Market Research

Revised Forecast (COVID-19 Adjusted) Predict Smart Ovens Market to Reach $501.4 Million in 2026

May 12, 2020 3:28 PM ET
iCrowd Newswire – May 12, 2020

The Global Smart Ovens Market is estimated to grow at a CAGR of 14.6% during the forecast period 2019-2026. As per the research report, the global market was valued $169.8 million in the year 2018 and is estimated to reach $501.4 million by the end of the year 2026.

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A smart oven is a kind of oven which can connect the other smart appliances. Smart ovens make cooking easier, quicker and more precise for better results. In the current scenario, consumers prefer smart appliances with advanced features and latest technologies. Smart ovens can be remotely operated through smartphones.

The Global Smart Ovens Market is driven by various growth factors such as increase in demand for technologically advanced and premium kitchen appliances. Hence, key industry players are inclined towards voice controlled smart ovens to cater the increasing demand from various end-consumers. For instance, Amazon came up with AmazonBasics Microwave, that consist of features which can be easily connected with Alexa. Moreover, the smart oven is a combination of food warmer, air fryer, convection cooker and microwave.

The smart ovens industry is majorly driven by changing lifestyle of individuals with increasing demand for ready-to-eat and frozen foods. Increasing number of working populations around the world with hectic life schedules support the demand of smart ovens. Smart ovens are offer additional benefits as compared to traditional ovens.

Segmentation Overview of the Global Smart Ovens Market

The Global Smart Ovens Market is segmented into Type, End-User and Sales Channel. These major market segments are further categorized into various sub-segments to study the market in detail.

The Type Segment of the Global Smart Ovens Market is Sub-Segmented into:

  • Built-In
  • Counter Top

The End-User Segment of the Global Smart Ovens Market is Sub-Segmented into:

  • Residential
  • Commercial

The Sales Channel Segment of the Global Smart Ovens Market is Sub-Segmented into:

  • Offline channels
  • Online channels

Geographical Overview of the Global Smart Ovens Market

On the basis of geographical segmentation, the global smart ovens market was studied across North America (U.S., Canada and Mexico); Europe (Germany, UK, Russia, France and Rest of Europe); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the North America and European market highly attracts the adoption of smart ovens owing to high disposable income and easy adoption of technologically advanced products by regional population. Whereas, India and Brazil would significantly contribute to the market growth over the forecast period.

Key Players Insights

Tovala, AB Electrolux, Sharp Corporation, Whirlpool Corporation, Hitachi, Ltd., Qingdao Haier Co., Ltd. (Haier), Samsung Electronics Co. Ltd., Panasonic Corporation, LG Electronics and June Life Inc., are some major players included in the research report of the global smart ovens market. The market players present in the global smart ovens industry are adopting various competitive strategies to compete in the market. Product Launches, Collaborations, Partnerships, Mergers and Acquisitions, Joint Venture and Business Expansion are some major strategical developments adopted by the market players to gain substantial market share.

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Keywords:    Smart Ovens Market, Smart Ovens Market Size

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