Industry Background:
Electric ovens are the most common home appliance that works using heating elements placed on the walls of the oven. They are cheaper than gas ovens that make up the majority of the market. They are easy to clean, easy to use as well as easy to cook which makes them ideal for baking and frozen pizzas. They are of two types including conventional electric oven and convection electric oven. The conventional electric oven heats from the bottom up and the convection electric oven circulates warm air from the back via a fan. Convection electric ovens use about 20% to 30% less energy than conventional electric ovens.This growth is primarily driven by High Benefits of the Electric Ovens such as Ease of Use and Cost-Effective
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Attributes | Details |
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Study Period | 2019-2029 |
Base Year | 2023 |
Forecast Period | 2022-2029 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Consumer Goods sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as GE Appliances (United States), Whirlpool Corporation (United States), Frigidaire Appliance Company (United States), KitchenAid (United States), Robert Bosch Home Appliances (Germany), Siemens AG (Germany), Samsung Group (South Korea), Haier Group Corporation (China), Panasonic (Japan) and Teltech (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In January , 2018 GE Appliances, a Haier company, is making a bold and strategic move from a branded house to a house of brands, giving Monogram®, GE Café™, GE®, GE Profile™, Haier and Hotpoint their own identities among the owner segments they were crafted to serve.
In March, 2023 GE Profile™ continues to change the way we look at appliances with the introduction of the Smart Oven with No Preheat. Innovative Zero Preheat Technology makes it the first and only countertop oven with no preheat for all modes1, directly targeting food so the optimal temperature is reached more quickly without having to wait around for the oven to warm up. On top of this, it leads others in the industry with temperatures that reach up to 500°F, which are ideal for foods like pizza or a high-heat roast.The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations.
Influencing Trend:
Robust Increase in the Distribution Channels and Increased Number of Online Customers
Market Growth Drivers:
High Benefits of the Electric Ovens such as Ease of Use and Cost-Effective and Increased Disposable Income of the People in Developing Countries
Challenges:
Increasing Competition in the Market
Restraints:
Sower Cooking Compared to Gas Ovens
Opportunities:
Growth in the E-commerce Industry Worldwide and Growing Demand from Emerging Markets
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Electric Oven Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Electric Oven Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Electric Oven players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Electric Oven Study Sheds Light on
The Electric Oven Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Electric Oven industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Electric Oven industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.