NEW YORK, March 19, 2024 /PRNewswire/ — The smart oven market is estimated to grow by USD 272.65 million from 2022 to 2027, growing at a CAGR of 14.02%. The smart oven market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer smart oven market are Alto Shaam Inc., Brandt Group, Electrolux AB, General Electric Co., Haier Smart Home Co. Ltd., Hitachi Ltd., JS Global Lifestyle Co. Ltd., LG Electronics Inc., Maestro Food Co., MIDEA Group Co. Ltd., Miele and Cie. KG, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smeg S.p.a., Weber Stephen Products HK Ltd., Whirlpool Corp., Breville Pty Ltd, GoWISE USA, and Panasonic Holdings Corp.
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- Electrolux AB – The company offers smart ovens such as the joule oven air fryer pro, the smart oven air fryer pro, and the smart oven air fryer.
- General Electric Co. –The company offers smart ovens with Google voice integration such as CamCook for smartphones, consumers simply have to take a photo of their dish with a smartphone, and the app will set the oven to bake it just right.
- Haier Smart Home Co. – The company offers smart ovens such as smart wall oven, smart slide in, and freestanding ranges.
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.02% |
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Market growth 2023-2027 |
USD 272.65 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
13.55 |
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Regional analysis |
North America, Europe, APAC, South America, the Middle East, and Africa |
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Performing market contribution |
North America at 37% |
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Key countries |
US, China, Japan, Germany, and the UK |
By Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa. North America will have the largest share of the market.
- North America is estimated to account for 37% of the global market growth during the forecast period. The smart oven market in North America was the second-largest contributor to global sales, mainly due to high consumer awareness about the benefits of the appliances in 2022. Further, favourable infrastructure, including Internet penetration and the adoption of smart homes, further help in expanding the demand for smart cooking appliances in the region.
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Market Segmentation
- The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel includes hypermarkets, convenience stores, clubhouse stores, speciality stores, and department stores. The transformation in consumer choice for shopping on e-commerce or online platforms has led to a gradual decrease in sales via offline distribution channels. Companies are directing their sales through local retail entities to drive sales through offline channels.
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TOC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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SOURCE Technavio
