What is Smart Ovens Market?
Increasing demand for smart appliances, more and more people are engaged in using house equipment with their smart counterparts. Nowadays, smart oven is widely used in the kitchen. There are various advantages of using smart ovens such as have an efficient energy consumption system, early alerts to operating issues and others. Rising urban population, increasing demand for trendy kitchen appliances and growing demand for Wi-Fi connectivity in ovens are projected to drive the global smart ovens market over the forecast period.
The market study is being classified by Type (Single Function Smart ovens and Multiple Function Smart ovens), by Application (Household and Commercial) and major geographies with country level break-up.
Electrolux AB (Sweden), The Whirlpool Corporation (United States), General Electric Company (United States), Robert Bosch GmbH (Germany), Guangdong Galanz Group Co., Ltd. (China), Midea Group (China), Panasonic Corporation (Japan), Sanyo Electric Co., Ltd. (Japan), Siemens AG (Germany) and Breville (Australia) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Samsung (South Korea), Sharp Corporation (Japan), Kenmore (United Kingdom), Emerson Electric Co. (United States) and LG Electronics Inc. (South Korea).
The market is highly fragmented with the presence of local and regional players operating in the market. Some of the major players operating in the market are Electrolux AB (Sweden), The Whirlpool Corporation (United States), General Electric Company (United States), Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), Siemens AG (Germany), among others. Research Analyst at AMA predicts that Japan Players will contribute to the maximum growth of Global Smart Ovens market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Smart Ovens market by Type, Application and Region.
On the basis of geography, the market of Smart Ovens has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Smart ovens are widely used in urban areas, as they are highly aware to use smart oven products. For instance, as per an article published by World Urbanization Prospects, in 2018, China had the largest urban population, with more than 837 million urban dwellers, which hold for more than 20% of the global total. Therefore, an increase in the urban population will affect the growth of the market.
Market Trend
- Various technological advancements in smart ovens such as built-in cameras, steel probe and others are some of the major trends of the market.
Restraints
- Stringent Rules and Regulation
Opportunities
- Increasing Number of Consumer in the APAC Region
Challenges
- In case it gets badly broken, the repair cost of the smart oven will very high. It could be a challenge for market growth.
In 2017, the Haier Company has launched a smart cooking microwave oven series made for India. Therefore, this launched will increase the product portfolio of the company.
Key Target Audience
Smart Ovens Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others