NEWARK, Del, June 07, 2022 (GLOBE NEWSWIRE) -- As per a recent market analysis by Future Market Insights (FMI), the oven market is poised to reach a valuation of US$ 2,801.4 Mn in 2022. Sales are projected to increase at a 4.9% CAGR, with the market size reaching US$ 4,519.9 Mn by 2032.
Ovens are designed to cook and heat food & baked goods more quickly. Time-restrictions to cook fresh food each time is becoming challenging due to odd working hours and busier schedules, driving the demand in the market.
Further, increased spending on kitchen equipment and adoption of smart kitchen appliances will drive the demand in the market. Furthermore, the growing trend of linking home appliances like ovens to devices will provide opportunities for manufacturers over the forecast period.
Key Takeaways from the Ovens Market Study
- In terms of product type, countertop ovens are expected to dominate the global oven market through 2022 & beyond.
- Based on application, the commercial segment will witness fastest growth during the assessment period (2022-2032)
- Sales of oven via online retailer sales channel are expected to burgeon over the forecast period on the back of growing expansion of e-commerce sector
- India is expected to spearhead the growth in South Asia oven market backed by rising adoption of smart kitchen appliances.
- China is expected to dominate the East Asia market owing to the expansion of manufacturing capacities.
“Kitchen appliance manufacturers are introducing various electronic and technological features in several categories to meet consumer demand for ovens. Development of built-in ovens and modular kitchens is another factor boosting the growth in the global oven market”, says an FMI analyst.
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Who is winning?
Appliances are progressively being integrated into Internet of Things (IoT) platforms by market participants. Apps for mobile and desktop devices allow smart kitchen equipment such as ovens to work remotely and wirelessly, in real-time. Manufacturers of ovens are also working intensively to create ENERGY−STAR qualified models in response to growing consumer interest in energy saving.
Some of the major players present in the ovens market are Hawkins Cookers Limited, Stove Kraft Limited, TTK Prestige Limited, Somany Home Innovation Limited (SHIL), Franke-Faber, CATA Electrodomesticos India, Sunflame Enterprises Private limited, and Whirlpool Limited among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global ovens market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the ovens market based on the product type (countertop and built-in), application {commercial (restaurant, hotels, schools, bakery and others) and residential}, sales channel (wholesalers/distributors, multi-brand stores, specialty stores, hypermarket/supermarkets, online retailers, and other sales channel) across seven major regions.
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Oven Market By Category
By Product Type:
- Countertop
- Built-in
By Application:
- Commercial
- Restaurants
- Hotels
- Schools
- Bakery
- Others
- Residential
By Sales Channel:
- Hypermarkets/Supermarkets
- Wholesaler/Distributer
- Specialty Stores
- Multi-brand store
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. Product Evolution Analysis
1.5. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Winning Themes
3.3. Key Product Development Trends
3.3.1. Product Launches
3.3.2. Acquisition & Mergers
3.3.3. Expansion
4. Key Regulations
4.1. Packaging & Labelling Regulations
4.2. Certifications (Organic)
4.3. Import/Export Regulations
5. Global Oven Market Demand Analysis 2017-2021 and Forecast, 2022-2032
5.1. Historical Market Volume (‘000 Units) Analysis, 2017-2021
5.2. Current and Future Market Volume (‘000 Units) Projections, 2022-2032
5.3. Y-o-Y Growth Trend Analysis
6. Global Oven Market - Pricing Analysis
6.1. Regional Pricing Analysis By Product Type
6.2. Pricing Break-up
6.2.1. Manufacturer Level Pricing
6.2.2. Distributor Level Pricing
6.3. Global Average Pricing Analysis Benchmark
Get detailed TOC @ https://www.futuremarketinsights.com/toc/rep-gb-14889
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Built-In Hobs Market Trends: Global built-in hobs market is estimated to reach a valuation of US$ 3.9 Bn in 2022 and is projected to surpass US$ 8.1 billion by 2032, at a CAGR of 7.6% from 2022 to 2032.
Middle East and Africa Kitchen Storage Market Analysis: The Middle East and Africa kitchen storage market is estimated to reach US$ 1.2 Bn in 2022. As per the report, sales are forecast to increase at a steady 4.5% CAGR, with the market valuation reaching US$ 1.8 Bn by 2032.
Razors and Blades Market Outlook: The global razors and blades market is estimated at US$ 3267.26 million in 2022 and is projected to reach US$ 4372.7 million by 2032, at a CAGR of 3.0% from 2022 to 2032.
Indoor Farming Market Scenario: The global indoor farming market size is likely to be valued at US$ 38.7 Bn in 2022. the overall sales in indoor farming market are projected to increase at a healthy CAGR of 9.6% over the forecast period, totaling around US$ 96.6 Bn by 2032.
Freestanding Large Cooking Appliance Market Sales: The freestanding large cooking appliance market is estimated at US$ 19,494.8 Mn in 2022 and is projected to reach US$ 29,700.4 Mn by 2032, at a CAGR of 4.3% from 2022 to 2032.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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