters provide bigger cooking space. They are appropriate for individuals or small families who need to make larger dishes or numerous servings occasionally.

By end-user, the segment can be further bifurcated into residential and commercial.

Residential influenced the smart ovens market growth. Individual customers, families, and households who acquire smart ovens for personal usage in their homes are referred to as residential users. Residential smart ovens address everyday cooking demands, convenience, and the enhancement of the cooking experience in the home. Commercial customers include companies and establishments that use smart ovens in professional kitchens for larger-scale cooking. Restaurants, cafes, bakeries, and catering businesses that rely on smart ovens to meet their high-volume cooking needs fall into this group.

Based on the distribution channel, the market is sub-segmented into store-based and non-store-based.

Store-based is the major distribution channel. Store-based distribution channels include physical retail places where customers can engage with products before purchasing them. This comprises a variety of physical outlets such as electronics stores, appliance stores, department stores, and kitchen specialist shops. Online platforms and e-commerce websites, where people can explore and purchase smart ovens from the comfort of their own homes, are examples of non-store-based distribution channels. Online retailers, brand websites, and e-commerce platforms are examples of this.

Recent Developments

• 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.