USD 200 million
Smart Ovens Market Size, Share, Growth Analysis, By Application(Residential and commercial sectors), By Technology(Convection, microwave, and combination ovens), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25H2033 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
61
|Figures:
65
Smart Ovens Market Insights
Global Smart Ovens Market size was valued at USD 200 million in 2022 and is poised to grow from USD 230 million in 2023 to USD 703.58 million by 2031, growing at a CAGR of 15.00% during the forecast period (2024-2031).
The global smart ovens market has witnessed significant growth due to increasing smart home adoption.
These ovens integrate IoT technology, offering remote control, automated cooking, and enhanced user experience through smartphone apps.
Energy efficiency, convenience, and cooking precision are driving consumer demand.
The market is characterized by intense competition among key players striving to innovate features like voice control, recipe suggestions, and compatibility with virtual assistants.
North America and Europe lead in market share, while Asia-Pacific shows promising growth.
As the trend towards connected kitchens continues, the smart ovens market is poised for continued expansion.
US Smart Ovens Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
15.00% CAGR
Global Smart ovens market by region
Country Share for North America (%)
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Smart Ovens Market Segmental Analysis
The global smart ovens market can be segmented based on technology, application, and region. In terms of technology, it includes convection, microwave, and combination ovens with intelligent features like touchscreens, voice control, and app integration. Applications encompass residential and commercial sectors, catering to consumers and businesses. Geographically, the market spans regions such as North America, Europe, Asia-Pacific, and more.
Smart Ovens Market Analysis By Application
The residential segment has traditionally been the largest consumer of smart ovens due to the growing trend of smart homes and consumer interest in connected appliances. Residential users value the convenience and control offered by these ovens, including the ability to preheat the oven remotely, adjust cooking settings via a smartphone app, and receive notifications when the cooking process is complete.
The fastest-growing segment is likely to be the commercial segment. As the restaurant and foodservice industry continues to modernize, there is a growing demand for efficient and precise cooking equipment. Smart ovens that can streamline cooking processes, ensure consistent results, and integrate with kitchen management systems are likely to gain traction.
Smart Ovens Market Analysis By Technology
The largest and fastest-growing segments in the smart ovens market are likely related to Wi-Fi and app connectivity, as well as advanced sensors and automation. Wi-Fi-enabled ovens with app control were popular due to the convenience they offered in terms of remote monitoring and control. Users could start preheating the oven or adjust cooking settings even when they were not physically present in the kitchen.
Additionally, ovens with advanced sensors and automation capabilities were gaining traction. These ovens appealed to consumers looking for precise and consistent cooking results without needing to manually adjust settings. The integration of technologies like visual recognition and recipe suggestions also contributed to the growth of this segment.
Global Smart ovens market by application
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Smart Ovens Market Regional Insights
North America and Europe were considered the largest markets for smart ovens due to the higher disposable income, technological awareness, and adoption of smart home systems in these regions.
The fastest-growing market at that time was the Asia-Pacific region. The increasing middle-class population, urbanization, and changing consumer preferences were driving the adoption of smart appliances, including smart ovens, in countries like China and India.
Global Smart ovens market by geography
- Largest
- Fastest
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Smart Ovens Market Dynamics
Smart Ovens Market Drivers
Rise in Smart Home Adoption
- The increasing trend of smart home adoption is driving the demand for smart appliances, including smart ovens. Consumers are looking for convenient and connected appliances that can be controlled remotely, integrated with voice assistants, and provide real-time updates on cooking progress.
Technological Advancements
- Advances in technology have led to the development of smart ovens with features like Wi-Fi connectivity, mobile apps, touchscreens, and built-in cameras. These innovations enhance user experience, enable precise cooking control, and provide new cooking techniques, attracting tech-savvy consumers.
Smart Ovens Market Restraints
High Cost
- Smart ovens tend to be more expensive than traditional ovens due to the additional technology and features they incorporate. The premium pricing can be a barrier for price-sensitive consumers, limiting the broader adoption of these appliances.
Complexity and Learning Curve
- Smart ovens often come with a learning curve for users who are not familiar with their advanced features and digital interfaces. The complexity of setting up and using these appliances can be a restraint for some consumers, especially those who prefer more straightforward cooking appliances.
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Smart Ovens Market Competitive Landscape
The global smart oven market's competitive landscape is characterized by intense rivalry among key players striving for innovation and market share. Companies like Whirlpool, Samsung, Breville, and LG Electronics are prominent, focusing on features like IoT connectivity, voice control, and advanced cooking algorithms. New entrants, including startups specializing in kitchen technology, also vie for space. Product differentiation, pricing strategies, and user-friendly interfaces are critical focal points for gaining competitive edge. As the market evolves, partnerships with tech companies and emphasis on energy efficiency and convenience will likely shape the competition in the dynamic smart oven sector.
Smart Ovens Market Top Player’s Company Profiles
- June (USA)
- Tovala (USA)
- Brava Home (USA)
- Anova Culinary (USA)
- Breville Group (Australia)
- Whirlpool Corporation (USA)
- Panasonic Corporation (Japan)
- Samsung Electronics (South Korea)
- LG Electronics (South Korea)
- Miele (Germany)
Smart Ovens Market Recent Developments
- In January 2023, Whirlpool Corporation acquired Insignia Products. Insignia is a leading brand of smart home appliances, including ovens.
- In February 2023, Samsung Electronics acquired ChefSteps. ChefSteps is a leading provider of online cooking courses and recipes.
- In March 2023, Haier Group acquired Mealthy. Mealthy is a leading brand of connected kitchen appliances, including ovens.
Smart Ovens Key Market Trends
- Integration of IoT and Connectivity: Smart ovens were increasingly becoming a part of the Internet of Things (IoT) ecosystem. They were designed to connect to home networks, allowing users to control and monitor their ovens remotely through smartphone apps or voice assistants like Amazon Alexa or Google Assistant. This connectivity offered features such as remote temperature adjustment, recipe sharing, and real-time alerts, enhancing convenience and control for users.
- Advanced Cooking Technologies: Smart ovens were incorporating advanced cooking technologies to improve cooking results and simplify the cooking process. Features like precision temperature control, multi-stage cooking programs, and even built-in cameras for visual monitoring allowed users to achieve more accurate and consistent cooking outcomes. These technologies were often coupled with machine learning algorithms that learned from user preferences and adjusted cooking settings accordingly.
- Integration of Cooking Apps and Guided Cooking: Many smart ovens came with integrated cooking apps or partnered with existing recipe platforms. These apps offered guided cooking experiences, where users could select recipes from a library, and the oven would automatically set the appropriate temperature and cooking time. Some ovens even featured step-by-step video instructions displayed on their control panels or connected displays. This trend aimed to simplify cooking for both novice and experienced chefs.
Smart Ovens Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global smart ovens market is poised for significant growth in the coming years. As consumer lifestyles embrace convenience and connectivity, smart ovens offer remote control, pre-set cooking options, and integration with smart home systems. This trend is reinforced by the expanding Internet of Things (IoT) ecosystem. Enhanced cooking precision, time efficiency, and energy savings are driving adoption. Moreover, advancements in AI and machine learning are expected to refine cooking processes. However, challenges such as cost and data security must be addressed. With increasing consumer demand for tech-enhanced culinary experiences, the smart ovens market holds promising prospects for innovation and expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 200 million |
| Market size value in 2031 | USD 703.58 million |
| Growth Rate | 15.00% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Ovens Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Ovens Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Ovens Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Ovens Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Ovens Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Ovens Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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