Market research analysts at Technavio predict that the global wall oven market will grow steadily over the next four years and post a CAGR of almost 11% by 2021. This market research analysis identifies the changes in kitchen designs and trends as one of the key growth factors for the global wall oven market. In the recent years, kitchen renovations and remodeling are growing at a steady pace. The increasing space constraints coupled with the need for sophisticated designs in the kitchens are stimulating the need for enabling wall ovens in kitchens. Also, the need for maximum utilization of the available space without compromising the aesthetic appeal of the house is also driving the use of wall ovens. Moreover, the additional use of kitchen as a dining space will also enable the consumers to leverage the existing space in the kitchen as well as improve the aesthetical appeal.
In addition to kitchen designs, an increase in research and development will also be a major trend that will contribute to the growth of the market. With the rapidly changing consumer preferences, the vendors in the market are opting for innovations to meet the consumer demand. Vendors are also investing heavily in research to compete with their counterparts.
Competitive landscape and key vendors
The wall oven market is characterized by the presence of both well-diversified international and regional vendors. With the international vendors increasing their footprint in the market, the regional vendors are finding it difficult to compete with them especially in terms of quality, technology, and pricing. To retain their foothold, vendors in the market are focusing on enhancing their portfolios through product innovations.
The leading vendors in the market are ?
The other prominent vendors in the market are Blue Star, Dacor, Kenmore, Thermador, Miele, IFB, and Glen.
Market segmentation by product type and analysis of the wall oven market
The single wall oven segment accounted for the major shares of the wall oven market during 2016. Owing to its availability, the consumers have the option to choose from a wide range of options such as models with cooktops, built-in models, and side-by-side options. The abundant availability of products coupled with the robust benefits such as low-cost and efficiency, will propel the growth of this market segment.
Market segmentation by geography and analysis of the wall oven market
North America accounted for the major shares of the wall oven market during 2016. Owing to the growth in new residential construction and kitchen remodeling projects, the market will witness an increase in the adoption of wall ovens. Additionally, the rapid technological advances and the increased adoption of smart homes and connected devices that will fuel the demand for connectivity-enabled wall ovens, will also drive the market's growth in the region.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global wall oven market?
What are the key market trends impacting the growth of the global wall oven market?
What are the challenges to market growth?
Who are the key vendors in the global wall oven market?
What are the market opportunities and threats faced by the vendors in the global wall oven market?
Trending factors influencing the market shares in, APAC, Europe, and North America?
What are the key outcomes of the five forces analysis of the global wall oven market?
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Wall ovens are built in the kitchen wall or installed in cabinets under and above the oven. These ovens are generally installed at a convenient position (usually at the chest level) for the user to keep sight on the food while it is being cooked. In order to help the client gain a competitive edge, research analysts at the global market research firm Technavio deliver a comprehensive collection of industry research reports on the various aspects of the home, kitchen, and large appliances sectors.
To precisely predict the industry's growth prospects, our analyst's follow a corroborative approach of primary and secondary data collection techniques and perform a detailed analysis of multiple aspects, such as advancements in technology and the impending trends in the consumer demand for different products and services across multiple geographical regions. This impending research report on wall oven market also considers the growth of the similar markets such as smart appliances market and induction hobs market, which are predicted to grow at a CAGR of around 24% and almost 7%, respectively during the period 2016 to 2020. According to our research analysts, there has been an upsurge in the residential construction and home improvement activities. This rise in consumer interest expected to propel growth in the wall oven market during the next few years.
The upcoming industry research report on the wall oven market also identifies the primary drivers, forthcoming trends, coupled with the imminent challenges currently experienced by the market. It also presents a detailed insight into the changing vendor landscape to give you a precise insight of the future of the industry.