A built-in oven is an appliance which cooks food quickly using electromagnetic radiation instead of heat. Built-in ovens are available in elegant designs and multiple features. This, is projected to increase the demand for built-in ovens during the forecast period. These built-in ovens are known for their hygienic and healthy cooking. Built-in ovens work on high frequency radio waves. These waves prepare food faster than freestanding ovens. This feature is projected to drive the built-in ovens market during the forecast period.
Increase in standard of living, rise in disposable income of individuals, surge in working population in emerging economies are some factors that are expected to drive the market. Changing lifestyle of individuals has encouraged them to look for innovative and convenient kitchen appliances that complement their homes and standard of living. This, in turn, is expected to propel the built-in ovens market during the forecast period.
Rapid growth in residential construction and customer preference for trendy kitchen designs and advanced products in the kitchen are expected to boost the market during the forecast period. Various discount offers (seasonal Offers) and easy availability of credit schemes are anticipated to create huge opportunity in built-in ovens market in the next few years.
Credit cards offer the ability to pay for appliances in instalments over a period of time. It is a convenient mode of buying an appliance, especially with offers such as ‘zero down payment’ and other discounts on the purchase price. This is estimated to increase the demand of built-in ovens worldwide. However, intense competition from local unorganized built-in oven manufacturers with increase in the number of unorganized retailers of built-in oven expected has significantly effect on pricing discrepancy in the built-in ovens market.
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The global built-in ovens market has been classified based on type, capacity, end-user, distribution channel, and geography. Based on type, the global built-in ovens market can be bifurcated into single function and multifunction. In terms of capacity, the built-in ovens market can be classified into up to 20 liters, 20–30 liters, 30–40 liters, 40–60 liters, and above 60 liters. Based on end-user, the market can be segregated into commercial built-in ovens and residential built-in ovens.
In terms of distribution channel, the built-in ovens market can be classified as online and offline. As compared to offline distribution, online distribution channels are expected to grow at higher rate during the forecast period. Due to technological advancements, rapid urbanization, and easy accessibility is a key factor which expected to accelerate the online distribution channel in built-in ovens market. These factors are expected to drive the global built-in ovens market during the forecast period.
In terms of geography, the global built-in ovens market can be classified into Europe, North America, Middle East & Africa, Asia Pacific, and South America. North America is expected to hold a major share of the market, followed by Europe. As these regions are the most advanced regions in terms of technology usage, infrastructure, and urbanization.
This is key factor which expected to accelerate the built-in ovens market growth in Europe and North America during the forecast period. Moreover, the average monthly income of households has increased over the last few years, which is partly driven by rise in number of dual-income households in urban areas. The market in Asia Pacific is projected to expand at a rapid pace during the forecast period.
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Major players operating in the global built-in ovens market include Whirlpool Corporation, BSH Home Appliances Group, IFB Appliances, Gorenje, GE Appliances, LG Electronics, SAMSUNG, Dacor, Inc, Breville Group Limited, Haier Inc., Electrolux, Candy Hoover Group S.r.l., silver line appliance co., TERIM, Glen Dimplex Home Appliances (New World), The Leisure, and Franke Faber Pvt Ltd.
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