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Smart Ovens Market Size, Share, Growth 2027 | Top Key Players are GE(Haier), Electrolux, Whirlpool, Bosch, Panasonic.
Smart Ovens Market
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Market Overview
The shift in consumer preference for having smart homes is increasing at a faster stage and is anticipated to propel the demand for Smart Ovens in the forthcoming years. For instance, the sale of smart home devices is expected to cross 100 billion U.S. dollars in 2021. China and the Far East are the most prominent smart home markets by sales volume, with 40% of manufactured devices selling in the region. Within this giant market, there are clear segments grouped by the type of devices used and their functionalities in a smart home system. In 2020, the total number of smart home device shipments worldwide reached 349 million and is expected to increase strongly in the next few years, amounting to 1.77 billion shipments in 2025. Furthermore, as per increasedIn 2020, six household appliances manufacturers worldwide surpassed 10 billion U.S. dollars in revenue with Haier Smart Home leading the ranking with around 32 billion U.S. dollars.
Moreover, kitchen appliance manufacturers have recognized the promise of IoT and are investing time and money in establishing infrastructures for their goods to interact across. Consumers that are actively using IoT devices value this feature, which is projected to fuel market expansion throughout the forecast period.
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COVID-19 Impact
The COVID19 has resulted in a profound re-evaluation of the advantages and costs of Smart Ovens. The COVID-19 pandemic has caused disruption in supply chain worldwide. This has had a profound impact on Smart Ovens. The rising spread of the virus led to strict lockdown restrictions across many countries around the globe. The supply chain and logistics were harmed as a result of the closing of borders across numerous countries. For instance, as per ISM in 2020, there is a 14% increase over the number of 2019 supply chain disruptors which was 3,700. It has resulted in significant disruptions to businesses and economic activities globally and is expected to have a short-term negative impact on the Smart Ovens market due to limited or non-availability of raw material transport and disruption in service providers. This aspect led to a decrease in the growth rate of the Smart Ovens market.
Global Smart Ovens Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into
• Built-In
• Countertop
The countertop segment dominated the global Smart Ovens market and will row at --% CAGR to reach US$ -- billion by the year 2027.
By Connectivity, the market is primarily segmented into
• Wi-Fi
• NFC (Near Field Communication)
• Bluetooth
• IoT
• Others
Amongst the connectivity, Wi-Fi accounted for the largest share in 2020 and is expected to grow at --% CAGR during the forecast period 2021-2027.
By Application, the market is primarily segmented into
• Residential
• Commercial
Amongst the application, Residential segment accounted for the largest share in 2020 and is expected to grow at --% CAGR during the forecast period 2021-2027.
By Sales Channel, the market is primarily segmented into
• Offline Channel
• Online Channel
Amongst the sales channel, offline segment accounted for the largest share in 2020 and is expected to grow at --% CAGR during the forecast period 2021-2027.
By End-Users, the market is primarily bifurcated into
• Restaurants
• Gourmet Cafes
• Confectionary Stores
• Bakeries
• Others
The restaurants segment is dominated by end-users of the global Smart Ovens market and will row at --% CAGR to reach US$ -- billion by the year 2027.
Smart Ovens Market Geographical Segmentation Includes:
• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
• Rest of the World
Based on the estimation, the North America region dominated the Smart Ovens market with almost US$ -- billion in revenue in 2020.
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The major players targeting the market includes
• GE(Haier)
• Electrolux
• Whirlpool
• Bosch
• Panasonic
• SANYO
• Siemens
• Samsung
• Emerson
• LG
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Smart Ovens market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Smart Ovens market?
• Which factors are influencing the Smart Ovens market over the forecast period?
• What are the global challenges, threats, and risks in the Smart Ovens market?
• Which factors are propelling and restraining the Smart Ovens market?
• What are the demanding global regions of the Smart Ovens market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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