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The Smart Oven Market size is estimated to increase by USD 272.65 million between 2022 and 2027. The market size is forecast to grow at a CAGR of 14.02%. The growth of the market depends on several factors such as the changing lifestyles in developed and developing economies, the ease and convenience of using smart ovens, and the growing innovations in smart kitchen appliances.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The changing lifestyles in developed and developing economies are driving growth in the market. Products usually fall under the premium category when it comes to the global market. This is attributed to the innovation and technology implemented in cooking appliances. Due to the availability of high-speed internet and improvements in communication services, smart technologies have become widespread in industrial countries, which has increased the demand for smart home equipment.
Moreover, the increase in urbanization, availability of goods, increase in real income, sense of having comfort, and tendency to spend on expensive but worthy products has been observed in customer behavior. Vendors are also drawing consumer interest by adding value to their products and expanding their product portfolio. Such factors will drive the growth of the global market during the forecast period.
The high demand for energy-efficient microwave ovens is a key trend in the market trend. Kitchen and home appliances account for one-fourth of the energy used by families. A microwave oven is a kitchen device that warms and cooks food using electromagnetic radiation. Consequently, it uses less energy than a regular gas stove or oven. In energy-efficient microwaves, the consumption of electricity is lower resulting in a high level of adoption by consumers.
However, power tariffs are high in most developing countries, forcing consumers to switch to energy-efficient devices. The suppliers are making energy-saving devices that cook food in less time and at low power. With the growing adoption of smart home systems, the demand will also increase, leading to a rise in the market growth during the forecast period.
The high initial and maintenance costs are a major challenge in the market. It's more expensive to have smarter ovens than a traditional oven. In developing countries, consumers prefer home appliances that cost less and offer high performance. This preference is based on the daily usage of products. Other possibilities are also available for those of the Middle Class, e.g. induction stoves, cooking ovens, and more traditional kitchen appliances.
Moreover, these ovens have a complicated mechanism and require special skilled labor, equipment, and technology to fix repairs. A high expenditure on the consumer end is involved in the extensive repair. Such factors will hinder the usage, which, in turn, will affect the growth of the market in focus during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Electrolux AB - The company offers smart ovens such as the joule oven air fryer pro, the smart oven air fryer pro, and the smart oven air fryer.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel comprises hypermarkets, convenience stores, clubhouse stores, specialty stores, and department stores. The shift in consumer preference for shopping on internet platforms has led to a gradual decrease in sales via offline distribution channels. To drive sales through offline channels, vendors are directing their sales through local retail entities.
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The offline segment was the largest segment and was valued at USD 136.85 million in 2017. Offline stores are convenient for many customers because they can understand the technology in person, which helps to minimize the likelihood of confusion among them. Offline distribution channels are becoming less popular, extensive marketing activities will propel sales through offline channels at a steady rate and will positively impact the market growth for smart ovens during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, the market in North America was the second-largest contributor to global sales, mainly due to high consumer awareness about the benefits of the appliances.
In addition, favorable infrastructure, such as high Internet penetration and widespread adoption of smart homes, contributes to the growing demand for smart cooking appliances in North America. The demand for the ovens in North America is expected to grow at a notable rate, driven by an expected rise in the popularity and adoption of smart home technologies, particularly in the US and Canada, during the forecast period. The US is the leading country in the market in North America.
The Market sees rapid growth with Wi-Fi connectivity and companion apps enabling voice controls and integration with smart home devices. These ovens offer advantages over conventional ones, such as precise cooking temperatures and preheating through digital platforms like Yummly. Sensor technology and safety features ensure faster and healthier food consumption while maintaining nutrients and energy efficiency.
Tovala and June Life Inc. are key players in this market, alongside consumer electronics giants like Panasonic, Haier, Whirlpool, Sharp, and Electrolux. Online channels dominate sales, with the countertop segment leading innovation in advanced features and Bluetooth connectivity. Porter's five forces analysis indicates competitive intensity, supplier and buyer bargaining power, and threats of substitutes and new entrants, shaping market dynamics.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Smart Oven Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.02% |
Market growth 2023-2027 |
USD 272.65 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
13.55 |
Regional analysis |
North America, Europe, APAC, South America, the Middle East, and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alto Shaam Inc., Brandt Group, Electrolux AB, General Electric Co., Haier Smart Home Co. Ltd., Hitachi Ltd., JS Global Lifestyle Co. Ltd., LG Electronics Inc., Maestro Food Co., MIDEA Group Co. Ltd., Miele and Cie. KG, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smeg S.p.a., Weber Stephen Products HK Ltd., Whirlpool Corp., Breville Pty Ltd, GoWISE USA, and Panasonic Holdings Corp. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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