The smart ovens market size was valued at $169.8 million in 2018, and is projected to reach $501.4 million by 2026, registering a CAGR of 14.6% from 2019 to 2026. The counter top segment accounted for the highest smart ovens market share in 2018 and is expected to retain its dominance throughout the forecast period.
Smart ovens are next generation kitchen appliances, facilitated with advanced features for receiving, processing, and transmitting information using smartphones. Smart ovens are electric range of microwaves that include Bluetooth or Wi-Fi. Smart ovens are connected to devices or a companion app. The companion app allows consumers to control and regulate smart ovens remotely. It can also be used to set automatic functions. Voice controls and smart home devices connected smart ovens have been introduced in recent years. Amazon Echo or Google Home allows users to voice control connected smart ovens. These ovens have all functions of conventional ovens, along with additional settings and configurations.
Cooking temperature, setting oven to preheat, and even switching off oven can be performed remotely with the help of smartphones. Furthermore, smart ovens can be connected to digital platforms such as Yummly, a food and recipe digital application. Smart ovens can automatically read instructions from such platforms and perform functions such as preheating, cooking food as per the instructed time, and then turn itself off based on instructions. As a result, smart ovens provide great convenience to users and thus, drives its market growth.
The smart ovens market has witnessed upsurge in technological innovations in the last two years. The recent strides are now aiming toward advancements for sensor technology, which would empower adaptable smart systems targeting safety. Smart sensing has enhanced overall safety of smart ovens during cooking. Unmonitored cooking is one of the leading factors responsible for kitchen fires. As a result, advanced sensors are now being developed, which enables contextual data acquisition around oven alarming for fire hazards to users. Such safety features are anticipated to further bolster demand for smart ovens in the estimated forecast.
Demand for faster and healthy food consumption are the major factors driving the demand for ovens, which, in turn, drives the smart ovens market growth. Smart ovens cook food faster and keep nutrients of food intact; thus, providing tasty and healthy food within minutes. Smart ovens are energy efficient and equipped with multiple healthy cooking functions, which caters to the ever-changing demands of customers. Moreover, rise in trend of connected home appliances has provided all new growth avenues and lucrative opportunities for the players operating in the market.
Segment Review
The global smart ovens market is segmented into type, end user, sales channel, and region. By type, it is studied across built-in and counter top. On the basis of end user, it is bifurcated into residential and commercial. On the basis of sales channel, is divided into offline channels and online channels. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the counter top segment led the market, in terms of global smart ovens demand and is poised to grow with the highest CAGR during the forecast period. Countertops are cheaper and compact compared to its counterparts as a result have a very high adoption rate, particularly from the residential segment.
By Type
Counter-Top segment would exhibit the highest CAGR of 15.1% during 2019-2026.
On the basis of end user, the residential segment led the market, in terms of global market demand for the year 2018 and is poised to grow with the highest CAGR during the forecast period. Increasing consumer awareness and improving standard of living have fostered demand for smart ovens from the residential segment.
By End User
Residential segment would exhibit the highest CAGR of 15.0% during 2019-2026.
On the basis of sales channel, the offline channel dominated the global market for the year 2018, however the online channel is anticipated to grow with a robust CAGR during the forecast period.
By Sales Channel
Online Channels segment would exhibit the highest CAGR of 16.8% during 2019-2026.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America led, in terms of market share for the year 2018, however, Asia-Pacific is estimated to grow with the highest CAGR during the forecast period.
By Region
Asia-Pacific would exhibit the highest CAGR of 16.6% during 2019-2026.
The global smart ovens industry has been dominated by consumer electronics moguls with players such as Samsung, LG, Panasonic, and Whirlpool leading as front runners in the market, however, recent years have seen surge in regional players such as Tovala and June Life Inc. coming up with innovative and smart ovens with advanced features.
The report focuses on the growth prospects, restraints, and opportunities of the global smart ovens market. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the smart ovens market.
Some of the key players in the smart ovens market analysis includes June Life Inc., LG Electronics, Panasonic Corporation, Samsung Electronics Co. Ltd., Qingdao Haier Co., Ltd. (Haier), Hitachi, Ltd, Whirlpool Corporation, Sharp Corporation, AB Electrolux, and Tovala.
Key Benefits for Stakeholders:
- The report provides an extensive analysis of the current and emerging trends and opportunities.
- The report provides detailed qualitative and quantitative analysis of the current smart ovens market trends and future estimations that help evaluate the prevailing smart ovens market opportunities.
- The smart ovens market forecast is offered along with information related to key drivers, restraints, and opportunities.
- The market analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.
Smart Ovens Market Report Highlights
| Aspects | Details |
 By Type |
|
 By END USER |
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 By SALES CHANNEL |
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 By Region |
|
 Key Market Players | WHIRLPOOL CORPORATION, AB Electrolux, SHARP CORPORATION, Tovala, Panasonic Corporation, LG Electronics, SAMSUNG ELECTRONICS CO. LTD, QINGDAO HAIER CO., LTD, June Life Inc, HITACHI, LTD |
Analyst Review
This section provides the opinions of top-level CXOs in the smart oven industry. According to them, increasing inclination of consumers toward spending more on kitchen appliances has fueled the growth of smart ovens. Moreover, household consumers demand appliances, which are energy efficient, require minimal space for installation, and are easy to operate. In addition, improvements in living standards has encouraged consumers to buy technology-driven kitchen appliances. As a result, surge in demand for smart ovens have been witnessed in the last three years. As smart ovens have large number of features as compared to its counterparts, they are quite expensive. Removing the existing price difference of these ovens remains a major challenge for engaged stakeholders.
The global market for smart ovens is dominated by giants such as Whirlpool Corporation, LG Electronics, Samsung Electronics Co. Ltd., and AB Electrolux. Global presence and high research & development expenditure of these companies have resulted in diverse range of products and services offered by them across the world. However, big companies are now facing stiff competition from regional players.
The total market valuation of smart ovens market was $169.8 million in the year 2018
The forecast period of the smart ovens market report is from 2019 to 2026
The market value of smart ovens market in 2019 is $193.2 million.
According to key industry leaders, improvements in living standards has encouraged consumers to buy technology-driven kitchen appliances. As a result, surge in demand for smart ovens have been witnessed in the last three years.
Yes, the smart ovens market provides value chain analysis.
Increasing demand for premium and technologically advanced kitchen appliances has been witnessed in recent years. As a result, engaged stakeholders in the industry are now launching voice controlled smart ovens to cater to the growing demand from tech-savvy consumers.
China and India are the emerging markets in the Asia-Pacific region and are poised to grow with CAGR of 16.4% and 18.8% respectively.
The Counter Top holds the maximum market share and will continue to retain its dominance in the forecast period.
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