NEW YORK, July 26, 2024 /PRNewswire/ -- The
global smart ovens market size is estimated to grow by
USD 519.8 million from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 20.65% during the forecast period. Changing lifestyles in
developed and developing economies is driving market growth, with a
trend towards high demand for energy-efficient microwave ovens.
However, safety issues in mobile applications poses a challenge.
Key market players include Alto Shaam Inc., Brandt Group,
Breville Group Ltd., Electrolux group, General Electric Co., GoWISE
USA, Haier Smart Home Co. Ltd.,
Hitachi Ltd., JS Global Lifestyle Co. Ltd., LG Electronics Inc.,
Maestro Food Co., MIDEA Group Co. Ltd., Miele and Cie. KG,
Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics
Co. Ltd., Sharp Corp., Smeg S.p.a., Weber Stephen Products HK Ltd.,
and Whirlpool Corp..
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Smart Ovens Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
20.65%
|
Market growth
2024-2028
|
USD 519.8
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
15.57
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
40%
|
Key
countries
|
US, China, Japan,
Germany, and UK
|
Key companies
profiled
|
Alto Shaam Inc., Brandt
Group, Breville Group Ltd., Electrolux group, General Electric Co.,
GoWISE USA, Haier Smart Home Co. Ltd., Hitachi Ltd., JS Global
Lifestyle Co. Ltd., LG Electronics Inc., Maestro Food Co., MIDEA
Group Co. Ltd., Miele and Cie. KG, Panasonic Holdings Corp., Robert
Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smeg S.p.a.,
Weber Stephen Products HK Ltd., and Whirlpool Corp.
|
Market Driver
The kitchen and home appliances sector accounts for one-quarter
of a family's energy consumption. Microwave ovens, as
energy-efficient kitchen devices, have gained popularity due to
their ability to cook food using less energy compared to
traditional gas stoves or ovens. Vendors, such as LG Electronics
Inc. And Samsung Electronics Co. Ltd., manufacture energy-efficient
models like the NeoChef smart inverter microwave oven and the
NV7B50TAK Series 5 Smart Oven with Cook Flex and Air Fry, which
offer energy savings of up to 25%. With the increasing adoption of
smart home systems, the demand for energy-efficient smart ovens is
expected to rise, leading to market growth during the forecast
period.
Smart ovens are the latest trend in small kitchen appliances,
offering convenience for busy lifestyles with advanced cooking
processes. These ovens feature device connectivity, allowing
hand-free control and distant cooking options. Their visually
appealing designs make them a great addition to functional kitchen
spaces. Other popular small appliances include juicers, coffee
maker machines, electric kettles, microwaves, and more. Smart
technology, such as Wi-Fi connectivity and smartphone apps,
transforms these appliances into connected home devices. However,
security concerns, data privacy, and hacking are important
considerations. Manufacturers offer multiple function settings,
temperature control, and additional cooking capabilities, ensuring
energy efficiency and convenience. Tech-savvy consumers seek smart
home devices that cater to health and wellness, including air
fryers, blenders, and multi-function appliances. Online shopping,
physical stores, and delivery options provide easy access to these
smart appliances. Algorithms and personalized product
recommendations offer nutritional information, calorie tracking,
and recipes, enhancing the user experience. Innovations in single
function and household/commercial manufacturing hubs continue to
shape the smart oven market. Stay tuned for more updates on this
exciting trend.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
Market Challenges
- Smart ovens, connected through mobile applications, offer
convenience and flexibility for consumers. The use of SIM cards
enables remote control, but network and battery issues on
smartphones can disrupt communication, leading to suboptimal oven
performance. Vendors must prioritize research and development to
ensure the reliability and security of these applications. Mobile
application failures pose a significant challenge to the global
smart oven market, potentially hindering growth during the forecast
period. Consumers require smartphones with robust battery life,
high-speed processors, and reliable internet connectivity to
effectively manage their smart ovens.
- The Smart Ovens market is experiencing significant growth due
to the increasing demand for convenient and healthy cooking
solutions. However, businesses face challenges in this sector.
Online sales present opportunities but also require managing store
hours and ensuring timely delivery. Product reviews and ratings are
crucial for consumer trust, but manual supervision and safety
features are essential for kitchen fires. Residential consumers
seek energy-efficient, healthy cooking functions, and diet-specific
options. Pre-programmed cooking modes and recipe libraries are key
selling points, but remote monitoring and voice controls add value.
