Smart Oven Market size in terms of volume and value 2016-2023
Smart oven has witnessed positive response by the customers, owing to its augmented technology and connectivity characteristics. A smart oven can be connected easily through Wi-Fi, NFC or Bluetooth technologies to other smart kitchen appliances such as smart refrigerators, chimneys and others. It can be connected to many other devices in the kitchen and to devices in other rooms such as room lights, media players, sensors and others.
Furthermore, smart ovens enable a user to augment their cooking skills through various inbuilt tutorials for well-known recipes and cooking tips. Moreover, the smart oven manufacturers have also introduced ovens with temperature probes which can turn off the oven when the food reaches an appropriate temperature.
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Smart Oven Market: Trends and Drivers
Smart oven market is expected to exhibit high growth characteristics owing to implementation of internet of things (IoT) across home appliances and home automation systems. Furthermore, advancements in Wi-Fi connectivity features along with the LCD and LED display systems have further contributed in the expansion of smart microwave oven market. However, changing lifestyle of people across developed economies has further supported the demand for smart ovens since its introduction in the global home appliance market. Moreover, the demand for smart ovens has been increasing due to rising demand for frozen food and ready to cook foods.
On the contrary, the key factors restricting the market growth for smart oven is the dominance of conventional cooking equipment globally. Also, one of the major reasons restricting the market growth for smart ovens is the price constraint, making it difficult for smart ovens to sustain in the cost sensitive economies such as India, Indonesia, GCC countries, and African countries. Thus, the developed economies are primarily expected to forecast prominent growth trends in the near future.
Smart Oven Market: Segmentation
The global smart oven market is segmented on the basis of type, application, structure, connectivity, and geography. Segmentation on the basis of type include temperature probes, sensors, media players and others. Based on structure, the smart oven market is segmented into built-in and counter top. Built-in ovens are mainly used for commercial purposes in restaurants, confectionary stores, gourmet cafes and bakeries. Counter top ovens are mostly used for household purposes, owing to its compact shape and size. The segmentation on the basis of applications include household and commercial service industries.
Segmentation on the basis of connectivity include Wi-Fi, Bluetooth, near field communication (NFC), IoT, and others. Geographically the global smart oven market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Owing to the growing popularity and demand for augmented cooking methodologies across the U.S. and other major European countries, the market is expected to witness prominent growth in North America and Europe.
Smart Oven Market: Key Players
Some of the key players in the global smart oven market include Whirlpool Corporation, LG Electronics, Samsung Electronics Ltd., Panasonic Corporation, Hoover limited, BSH Home Appliances Group and Dacor Inc.
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