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
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..
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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.
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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.
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Segment Overview
This smart ovens market report extensively covers market segmentation by
1. Distribution Channel
-- 1.1 Offline
-- 1.2 Online
2. Product
-- 2.1 Smart microwave oven
-- 2.2 Small wall oven
3. 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.
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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
-- Offline
-- Online
-- 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.
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Email: media@technavio.com
Website: www.technavio.com/
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