Wilmington, Delaware, United States, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of the global smart oven market was worth US$ 160.0 Mn. The global market is expected to rise at a CAGR of 15.7% during the forecast period, from 2022 to 2031. The global smart oven market is anticipated to touch value of US$ 666.8 Mn by 2031. The use of smart ovens makes cooking easier and saves on the cost of purchasing various cooking gadgets. Therefore, it is projected that the scope for smart oven will grow in the near future as production of these appliances increases.
The development of various products with diverse functions, such as those for slow cooking, baking, broiling, toasting, making pizza, and roasting, is a growing area of attention for market players. For market participants in the smart oven space, notably after COVID-19 pandemic outbreak, the rapid rise of online shopping and e-commerce applications is translating into significant revenue opportunities.
Due to the surge in the number of individuals who like to eat out, food outlet businesses are expanding rapidly. This has a direct effect on the costs associated with kitchen appliances, especially smart high-speed ovens. The need for smart commercial ovens, such as conveyor ovens, is thus expected to increase as a result and offer immense growth prospects to the stakeholders operating in the smart oven. Smart commercial ovens are considered the best smart kitchen appliances, especially by the millennials.
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Key Findings of Market Report
- The market for smart ovens is beginning to see a rise in the manufacturing of artificial intelligence-powered models, which are considered one of the key emerging trends of the smart oven. This is also expected to increase demand for these ovens in the forthcoming years.
- The millennial generation is taking over the workforce on a global scale. Millennials make up a sizable portion of the population and have strong purchasing power. They also favour products with a high technological element. Many millennials think that smart ovens are amongst the best smart kitchen products.
- Based on type, the multiple function ovens category maintained a significant proportion of almost 70% of the overall market in 2021. More people are choosing to acquire a single smart oven for numerous cooking tasks including defrosting, roasting, baking, and grilling, which is likely to drive demand for multi-function ovens.
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Global Smart Oven Market: Growth Drivers
- Based on structure type, in 2021, the built-in category controlled about 54% of the global smart oven market. The category is estimated to be the fastest growing market for smart oven. The smooth, svelte, and futuristic design of the device is chiefly responsible for its hegemony in the built-in category. The demand for built-in ovens is projected to increase since they have more cooking capabilities than the most of the countertops available in the market.
- In 2021, North America commanded the highest market share for smart oven, accounting for almost 35% of the overall market. Smart appliances including ovens and cookers are becoming more popular as the number of smart homes increases. The regional market is anticipated to benefit from this factor.
Global Smart Oven Market: Key Players
Some of the key market players are
- Candy Hoover Group S.R.L.
- BSH Home Appliances Corporation
- Breville Group Limited
- Sub-Zero Group, Inc.
- The Samsung Group
- LG Corporation
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Global Smart Oven Market: Segmentation
Type
- Single Function
- Multiple Function
Structure Type
- Built-in
- Counter Top
Connectivity
- Bluetooth
- Wi-Fi
- NFC
- Others
Capacity
- Below 20
- 20-25
- 26-30
- Above 30
Application
- Residential
- Commercial
Distribution Channel
- Online
- Offline
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