Smart Ovens Market: Current Analysis and Forecast 2021-2027

Global Smart Ovens Market was valued at US$ 223.7 Million in 2020 and is anticipated to reach US$ 562 Million by 2027 displaying an elevated CAGR of 15.4 over the forecast period (2021-2027).
Smart ovens are the next generation of kitchen appliances with improved functionality for receiving, analyzing, and transmitting data via smartphones. Smart ovens are electric range of microwaves that include Bluetooth or Wi-Fi. Smart ovens are connected to devices or a companion app. The companion app allows consumers to control and regulate smart ovens remotely. It can also be used to set automatic functions. Voice controls and smart home devices connected smart ovens have been introduced in recent years
Furthermore, increasing cases of obesity especially among young children is the major driving factor for increased adoption natural sweeteners as table sugar alternatives. For instance, as per WorldAtlas, in 2019, 38 million children below the age of five were either obese or overweight. Moreover, obesity is responsible for close to 5 million deaths annually, or 8% of the global deaths in 2017, representing a 3.5% increase from 4.5% in 1990. However, the proportion varies across different continents. In 2017, over 15% of the deaths were attributed to obesity across North Africa, Eastern Europe, Latin America, and Central Asia because of its high prevalence. This has led to shift in preference of consumers from conventional cooking towards less time-consuming healthy cooking. This trend has been boosting the demand for smart ovens.

Furthermore, connecting billions of people worldwide, the internet is a core pillar of the modern information society. In 2019, the number of internet users worldwide was 3.97 billion, up from 3.74 billion in the previous year. The global internet penetration rate is 59.5%, with Northern Europe ranking first with a 96% internet penetration rate among the population. The countries with the highest internet penetration rate worldwide are the UAE, Denmark, and Sweden. At the opposite end of the spectrum is North Korea with virtually no online usage penetration among the general population, ranking last worldwide. As of 2020, Asia was the region with the largest number of online users - over 2.5 billion at the latest count. Europe was ranked second with almost 728 million internet users. This trend has eased the connectivity of smart appliances with smartphones and has been boosting the demand for smart ovens.
Electrolux, Whirlpool, GE(Haier), Bosch, Panasonic, SANYO, Siemens, Samsung, Emerson, LG; etc. are some of the prominent players operating in the global Smart ovens market. Several M&A's along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
"Amongst type, countertop segment holds the major share"
Based on type, the global smart ovens market is segmented into built-in and countertop. The countertop segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period owing to increased adoption of smart appliances in household has also been boosting the market for smart ovens. For instance, as per Safe Smart Living in 2021, America has a market volume of around USD 23 billion up 15% from the previous year. China follows closely with a USD 12.9 billion market share. Japan comes in third with a market volume of USD 4.9 billion.
"Amongst connectivity, Wi-Fi is anticipated to grow at the highest CAGR during the analyzed period"
Further based on connectivity, the market is divided into Wi-Fi, NFC (Near Field Communication), Bluetooth, IoT, and others. In 2020, Wi-Fi accounted for a maximum revenue share and is expected to remain dominant during the analyzed period owing to its easy, wireless, and multiple connectivity features.
"Amongst application, Wi-Fi is anticipated to grow at the highest CAGR during the analyzed period"
Further based on application, the market is divided into residential and commercial. In 2020, residential accounted for a maximum market revenue share and is expected to remain dominant during the analyzed period owing to its easy, wireless, and multiple connectivity features. People are looking to eat more healthy and balanced diets, perhaps motivated by the higher risks of complications and fatality posed by COVID-19 to those overweight or obese, as announced by Public Health England. As a result, 37% of people say eating immunity boosting foods has become more of a priority since the start of the lockdown, as per Mintel
"Amongst sales channel, offline segment is anticipated to grow at the highest CAGR during the analyzed period"
Based on sales channel, the market is fragmented into sales channel, the market is fragmented into online and offline. In 2020, offline sales channel segment accounted for a maximum market revenue share and is expected to remain dominant during the analyzed period as through offline sales customers can easily analyze the functionality & features of the product.
"Amongst end-user, Wi-Fi is anticipated to grow at the highest CAGR during the analyzed period"
Further based on end-users, the market is fragmented into restaurants, gourmet cafes, confectionary stores, bakeries, and others. In 2020, restaurants accounted for a maximum market revenue share and is expected to remain dominant during the analyzed period owing to the increase per capita spending of consumers on food has increased the frequency of the consumers for going out and trying different restaurants. For instance, Japan has the highest per capita spending on food that is USD 4417.5 per person followed by followed by Australia, Canada, and France with per person spending of US$ 3,003.6, US$ 2986.9, and US$ 2983.4, respectively.
"North America signifies one of the largest markets of Smart ovens Market"
For a better understanding of the market dynamics of the Smart ovens market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market in 2020 owing to the presence of large number cafes and shops of bakery, confectionery, convenience food, and packaged food products. For instances, the US bakery industry is a huge business, making up 2.1% of the gross domestic product, according to the American Bakers Association.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
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Smart ovens are the next generation of kitchen appliances with improved functionality for receiving, analyzing, and transmitting data via smartphones. Smart ovens are electric range of microwaves that include Bluetooth or Wi-Fi. Smart ovens are connected to devices or a companion app. The companion app allows consumers to control and regulate smart ovens remotely. It can also be used to set automatic functions. Voice controls and smart home devices connected smart ovens have been introduced in recent years.
Furthermore, Increasing cases of obesity especially among young children is the major driving factor for increased adoption natural sweeteners as table sugar alternatives. For instance, as per WorldAtlas, in 2019, 38 million children below the age of five were either obese or overweight. Moreover, obesity is responsible for close to 5 million deaths annually, or 8% of the global deaths in 2017, representing a 3.5% increase from 4.5% in 1990. However, the proportion varies across different continents. In 2017, over 15% of the deaths were attributed to obesity across North Africa, Eastern Europe, Latin America, and Central Asia because of its high prevalence. This has led to shift in preference of consumers from conventional cooking towards less time-consuming healthy cooking. This trend has been boosting the demand for smart ovens.
Based on type, the global Smart Ovens market is segmented into built-in and countertop. Currently, countertop dominated the market and is expected to maintain its dominance during the forecast period owing to its sleek design and easy usability
Based on connectivity, the market is divided into Wi-Fi, NFC (Near Field Communication), Bluetooth, IoT, and others. Wi-Fi dominated the market in 2020 owing to the increasing internet prevalence
Based on application, the market is segmented into residential and commercial. Currently residential segment dominates the market and is expected to maintain its dominance during the analyzed period owing to the growing demand for healthy cooking at home
Based on sales channel, the market is divided into offline channel and online channel. Offline channel dominated the market in 2020 owing to the customers can easily analyze the functionality & features
Based on end-user, the market is divided into restaurants, gourmet cafes, confectionary stores, bakeries, and others. Restaurants dominated the market in 2020 owing to the increased the frequency of the consumers for going out and trying different restaurants
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for Smart Ovens on account of the busy lifestyle of consumers and increasing demand for energy efficient devices
Some of the major players operating in the market includes Electrolux, Whirlpool, GE(Haier), Bosch, Panasonic, SANYO, Siemens, Samsung, Emerson, LG; etc.