The latest report on “Smart Oven Market (Type – Single Function, and Multiple Functions; Structure – Built-in Smart Ovens, and Counter Top; Distribution Channel – E-commerce Websites, and Electrical Appliances Stores; Capacity – 20-25 Liters, 26-30 Liters, and Above 30 Liters): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The global smart oven market is projected to grow at a CAGR of 19.1% over the forecast period of 2019-2025.
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Growing Urban Population and Increasing Disposable Income Drive the Growth of the Smart Oven Market
Smart ovens are becoming a popular kitchen appliance owing to its various features. Smart oven manufacturers are focusing on new technological advancements, mergers, and acquisitions. The major players in the smart oven market are adopting the technology rapidly to cope up with market competition and meet the consumer’s demand. For instance, Whirlpool acquired Yummly, in 2017. Yummly offers its users a search for recipes. The acquisition has enabled Whirlpool to start a new line of smart kitchen appliances that pair with Yummly, a recipe application.
Growing urban population and increasing disposable income drive the growth of the smart oven market. The rising demand for trendy kitchen appliances contributes to the growth of the smart oven market. Smart ovens offer safety, convenience, time alerts, remote access, and also it reduces waste which stimulates the demand for the smart oven market. The rising demand for Wi-Fi connectivity in ovens promotes the growth of the smart oven market.
In addition, rising investments in residential construction stimulate the growth of the smart oven market. Smart ovens save energy and reduce the energy bills that drive the growth of the smart oven market. On the other side, smart ovens have high selling costs and maintenance costs that hamper the growth of the smart oven market. Moreover, advancements in technology such as built-in camera, steel probe, and use of carbon fiber heating elements create novel opportunities for the growth of the smart oven market.
North America is Expected to Have a Dominant Share in the Smart Oven Market
Geographically, the global smart oven market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to have a dominant share in the smart oven market. The rising adoption of technology, growing urbanization and improving infrastructure propel the growth of the smart oven market in the North America region. Europe is anticipated to grow in the smart oven market over the forecast period. Asia-Pacific region is also growing in the smart oven market.
The report on global smart oven market covers segments such as type, structure, distribution channel, and capacity. On the basis of type, the sub-markets include single function, and multiple functions. On the basis of structure, the sub-markets include built-in smart ovens, and counter top. On the basis of distribution channel, the sub-markets include e-commerce websites, and electrical appliances stores. On the basis of capacity, the sub-markets include 20-25 liters, 26-30 liters, and above 30 liters.
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The report provides profiles of the companies in the market such as Breville, LG Electronics Inc., Panasonic Corporation, Sharp Corporation, GE Appliances, Samsung, Candy Hooper Group Srl, Haier, Inc., Tovala, and Other companies.
Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the smart oven.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.