A recent report published by Infinium Global Research on smart
oven market provides in-depth analysis of segments and sub-segments in the
global as well as regional smart oven market. The study also highlights the
impact of drivers, restraints, and macro indicators on the global and regional
smart oven market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecast and dollar values of global smart
oven market. According to the report, the global smart oven market is projected
to grow at a CAGR of 19.1% over the forecast period of 2019-2025.
Smart ovens are becoming a popular kitchen appliance owing to its
various features. Smart oven manufacturers are focusing on new technological
advancements, mergers, and acquisitions. The major players in the smart oven
market are adopting the technology rapidly to cope up with market competition
and meet the consumer’s demand. For instance, Whirlpool acquired Yummly, in
2017. Yummly offers its users a search for recipes. The acquisition has enabled
Whirlpool to start a new line of smart kitchen appliances that pair with
Yummly, a recipe application.
Growing urban population and increasing disposable income drive
the growth of the smart oven market. The rising demand for trendy kitchen
appliances contributes to the growth of the smart oven market. Smart ovens
offer safety, convenience, time alerts, remote access, and also it reduces
waste which stimulates the demand for the smart oven market. The rising demand
for Wi-Fi connectivity in ovens promotes the growth of the smart oven market.
In addition, rising investments in residential construction stimulate the
growth of the smart oven market. Smart ovens save energy and reduce the energy
bills that drive the growth of the smart oven market. On the other side, smart
ovens have high selling costs and maintenance costs that hamper the growth of
the smart oven market. Moreover, advancements in technology such as built-in
camera, steel probe, and use of carbon fiber heating elements create novel
opportunities for the growth of the smart oven market.
Geographically, the global smart oven market is divided into North
America, Europe, Asia-Pacific, and the Rest of the World. North America is
expected to have a dominant share in the smart oven market. The rising adoption
of technology, growing urbanization and improving infrastructure propel the
growth of the smart oven market in the North America region. Europe is
anticipated to grow in the smart oven market over the forecast period.
Asia-Pacific region is also growing in the smart oven market.
The report on global smart oven market covers segments such as
type, structure, distribution channel, and capacity. On the basis of type, the
sub-markets include single function, and multiple functions. On the basis of
structure, the sub-markets include built-in smart ovens, and counter top. On
the basis of distribution channel, the sub-markets include e-commerce websites,
and electrical appliances stores. On the basis of capacity, the sub-markets
include 20-25 liters, 26-30 liters, and above 30 liters.
The report provides profiles of the companies in the market such
as Breville, LG Electronics Inc., Panasonic Corporation, Sharp Corporation, GE
Appliances, Samsung, Candy Hooper Group Srl, Haier, Inc., Tovala, and Other
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of smart oven
market. Moreover, the study highlights current market trends and provides
forecast from 2019-2025. We also have highlighted future trends in the market
that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.