Global Smart Oven Market Insights Forecasts to 2032
- The Global Smart Oven Market Size was valued at USD 302.45 Million in 2022.
- The Market Size is Growing at a CAGR of 17.3% from 2022 to 2032
- The Worldwide Global Smart Oven Market Size is expected to reach USD 471.04 Million by 2032
- Europe is expected To Grow the fastest during the forecast period
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The Global Smart Oven Market Size is expected to reach USD 1496.19 Million by 2032, at a CAGR of 17.3% during the forecast period 2022 to 2032.
Smart ovens assist in reducing typical processes to get dinner on the table quickly. Smart Oven can be monitored and controlled using a smartphone or even voice. Smart ovens utilize an internet connection to allow users to complete multiple tasks at once. Typically, consumers can operate the oven using an app on any smartphone. Besides remote management and monitoring, the app usually includes instructions on how to cook and maintain your oven. Any smart oven allows you to regulate the oven temperature, select settings, and monitor the cooking process remotely. Consumer may also receive notifications when a meal is finished or when oven requires maintenance. Some smart ovens can also learn how cook the food and provide rapid access to the settings use the most. Customers have responded favourably to the smart oven, owing to its high-level connectivity and technological capabilities. A smart oven can be linked to other kitchen devices as well as devices in other rooms, such as media players, room lights, sensors, and so on. Furthermore, smart ovens assist users in improving their cooking skills through a variety of built-in tutorials for popular recipes and cooking guidelines. Furthermore, smart oven manufacturers have introduced ovens with probes for temperature that can turn off the oven if the food reaches the proper temperature.
Global Smart Oven Market Report Coverage
|Market Size in 2022 :||USD 302.45 Million|
|Forecast Period 2022-2032 CAGR:||17.3%|
|2032 Value Projection:||USD 1496.19 Million|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Type, By Connectivity, By Application, By Region and COVID-19 Impact Analysis.|
|Companies Covered:||Electrolux, Bosch, Whirlpool, Samsung, Sub-Zero, Panasonic, Breville, Sharp, Haier, LG, and Other key vendors.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Increased demand for ready-to-cook and frozen foods has boosted global demand for smart ovens. In addition, one of the primary reasons impeding worldwide market growth is market control of conventional cooking equipment. Also, the price of smart ovens limits its adoption in cost-sensitive countries such as Indonesia, GCC countries, India, and African countries. As a result, the developed countries are expected to have rapid growth in the global market in the near future. Furthermore, smart homes utilize Internet of Things (IoT) technologies, sensors and services that are connected through a communication network. These interconnected systems and appliances can be accessed, monitored and controlled remotely. By using a smartphone or portable device users can manage home equipment, like smart ovens, lights, locks, TVs, security cameras, audio speakers and kitchen appliances. A common request from home users is to reduce electricity bills during times of rising energy prices. Remote operated appliances can help regulate heating and ventilation systems as other home devices resulting in savings of time energy consumption and manual labor, for the users. Popular Ethernet protocols used in these devices include BACnet, Z Wave ZigBee Bluetooth Wi Fi. The use of energy harvesting technology further enhances home automation. Promotes energy efficiency in wireless switches and sensors.
Although smart ovens offer convenience and advanced technology, their adoption is expected to be hampered by price, especially if consumers prioritise affordability over extra features. Manufacturers in the smart ovens industry must carefully combine innovation with pricing tactics to make these appliances more accessible to a wider range of consumers. As the market evolves and technology matures, smart oven prices may fall, encouraging greater adoption among consumers with varying budgets.
By Type Insights
The multiple function segment dominates the market with the largest revenue share over the forecast period.
On the basis of type, the global smart oven market is segmented into single function, multiple functions. Among these, the multiple function segment is dominating the market with the largest revenue share over the forecast period. They're adaptable and eliminate the need for multiple cooking units. The multiple function ovens typically excel at a single cooking technique, such as baking, roasting, or broiling. They have intelligent features that enhance the chosen cooking method, providing precision and convenience.
By Connectivity Insights
The WI-FI segment is witnessing significant CAGR growth over the forecast period.
