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 companies.
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.
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