“Global Smart Ovens Market to reach a market value of USD 1.1 Billion by 2031 growing at a CAGR of 14.5%”
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).
Online shopping offers consumers the convenience of browsing and purchasing smart ovens from the comfort of their homes without needing to visit physical stores. Consumers can choose the delivery option that best suits their needs, ensuring a seamless shopping experience. Hence, the Online segment captured $143.7 million revenue in the market in the year 2023. In terms of volume, there were 1,857.3 hundred units of Smart Ovens were sold Online, globally. Online retail platforms use algorithms to provide personalized product recommendations based on consumer browsing and purchasing history. This helps consumers discover new smart oven options that align with their preferences and needs, increasing the likelihood of a purchase.
Smart ovens provide nutritional information and calorie tracking for recipes, allowing users to make informed meal decisions. This feature helps consumers track their calorie intake and make healthier food choices, contributing to their overall health and well-being. Smart ovens offer diet-specific recipe suggestions, including vegetarian, vegan, and gluten-free options and other dietary restrictions. This allows consumers to find recipes that align with their dietary preferences and restrictions, making it easier to maintain a healthy diet.
Additionally, Higher-income consumers are often early adopters of smart home technology. As the trend towards smart homes grows, smart ovens are becoming essential to modern kitchen design, appealing to consumers who value convenience, efficiency, and connectivity. Consumers with higher disposable income often prefer to invest in high-quality, premium home appliances. Therefore, due to above mentioned factors, the market is growing.
However, the high initial cost of smart ovens can be prohibitive for many consumers, particularly those on a tight budget. Affordability is a significant factor influencing purchasing decisions, and the high cost of smart ovens may deter potential buyers. Price-sensitive consumers may opt for traditional ovens over smart ovens due to their lower cost. Smart oven manufacturers may face a competitive disadvantage if their products are significantly more expensive than traditional ovens. Consumers may choose lower-cost alternatives, reducing market growth for smart oven manufacturers. Thus, high initial cost can slow down the growth of the market.
By type, the market is bifurcated into counter-top and built-in. In 2023, the counter-top segment held 75% revenue share in the market. In terms of volume, 15,514.0 hundred units of Counter-top smart ovens are expected to be sold utilized by the year 2031. Counter-top smart ovens are easy to install and do not require any modifications to existing kitchen setups. Users can place them on their kitchen countertops and plug them into a power outlet, eliminating the need for professional installation.
On the basis of distribution channel, the market is divided into offline and online. The online segment garnered 38% revenue share in the market in 2023. In terms of volume, 6,599.5 hundred units of Smart Ovens are expected to be sold online by the year 2031. Online retail channels offer consumers the convenience of shopping for smart ovens anytime, day or night. With 24/7 availability, consumers can browse products, compare prices, and make purchases conveniently without being limited by store hours. Online retail platforms provide access to product reviews and ratings from other consumers, helping potential buyers make informed purchasing decisions.
Based on end user, the market is classified into residential and commercial. The commercial segment acquired 32% revenue share in the smart ovens market in 2023. Also, 3,204.8 hundred units of Smart ovens are expected to be utilized for commercial use. 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.
Free Valuable Insights: Global Smart Ovens Market size to reach USD 1.1 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region led the market by generating 37% revenue share. In terms of volume, 1,923.6 hundred units of smart Ovens were utilized in the year 2023. North America has witnessed a surge in demand for smart home appliances, including smart ovens. There is a growing trend towards healthy eating in North America, with consumers increasingly concerned about their diet and nutrition. Rising disposable income among consumers in North America has contributed to the growing demand for smart ovens.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 378.5 Million |
| Market size forecast in 2031 | USD 1.1 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 14.5% from 2024 to 2031 |
| Quantitative Data | Volume in Hundred Units, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 289 |
| Number of Tables | 630 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, End User, Region |
| Country scope |
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| Companies Included | 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, and June Life, Inc. |
By Type (Volume, Hundred Units, USD Billion, 2020-2031)
By Distribution Channel (Volume, Hundred Units, USD Billion, 2020-2031)
By End User (Volume, Hundred Units, USD Billion, 2020-2031)
By Geography (Volume, Hundred Units, USD Billion, 2020-2031)
This Market size is expected to reach $1.1 billion by 2031.
Growing Trend Towards Online Shopping are driving the Market in coming years, however, High Initial Cost of Smart Ovens restraints the growth of the Market.
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, and June Life, Inc.
In the year 2023, the market attained a volume of 5,116.2 hundred Units, experiencing a growth of 15.2% (2020-2023).
The Offline segment is leading the Market by Distribution Channel in 2023; thereby, achieving a market value of $645.9 million by 2031.
The North America region dominated the Market by Region in 2023; thereby, achieving a market value of $408.6 million by 2031.
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