On the basis of connectivity, the global smart oven market is segmented into Wi-Fi, NFC (near field communication), bluetooth, IOT. Among these, the Wi- Fi segment is witnessing significant growth over the forecast period. Customers can connect their cell phones or other devices directly to Bluetooth-enabled smart ovens. This enables seamless connectivity for remote control, monitoring, and transmission of cooking instructions. Users can interact with the oven from anywhere with an internet connection, increasing flexibility and convenience.
By Capacity Insights
The Above 30 litres segment is expected to hold the largest share of the global smart oven market during the forecast period.
Based on the application, the global smart oven market is classified into 20-25 litres, 26-30 litres, Above 30 litres. Among these, the Above 30 litres segment is expected to hold the largest share of the global smart oven market during the forecast period. Smart ovens with capacities greater than 30 liters give sufficient area for more extensive cooking requirements. Above 30 litres are appropriate for larger families, larger households, or individuals who frequently cook for gatherings or host dinner parties.
By Application Insights
The household segment accounted for the largest revenue share over the forecast period.
On the basis of end-uses, the global smart oven market is segmented into household and commercial Service Industries. Among these, the household segment dominates the market with the largest revenue share over the forecast period. The use of smart ovens and kitchen appliances is steadily increasing in household since the individuals are busy schedules and rapid urbanization. Another element fueling this segment's sales growth, particularly in light of the pandemic, is the growing awareness of healthy eating and nutrition. The usage of smart ovens, which cook food at present temperatures, is made possible by technological improvements. One of the main elements boosting the demand in household is for smart ovens and supporting the segment’s growth is the multitasking ability with the auto-shutdown function.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with the largest market share over the forecast period. North America is a centre for technology and innovation. Smart ovens are becoming more popular as consumers become more aware of their benefits and capabilities. The region's smart energy companies are constantly investing in R&D to introduce new features, improve performance, and improve user experience. This trend of innovation has fuelled market growth in North America. Smart ovens are becoming more popular as consumers become more aware of their benefits and capabilities. Consumers are educated about smart ovens through online reviews and promotions, which encourages them to embrace their benefits. These appliances have a variety of features that cater to the needs and preferences of North American users, such as pre-programmed cooking programmes, recipe suggestions, and nutritional information.
Europe is expected to grow the fastest during the forecast period. The European market study includes Germany, the United Kingdom, France, Italy, Spain, Russia, and the rest of Europe. In these countries, the smart house concept is also gaining traction. As a result of increased income levels and disposable cash, a successful market for smart ovens has emerged in the area. Germany will overtake Russia as the EU's second most populous country by 2021. Furthermore, due to its highly educated and talented workforce, Germany is a critical global economy. The country's expanding manufacturing industry, as well as an increase in the upper-middle-class population, have increased demand for smart home equipment over time.
List of Key Market Players
Key Market Developments
- On February 2023, Tovala announced the first-ever tovala smart oven air fryer, expanding its range of cloud-connected and versatile smart ovens.
- On May 2023, the new AI power oven from Haier was unveiled. The oven has an automatic start-up sensor as well as PreciTaste technology. The product's introduction is expected to boost its market presence.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global smart oven market based on the below-mentioned segments:
Global Smart Oven Market, Type Analysis
- Single Function
- Multiple Functions
Global Smart Oven Market, Connectivity Analysis
- NFC (Near Field Communication)
Global Smart Oven Market, Capacity Analysis
- 20-25 Litres
- 26-30 Litres
- Above 30 Litres
Global Smart Oven Market, Application Analysis
- Commercial Service Industries
Global Smart Oven Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of the global Smart Oven Market?The global smart oven market is expected to grow from USD 302.45 million in 2022 to USD 1496.19 million by 2032, at a CAGR of 17.3% during the forecast period 2022-2032.
2. What are the elements driving the growth of the global Smart Oven Market?Increasing deployment of IOT in kitchen appliances, growing adoption of energy-saving products in smart homes are key elements driving the global smart oven market expansion.
3. Which region is dominating the global Smart Oven Market?North America is dominating the global Smart Oven Market.
4. Which are the key companies in the market?Electrolux, Bosch, Whirlpool, Samsung, Sub-Zero, Panasonic, Beeville, Sharp, Haier, LG.
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