(MENAFN- GlobeNewsWire - Nasdaq) Selbyville, Delaware, June 19, 2023 (GLOBE NEWSWIRE) -- Smart Oven market is projected be worth more than USD 500 million by 2032 as per a recent study by Global Market Insights Inc. As per the study, the market growth is driven by a combination of technological advancements and the increasing demand for convenience in cooking appliances. Smart ovens, equipped with advanced features such as voice control, remote operation, and integration with smart home systems, have gained substantial popularity among consumers seeking efficiency and ease in their daily cooking routines. Moreover, the recent adoption of Internet of Things (IoT) technology is helping the smart oven market growth. IoT-enabled smart ovens offer seamless connectivity and provide users with the ability to control and monitor their appliances remotely. This feature has significantly contributed to the growing popularity of smart ovens among tech-savvy consumers, who appreciate the convenience and flexibility it offers in their modern lifestyles.
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Rising trend of smart home to favor product adoption in residential sector
Based on end-use, the market is classified into residential and commercial. The smart oven market share from residential segment will showcase progress during 2023 and 2032. With the increasing number of households worldwide and the growing trend of smart homes, consumers are actively seeking hi-tech appliances. Smart ovens offer features like pre-programmed cooking modes, automatic temperature adjustment, and recipe suggestions, making them an attractive choice for residential consumers looking to simplify their cooking experience. The ability to control the oven remotely through smartphone applications also adds to the appeal, allowing homeowners to monitor & adjust their cooking settings while being away from the kitchen.
Dominant position of offline retail to boost market revenues
Considering distribution channel, the industry is divided into online and offline. The smart oven market size from offline channels will grow significantly through 2032, as retail outlets still remain a dominant force in the consumer electronics sector. The availability of a wide range of products, personalized assistance from sales representatives, and the opportunity to physically experience the product before purchase are some of the factors driving the offline sales. Moreover, partnerships between smart oven manufacturers and retail giants have facilitated wider market reach and increased product visibility, further boosting sales through offline channels.
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Improving economic status to fuel APAC industry growth
Asia Pacific smart oven market will garner massive revenues by 2032, owing to rapid urbanization, rising disposable incomes, and a growing middle-class population in the region. Countries such as China, Japan, South Korea, and India are at the forefront of this growth, driven by a combination of factors such as technological advancements, changing lifestyles, and increased consumer awareness. Furthermore, government initiatives promoting smart city development and the integration of smart technologies are creating a favorable environment for the smart oven industry to thrive in the region.
Smart Oven Market Players
Samsung Electronics Co., Whirlpool Corporation, BSH Home Appliances Group (Bosch, Siemens, Neff), Miele, Sharp Corporation, Panasonic Corporation, Breville Group Ltd., Tovala, General Electric (GE Appliances), Anova Culinary, Electrolux AB, June Life Inc., Haier Group, LG Electronics, and Brava Home Inc.
Smart Oven Industry News:
In Feb 2023, Tovala, renowned for its groundbreaking countertop smart oven and convenient meal delivery service, introduced Tovala Smart Oven Air Fryer. The product launch was a part of portfolio expansion strategy for their range of cloud-connected smart ovens.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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