Wall Oven Market to See Massive Growth by 2024

Wall ovens provide an excellent fitting in any kitchen irrespective of the space restrictions or arrangement. Improved living standards of consumers and end-users are one of the major factors driving the wall oven market. Augmented interest in kitchen renovations and remodeling are the two foremost factors that are expected to nurture growth of this market over the forecast period. Modifications in kitchen designs and developments are important drivers for the growth of the wall oven market. With the rise in disposable income, consumers are spending heavily on remodeling and renovation of their kitchens. Currently, consumers prefer sophisticated designs that include decorated kitchens which are easy to maintain. As a result, consumer preference is inclined toward streamlined appliances which are expected to enhance the demand for wall ovens over the forecast period. High installation and maintenance charges are key restraints which restricts the wall oven market from expansion. Increasing number of wall oven applications in the food processing industry and restaurants is creating opportunity for expansion. With the increasing number of smart homes and connected devices, the urban population is opting for connectivity equipped wall ovens which is driving the market in a regions such as North America and Europe. Rising consumer expenditure on electric kitchen appliances mainly for built in home appliances is increasing the demand for wall ovens.  Growth of modular kitchens is expected to boost the demand for wall ovens over the estimated time period.

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The wall ovens market can be segmented by types and by end-users. On the basis of type, the market is segregated by single oven, double oven, single-compact oven, and double built under oven. Double built under oven is expected to be the dominant wall oven type over the forecast period owing to its space efficiency and utility. On the basis of end users, the global wall oven market is segmented by households and food industry. Households was a large segment in 2015 and it is expected to remain so over the forecast period. The increasing trend of modular kitchens coupled with consumer preferences for sophisticated designed kitchens is driving the wall oven market for the household sector. The increasing number of applications in the food industry is also enhancing the growth of the wall oven market.

Geographically, the wall oven market has been segmented by Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. North America had the majority market share in the wall oven market in 2015 and it is expected to remain so over the forecast period. Owing to the recent boom in kitchen remodeling projects and new residential construction, the wall ovens market is expanding at a decent pace. The U.S accounts for the majority market share in this region. Europe has a significant market share in the wall ovens market owing to the increasing number of smart homes and connected devices in this region. Asia Pacific is one of the fast growing regions for the wall oven market.

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Adoption of western lifestyles and changing consumer preferences for modular kitchens is expected to drive the wall ovens market in this region. Augmented demand for kitchen renovations and remodeling is enhancing the demand for wall oven market in this region. India accounts for one of the large segments in the wall oven market in Asia-Pacific.  Middle East and Africa account for a considerable market share with the rising trend of smart homes, while Latin America is an emerging region for the wall ovens market.

The key players in the wall oven market are Bosch, LG, Electrolux, GE, and Whirlpool. Other prominent vendors in the wall oven market are Fisher and Paykel Appliances, Dacor, BlueStar, Kenmore, and Thermador among others.

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