More and more people are working today and a large section of those people are in hectic and stressful jobs. This leads to a massive demand for products that can bring convenience to the lives of these people. It comes as no surprise that a lot of these people return home with minimum energy levels and negligible will to cook something in a traditional format. This is paving way for growth in the global smart oven market over the period 2018 to 2026.
Known for better safety, reduction in wastage, and convenience, these ovens can run from remote location, at the convenience of a click, improving lives and lifestyles drastically. As disposable incomes increase worldwide, the demand for these only grow further.
Prominent factors that are supporting growth in the global smart ovens market over the forecast period are detailed out below:
- Technology advancement is a major factor of growth in the global smart oven market. With artificial intelligence (AI) and Internet of Things (IoT) gaining a stronger foothold, incorporation of technology in everyday lives will only increase further. It is pertinent to note here that as adoption of smart homes increases, demand for smart ovens will only be a natural outcome. Connected lives demand connected living and this would lead to significant growth in the market.
- Smartphone and internet penetration has improved manifold over the last couple of years and this is a major driver of growth in the global smart oven markets as connection is possible through the two tools. Besides, as more and more people now look for control even when they are far from home, demand for smart ovens is only set to increase in the foreseeable future. It is also significant o note here that new construction that is taking place is sensitive of the fact that people are looking or smart homes.
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Global Smart Oven Market – Snapshot
Increase in urban population, rise in disposable income, and rising working population in emerging economies are contributing to the changing lifestyle of individuals. This changing lifestyle has continuously encouraged users to look for convenient home and kitchen appliances which complements their living standards. Smart ovens provide safety, convenience, timely alerts, reduction in waste, and runs on remote access which helps consumers to operate it from any location. Improved living standards have significantly contributed to the growth of the smart oven market. The market is expected to see a healthy growth rate during the forecast period.
The multiple function type of the global smart oven market is expected to hold the major market share during the forecast period and is estimated to bring in revenues of nearly US$403.1 Mn by the end of 2026.Multiple function smart ovens, on account of their wide usage in residential application and due to multiple features offered such as grilling and convection constituted 68.4% share in 2017. Multiple function segment is expected to expand at a good growth rate during the forecast period on account of rising urbanization. This is also estimated to create an incremental opportunity to the smart oven market due to changing lifestyle and need for trendy kitchen designs.
Increasing preference for trendy kitchen appliances across the globe directly benefits the smart oven market. Wide acceptance of built-in smart ovens in residential as well as commercial applications is expected to augment the demand for smart ovens during the forecast period. Demand for Wi-Fi connectivity in smart ovens has gone up in recent years due to growth of IoT and increased use of Wi-Fi/Bluetooth connectivity in home appliances and in order to meet the needs of a growing population. This is expected to complement the demand for smart ovens during the forecast period. The reason for the growth of the smart oven market with capacity of 20-25 liters is that end-users prefer larger capacity ovens if the same is available by spending a little more. Furthermore, rising investments in the residential construction sector across the globe directly benefits the smart oven market. Growth of IoT and increased use of Wi-Fi/Bluetooth connectivity in kitchen appliances is expected to augment the demand for smart ovens during the forecast period. In terms of distribution channel, the online segment is expected to expand at the highest CAGR during the forecast period due to rapid urbanization, technological advancements, and convenience. This is also estimated to create an incremental opportunity to the smart oven market due to convenience of online distribution.
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North America and Europe are the most advanced regions in terms of technology usage, infrastructure, and urbanization. Hence, these regions have emerged as attractive destinations for manufacturers of smart oven with advanced connectivity and more cooking options as compared to Asia Pacific and Middle East regions. The market in Europe is expected to grow at the highest growth rate during the forecast period due to continuous growth in residential construction and customer preference toward trendy kitchen designs and advanced products in the kitchen. The market share of smart ovens in North America was 35.4% in 2017 followed by Europe.
Manufacturers are focusing on achieving long-term growth through innovations in the smart oven market. Some of the major players are GE Appliances, Breville Group Limited, Electrolux, SAMSUNG, Candy Hoover Group S.r.l., BSH Home Appliances Corporation, Dacor, Inc., Haier Inc., LG Electronics, Tovala, and Sub-Zero Group, Inc. Various types of smart ovens available in the market have advanced technology with innovative features due to the presence of multiple manufacturers in the market. Thus, customers have an option to choose from a variety of products. This is likely to result in high bargaining power of buyers during the forecast period.
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