New York, United States, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Global Smart Oven Market Size is To Grow from USD 302.45 Million in 2022 to USD 1496.19 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 17.3% during the projected period.
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Smart ovens help to speed up the process of getting dinner on the table. Smart oven can monitor and control the system using a smartphone or even their voice. Smart ovens use an internet connection to allow to perform multiple tasks at the same time. Typically, consumer can control oven with a smartphone app. Aside from remote management and monitoring, the app typically includes cooking and maintenance instructions. Any smart oven allows to control the oven temperature, select settings, and remotely monitor the cooking process. Consumer may also be notified when a meal is completed or when consumer oven requires maintenance. Some smart ovens can also learn how cook and provide quick access to the most frequently used settings. The smart oven, owing to its high-level connectivity and technological capabilities Customers have responded favourable. A smart oven can be linked to other kitchen devices as well as devices in other rooms, such as media players, room lights, sensors, and so on. Furthermore, smart ovens assist users in improving their cooking skills through a variety of built-in tutorials for popular recipes and cooking guidelines. Furthermore, smart oven manufacturers have introduced ovens with probes for temperature that can turn off the oven if the food reaches the proper temperature.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Smart Oven Market Size, Share, and COVID-19 Impact Analysis, By Type (Single Function, Multiple Functions), By Connectivity (Wi-Fi, NFC (Near Field Communication), Bluetooth, IOT), Capacity (20-25 Litres, 26-30 Litres, above 30 Litres), By Application (Household and Commercial Service Industries), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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COVID 19 Impact
The COVID-19 pandemic has had a negative impact on the smart oven market and is expected to continue to do so. There are numerous risks associated with the COVID-19 outbreak. The pandemic spread throughout the world in 2021 and continues to have an impact on global economic activity. The COVID-19 pandemic, as well as the resulting economic uncertainty, had a negative impact on the smart oven market in most regions and across a wide range of customers. Travel bans, business closures, bans on group events and gatherings, shelter-in-place orders, curfews, and recommendations for social distancing have all been implemented by governments around the world.
The multiple functions segment dominates the market with the largest revenue share over the forecast period
Based on the type, the global smart oven market is segmented into single function and multiple functions. Among these, the multiple functions segment is dominating the market with the largest revenue share over the forecast period. They are versatile and reduce the need of many cooking units. Typically, multiple function ovens excel at a single cooking technique, such as baking, roasting, or broiling. They have intelligent features that improve the cooking method of choice, providing precision and convenience.
The Wi-Fi segment is witnessing significant CAGR growth over the forecast period.
On the basis of connectivity, the global smart oven market is segmented into Wi-Fi, NFC (near field communication), Bluetooth, IOT.Among these, the Wi-Fi segment is witnessing significant growth over the forecast period. Customers can connect Bluetooth-enabled smart ovens directly to their phones or other devices. This allows for seamless remote control, monitoring, and transmission of cooking instructions. Users with an internet connection can interact with the oven from anywhere, increasing flexibility and convenience.
The above 30 litres segment is expected to hold the largest share of the global smart oven market during the forecast period.
Based on capacity, the global smart oven market is classified into 20-25 litres, 26-30 litres, Above 30 litres. Among these, the above 30 litres segment is expected to hold the largest share of the tea extract market during the forecast period. Smart ovens with capacities greater than 30 litres provide enough space for more extensive cooking needs. Larger families, larger households, or individuals who frequently cook for gatherings or host dinner parties should choose a capacity greater than 30 litres.
The household segment accounted for the largest revenue share over the forecast period.
On the basis of end- user, the global smart oven market is segmented into household and commercial Service Industries. Among these, the household segment dominates the market with the largest revenue share over the forecast period. Due to people's busy schedules and rapid urbanisation, the use of smart ovens and kitchen appliances is steadily increasing in households. Another factor driving this segment's sales growth. The multitasking ability with the auto-shutdown function is one of the main elements boosting household demand for smart ovens and supporting the segment's growth.
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Regional Forecasts
North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. North America is a hub of technology and innovation. As consumers become more aware of the benefits and capabilities of smart ovens, their popularity is growing. Smart energy companies in the region are constantly investing in R&D to introduce new features, improve performance, and enhance user experience. This innovation trend has fueled market growth in North America. These appliances include features such as pre-programmed cooking programmes, recipe suggestions, and nutritional information that cater to the needs and preferences of North American users.
Europe is expected to grow the fastest during the forecast period. Germany, the United Kingdom, France, Italy, Spain, Russia, and the rest of Europe comprise the European market. The smart house concept is gaining traction in these countries as well. A successful market for smart ovens has emerged in the area as a result of increased income levels and disposable cash. Furthermore, Germany is a critical global economy due to its highly educated and talented workforce. The country's expanding manufacturing industry, as well as an increase in the upper-middle-class population, have all contributed to an increase in demand for smart oven equipment.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Major vendors in the global smart oven market are Electrolux, Bosch, Whirlpool, Samsung, Sub-Zero, Panasonic, Beeville, Sharp, Haier, LG.
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Recent Market Developments
- In February 2023, Tovala introduced the first-ever tovala smart oven air fryer, broadening its line of cloud-connected and versatile smart ovens.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global smart oven market based on the below-mentioned segments:
Global Smart Oven Market, Type Analysis
- Single Function
- Multiple Functions
Global Smart Oven Market, Connectivity Analysis
- Wi-Fi
- NFC (Near Field Communication)
- Bluetooth
- IOT
- Others
Global Smart Oven Market, Capacity Analysis
- 20-25 Litres
- 26-30 Litres
- Above 30 Litres
Global Smart Oven Market, End- User Analysis
- Household
- Commercial Service Industries
Global Smart Oven Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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