The global smart oven market size reached USD 135.6 Million in 2021 and is expected to register a revenue CAGR of 18.1% during the forecast period, according to latest analysis by Emergen Research. Increasing consumption of ready-to-eat and frozen food and rapid urbanization are key factors driving market revenue growth. A number of working individuals relocating for work or study purposes is resulting in increasing demand for smart appliances. Younger individuals are adopting a fast-paced and hectic lifestyle and are investing in smart ovens and other smart kitchen appliances. However, adoption of such devices is not limited to the younger generation.
Deployment of the Internet of Things (IoT) and automation and smart kitchen appliances are also contributing to high demand for smart ovens. However, interoperability of smart devices lead to vulnerabilities, and smart devices have access to information such as Wi-Fi passwords, residential addresses, and how to lock and unlock doors, among others, and devices are connected over a network of the user, which is a high level of security risk.
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Some Key Highlights From the Report
Countertop segment accounted for a relatively large revenue share in 2021. Availability of various options in size for space-saving and comparatively more cost-effective than built-in ovens are major factors expected to drive growth of the segment during the forecast period.
Offline segment revenue is expected to increase at a steady rate over the forecast period. Majority of consumers prefer to inspect kitchen appliances and supported utilities before making a purchase decision. Availability of various options and being able to compare in offline stores is increasing demand and sales of smart ovens through offline channels among consumers.
Residential segment accounted for a comparatively larger revenue share in 2021. Rapid modernization and hectic work schedule and lifestyle of consumers is leading to a rapid shift towards adoption of smart ovens.
The complete regional analysis covers:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The latest report encases an in-depth summary of the intensely competitive landscape of the global Smart Oven Systems market, with systematic profiling of the companies operating across this industry. In this section of the report, experts have listed down the strategic initiatives undertaken by these market rivals for proposed business expansion. Additionally, it highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of the established and new players have also been assessed in the report through effective analytical tools like SWOT analysis.
Key Companies in the global market report include BSH Hausgeräte GmbH, Breville Pty Ltd., Haier Group, AB Electrolux, Panasonic Holdings Corporation, LG Electronics, Sharp Corporation, Samsung, Whirlpool Corporation, and Sub-Zero Group, Inc.
Emergen Research has segmented the global remote access solutions market on the basis of structure, distribution channel, application, connectivity, and region:
· Structure Outlook (Revenue, USD Million; 2019-2030)
· Distribution Channel Outlook (Revenue, USD Million; 2019-2030)
· Application Outlook (Revenue, USD Million; 2019-2030)
· Connectivity Outlook (Revenue, USD Million; 2019-2030)
Near-Field Communication (NFC)
Key point summary of the report:
The report offers a comprehensive overview of the Smart Oven market size, share, and growth rate in the forecast duration.
It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.
The study categorizes the Smart Oven market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.
It also offers regional analysis of Smart Oven market and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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