The Smart Ovens Market is Predict to reach USD 1.1 Billion by 2031, at a CAGR of 14.5%

Smart Ovens Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Smart Ovens Market size is expected to reach $1.1 billion by 2031, rising at a market growth of 14.5% CAGR during the forecast period. In the year 2023, the market attained a volume of 5,116.2 hundred Units, experiencing a growth of 15.2% (2020-2023).

According to the report by the World Bank updated in 2023, 56% of the world's population, or 4.4 billion people, live in cities. By 2050, nearly 7 out of 10 individuals will reside in cities, representing more than doubling the current urban population. Urban consumers are often more health-conscious and are looking for ways to eat healthier meals at home. Smart ovens offer features such as calorie tracking, nutritional information, and diet-specific recipe suggestions, appealing to urban consumers who prioritize health and wellness.

The Built-in segment is registering a CAGR of 15.5% during (2024 - 2031). Built-in smart ovens are designed to seamlessly integrate with kitchen cabinetry and countertops, creating a sleek and modern aesthetic. They blend seamlessly with the overall kitchen design, giving the kitchen a cohesive and polished look. Built-in smart ovens often come with high-end features and performance capabilities, catering to consumers who demand the best kitchen technology.

The Offline segment is leading the Global Smart Ovens Market by Distribution Channel in 2023; thereby, achieving a market value of $645.9 million by 2031. The offline segment encompasses various distribution channels, including specialty, department, appliance, and kitchenware stores. The increasing availability of smart ovens in these offline retail outlets makes them more accessible to consumers who prefer to see and interact with products before purchasing. Offline retail stores allow consumers to see and touch smart ovens, helping to build trust and confidence in the product. Consumers can ask questions, compare features, and receive personalized recommendations from knowledgeable sales staff, which can help them make more informed purchasing decisions.

The Commercial segment would exhibit a CAGR of 15.1% during (2024 - 2031). Smart ovens save time and labor in commercial kitchens by automating various cooking tasks. Features such as pre-programmed cooking modes, recipe libraries, and remote monitoring allow chefs to prepare meals more quickly and efficiently, reducing the need for manual supervision. In commercial kitchens, efficiency and productivity are paramount. Smart ovens offer advanced features such as rapid preheating, precise temperature control, and customizable cooking programs, allowing commercial kitchens to streamline their cooking processes and increase productivity.

Full Report: https://www.kbvresearch.com/smart-ovens-market/

The North America region dominated the Global Smart Ovens Market by Region in 2023; thereby, achieving a market value of $408.6 million by 2031. The Europe region is experiencing a CAGR of 14.1% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 15.4% during (2024 - 2031).

List of Key Companies Profiled

• LG Electronics, Inc. (LG Corporation)
• Whirlpool Corporation
• Sharp Corporation
• Hitachi, Ltd.
• Robert Bosch GmbH
• Panasonic Corporation
• Samsung Electronics Co., Ltd.
• Techtronic Industries Co., Ltd.
• Tovala
• June Life, Inc.

Smart Ovens Market Report Segmentation

By Type (Volume, Hundred Units, USD Billion, 2020-2031)

• Counter-top
• Built-in

By Distribution Channel (Volume, Hundred Units, USD Billion, 2020-2031)

• Offline
• Online

By End User (Volume, Hundred Units, USD Billion, 2020-2031)

• Residential
• Commercial

By Geography (Volume, Hundred Units, USD Billion, 2020-2031)

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Smart Ovens Market Size & Forecast to 2031

• May-2024
• 121 Pages

LAMEA Smart Ovens Market Size & Analysis Report to 2031

• May-2024
• 135 Pages

Europe Smart Ovens Market Size | Industry Research to 2031

• May-2024
• 135 Pages

Asia Pacific Smart Ovens Market Size | Growth Report 2031

• May-2024
• 138 Pages