Global Smart Oven Market – An Overview

Smart ovens are which are technologically advanced electric appliances and support Bluetooth as well as Wi-Fi connectivity. Smart ovens are gaining popularity due to flexibility in configurations with induction burners and cooktops and user–friendly features The rising urbanization and the emergence of an hectic lifestyle have led to tremendous demand for smart ovens. Furthermore, the working population is less inclined to cook using the time-consuming conventional methods. This factor has inclined the urban populace toward smart cooking appliances such as smart oven Functions such as voice commands have simplified the cooking procedures and added to the convenience quotient. These aspects are projected to bolster the growth of smart oven market during the forecast period of 2018-2026.

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Innovative Homes with Advanced Cooking Systems to Increase Global Demand for Smart Ovens

The rising disposable income has increased the standard of living in economies around the globe. This aspect has led to many individuals opting for smart and trendy kitchens. A growing number of homes in urban areas are well-equipped with smart gadgets which are convenient and easy to use. Smart ovens are multifunctional. In addition, they are characterized by better safety, convenience, and reduction in wastage. All these factors have propelled the growth of smart oven market.

The demand for multiple function features such as convection and grilling has been a major driver of the smart oven market. The estimated market revenue is approximately US$403.1Mn by the end of 2026.The wide range of features and connectivity options provided by smart ovens enabled them to account for 68.4% share in 2017.

The urban crowd is inclined towards trendy kitchens with in-built kitchen appliances, such as smart ovens in residential and commercial applications. This aspect has augmented the prospects of smart oven market across the globe. The growing demand for large capacity ovens of 20-25 liters by end users has accelerated the growth of smart oven market.

The other factors that are projected to contribute toward the growth of smart oven market are increase in demand for connected home appliances through internet and Wi-Fi/Bluetooth connectivity and preference for large capacity ovens. Additionally, growing construction of smart homes is catalyzing the market prospect for smart ovens.

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Online Sales to Gain Traction Due to COVID-19 Pandemic

The distribution channel segment is further segmented into online and offline segment. The offline distribution channel was holding a major market share as the end users preferred buying kitchen appliances offline. However, due to the outbreak of COVID-19 pandemic, the online distribution channel has been garnering considerable demand in recent months. The online channel is gaining traction due to the restrictions imposed during lockdown. Thus, in the current scenario, online sales have boosted the growth of smart oven market. The emergence of omni-channel strategy is projected to have a positive impact on the growth of wholesale market. This channel promotes the thought of one brand experience under one channel. These factors are conducive for the growth of smart oven market.

Smart oven segment is anticipated to expand at highest CAGR in terms of revenue by Wi-Fi connectivity segment due to customer preference for user-friendly technologies. Wi-Fi is used widely due to its easy connectivity and the wide range of communication. All these factors have influenced the growth of smart oven market.

On basis of application, the residential segment has massive revenue potential as urbanization has spurred the demand for residential projects and has provided large impetus to the use of inbuilt appliances in modern kitchens. By structure, built-in smart oven presently holds a dominant position. On basis of capacity, the smart ovens with a capacity of 20-25 liters has shown highest market share in 2017 due to high demand by end-users for large capacity ovens.

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Key Players Focus on Novel Strategies to Maintain their Market Position

Players in the smart oven market are focusing on investments in new technologies to capture revenues from new customer propositions. Research and development activities are on a rise to improvise the product range..

Some of the major market players are Breville Group Limited, GE Appliances, Electrolux, Samsung, BSH Home Appliances Corporation, LG Electronics, Tovala, and Candy Hoover Group S.r.l.

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