Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Global Smart Oven Market size is estimated at US$ 156.5 million in 2023 and is predicted to rise at a substantial CAGR of 12.8% during the forecast period of 2023 and 2030 according to RationalStat analysis.
The consulting study can help companies to:
- Identify the key growth opportunities in the market
- Make informed decisions about product development and marketing
- Develop effective strategies to compete in the market
- Know market trends and drivers
- Understand market segmentation and forecast
- Access competitive landscape
- Utilize key strategies for success
Market Definition, Market Scope, and Report Overview
With the advent of the Internet of Things (IoT) and the rising penetration of intelligent home assistants, smart ovens can be controlled through mobile applications, which send real-time status updates to users. This represents one of the most crucial factors bolstering the growth of the market across the globe.
Furthermore, owing to hectic lifestyles and inflating income levels, consumers are shifting toward smart appliances as they provide convenience and help reduce the wastage of electricity. Moreover, technological advancements have enabled manufacturers to introduce smart ovens that have self-cleaning functions and can automatically switch off when the food reaches the right temperature.
- According to a deep-dive market assessment by RationalStat, the smart oven market has been analyzed on the basis of market segments, including connectivity, end user, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the smart oven market covers market sizes based on market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the smart oven market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Smart Oven Market: Segmental and Market Share Analysis
- Based on end users, the Residential segment is anticipated to pose significant demand growth due to several factors like efficiency, convenience, etc. that cater to the needs of homeowners.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 156.5 million |
| Market Size Forecast | US$ 362.8 million |
| Growth Rate | 12.8% |
| Dominant Segment | Residential |
| Leading Region | North America |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some of the prominent players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players, some of the key developments in the smart oven market include,
- In 2022, Haier unveiled its latest oven, equipped with cutting-edge AI technology and featuring innovative PreciTaste capabilities.
Some of the prominent players and suppliers operating and contributing significantly to the smart oven market growth include Electrolux AB, Panasonic Corporation, Breville Group Limited, Sharp Corporation, Haier Smart Home Co. Ltd., LG Electronics, Robert Bosch GmbH, Whirlpool Corporation, Samsung Electronics Co. Ltd., and Sub-Zero Group Inc., among others.
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RationalStat has segmented the smart oven market based on connectivity, end user, and region
- Global Smart Oven Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Connectivity
- Bluetooth
- Wi-Fi
- Others
- Global Smart Oven Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by End User
- Residential
- Commercial
- Global Smart Oven Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Smart Oven Market
- US
- Canada
- Latin America Smart Oven Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Smart Oven Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Smart Oven Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Smart Oven Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Smart Oven Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Smart Oven Market
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Key Questions Answered in the Smart Oven Report:
- What will be the market value of the smart oven market by 2030?
- What is the market size of the smart oven market?
- What are the market drivers of the smart oven market?
- What are the key trends in the smart oven market?
- Which is the leading region in the smart oven market?
- What are the major companies operating in the smart oven market?
- What are the market shares by key segments in the smart oven market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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