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The smart ovens market size is forecast to increase by USD 519.8 million at a CAGR of 20.65% between 2023 and 2028.
The smart ovens industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The offline segment is estimated to witness significant growth during the forecast period.
In the dynamic kitchen appliance market, tech-savvy consumers seek high-quality, energy-efficient, and convenient solutions for their functional kitchen spaces. Smart ovens, equipped with Wi-Fi connectivity, voice controls, and pre-programmed cooking modes, have gained significant traction. These appliances offer calorie tracking, personalized product recommendations, and built-in companion apps for remote monitoring and meal decisions. Safety features, such as temperature control and sensor technology, are essential considerations. However, data privacy and hacking concerns persist, necessitating robust security measures. Connected home appliances, including smart ovens, are part of the growing trend towards health and wellness, with dietary preferences and nutritional information becoming increasingly important.
companies are responding to these trends by offering additional cooking capabilities, offline channels, and delivery options. Haier Group, a leading consumer electronics mogul, has established strategic alliances with retailers like GOME Retail and Suning in China to boost sales through offline channels. Haier Smart Home Co. Ltd. Also maintains relationships with regional distributors through clubs like V58 and V140. Smart ovens cater to various cooking tasks and dietary restrictions, offering premium, visually appealing designs and hand-free control. Energy efficiency, convenience, and affordability are key factors driving demand for these appliances. As the market evolves, we can expect further innovations in smart technology, recipe libraries, and connected home devices.
In this bustling market, traditional ovens face competition from smart appliances and smartphone apps, offering healthy eating options and manual supervision through electric kettles and multiple function settings. The counter-top segment, including air fryers and coffee maker machines, is particularly popular among busy lifestyles. Despite the convenience of online shopping, physical stores remain an essential part of the sales landscape, with store hours and kitchen design playing crucial roles in consumer decision-making.
The Offline segment was valued at USD 153.40 million in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 40% 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 the dynamic market of kitchen appliances, smart ovens have emerged as a significant trend, with North America being the second-largest contributor to global sales in 2023. The region's growth can be attributed to increasing consumer awareness of the advantages of high-quality, connected cooking appliances, and the favorable infrastructure, including high Wi-Fi penetration and the widespread adoption of smart homes. Smart ovens offer features such as temperature control, calorie tracking, pre-programmed cooking modes, and voice controls, catering to tech-savvy consumers and their busy lifestyles. The US, as the leading country in this market, is expected to witness notable growth during the forecast period due to the rising popularity of smart home technology.
These appliances integrate with companion apps, allowing for personalized product recommendations and remote monitoring, enhancing the user experience. Additionally, smart ovens provide energy efficiency, safety features, and offline cooking capabilities, making them an attractive choice for households. The market's evolution also includes the integration of nutrition and dietary preference information, making healthy eating more convenient. The smart oven market in North America continues to expand, driven by consumer preferences for functional kitchen spaces and the increasing availability of online shopping platforms and delivery options.
Our researchers analyzed the data with 2023 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 smart ovens market forecasting 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 smart ovens market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, smart ovens market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Alto Shaam Inc. - This company specializes in advanced cooking solutions, featuring innovative smart ovens such as the Joule Oven Air Fryer Pro, Smart Oven Air Fryer Pro, and similar models. These state-of-the-art appliances optimize cooking processes through intelligent technology, enhancing the user experience and delivering consistent results. By integrating air fryer functionality, these smart ovens cater to health-conscious consumers seeking delicious, crispy meals without the added fat of traditional frying methods. The company's commitment to innovation and quality sets it apart in the market, providing consumers with a modern, efficient, and versatile cooking solution.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 industry 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.
In the dynamic the market, companion apps and online retail platforms are revolutionizing the way consumers purchase and use small kitchen appliances. These apps offer personalized product recommendations based on individual preferences and cooking history. Safety features, such as preheat alerts and cooking temperature controls, ensure convenient and safe use. Bluetooth and device connectivity enable hand-free control via smartphones, enhancing the user experience. Algorithms analyze cooking processes and provide calorie tracking and nutritional information for health-conscious consumers. Counter top segment growth is driven by the convenience of small, visually appealing devices. Wi-Fi and delivery options cater to busy lifestyles, while voice controls add functional kitchen spaces to the digital platform.
The counter top segment, including small kitchen appliances, offers affordability and convenience for consumers. Online retail platforms and offline channels cater to various preferences, with ratings and algorithms guiding purchasing decisions. Commercial applications, including kitchen fires and labor concerns, are addressed through smart appliances and smartphone apps.
The ongoing integration of smart technology into kitchen appliances reflects the dynamic nature of the market, with premium home appliances offering visually appealing designs and manual supervision options for chefs. Energy efficiency and healthy cooking functions are essential considerations for households, with air fryers and juicers gaining popularity. Despite the numerous benefits, security concerns and hacking risks persist, requiring ongoing attention from manufacturers and consumers alike. The market's continuous unfolding is shaped by the interplay of convenience, affordability, and evolving consumer preferences, with smart ovens and other connected home appliances becoming integral components of modern kitchen spaces.
Smart ovens integrate with juicers and other small appliances, expanding their capabilities. Physical stores remain relevant by offering demonstrations and expert advice. Overall, the market continues to evolve, meeting the needs of consumers seeking efficient, connected, and nutritious cooking solutions.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Smart Ovens Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 20.65% |
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Market growth 2024-2028 |
USD 519.8 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
15.57 |
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Key countries |
US, China, Germany, Japan, UK, Australia, India, France, Brazil, Canada, Brazil, UAE, Australia, Rest of World (ROW), Saudi Arabia, France, South Korea, and Mexico |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 Market Segmentation by Connectivity
9 Market Segmentation by End-User
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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