Connected home appliances and digital platforms are the future, but
offline channels and consumer electronics moguls remain important
players. Counter top segment growth depends on Bluetooth, Wi-Fi,
and companion apps. Safety features, nutrition, and energy
efficiency are top priorities, with healthy cooking functions
gaining popularity.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This smart ovens market report extensively covers market
segmentation by
- Distribution Channel
- Product
- 2.1 Smart microwave oven
- 2.2 Small wall oven
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Offline- The offline distribution channel for
smart ovens includes hypermarkets, convenience stores, clubhouse
stores, specialty stores, and department stores. However, sales
through these channels have decreased due to consumers' shifting
preference towards online shopping. To boost offline sales, vendors
are partnering with local retailers and household appliance retail
chains, such as Haier Group's collaboration with GOME Retail and
Suning in China. Vendors also
establish clubs, like Haier Smart Home Co. Ltd.'s V58 and V140
clubs, to maintain relationships with regional distributors.
Offline stores offer advantages, such as in-person technology
demonstrations, which reduce confusion for customers. Elderly
consumers, who value safety measures, also prefer purchasing from
physical stores. Despite the decline in offline sales, extensive
marketing efforts will sustain sales and contribute to the smart
oven market's growth during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global smart home appliances market is experiencing robust
growth, driven by advancements in IoT technology and increasing
consumer demand for convenience and energy efficiency.
Concurrently, the global commercial combi ovens market is expanding
as businesses seek versatile cooking solutions that offer
efficiency and precision. In the residential sector, the microwave
oven market is also on the rise, with innovations enhancing
functionality and design. Together, these markets reflect a trend
toward smart, efficient, and multifunctional kitchen appliances
across both commercial and residential spaces.
Research Analysis
The Smart Ovens market is experiencing significant growth due to
the increasing popularity of small kitchen appliances that offer
convenience for busy lifestyles. These ovens incorporate advanced
technologies such as device connectivity, hand-free control, and
distant cooking options, making them a must-have for visually
appealing and functional kitchen spaces. Smart Ovens are not just
limited to cooking processes but also include juicers and other
small appliances. Online shopping platforms and physical stores
offer various options for purchasing these devices, with delivery
being a convenient choice for customers. Digital platforms provide
algorithms for personalized product recommendations, nutritional
information, and calorie tracking, enhancing the user experience.
Countertop segment smart ovens are equipped with Bluetooth, Wi-Fi,
and companion apps for voice controls, cooking temperature
settings, preheat functions, and safety features. These features
make Smart Ovens an essential addition to modern kitchens, catering
to the demands of tech-savvy consumers.
Market Research Overview
The Smart Ovens market is witnessing significant growth due to
the increasing popularity of small kitchen appliances that cater to
busy lifestyles. These ovens offer convenience through cooking
processes made easier with smart technology, device connectivity,
and hand-free control. With distant cooking options, users can
monitor and adjust temperature settings from anywhere, making it a
visually appealing and functional addition to modern kitchen
spaces. Juicers, coffee maker machines, electric kettles,
microwaves, and various other appliances are now being integrated
with smart technology, allowing for Wi-Fi connectivity, smartphone
apps, and connected homes. However, concerns regarding security,
data privacy, and hacking continue to surface as more appliances
become part of the smart home ecosystem. Tech-savvy consumers are
drawn to the multiple function settings, energy efficiency, and
sensor technology of these smart appliances, which also cater to
health and wellness trends with air fryers, blenders, and other
multi-function devices. Affordability, traditional ovens, and
counter-top vs built-in options continue to be key considerations
for both residential and commercial markets. Online shopping,
physical stores, and delivery options offer flexibility for
consumers, while algorithms, personalized product recommendations,
nutritional information, calorie tracking, and recipes help make
meal decisions based on dietary preferences and restrictions. Smart
home technology integration and kitchen design trends further
enhance the appeal of these high-quality, premium home
appliances.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Product
-
- Smart Microwave Oven
- Small Wall Oven
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/smart-ovens-market-size-is-set-to-grow-by-usd-519-8-million-from-2024-2028--changing-lifestyles-in-developed-and-developing-economies-boost-the-market-technavio-302206572.html
SOURCE Technavio