Smart Ovens Market

Global Smart Ovens Market Size (2024 to 2029)

The size of the global smart ovens market was valued at USD 267.92 million in 2023. The global market size is further expected to be worth USD 690.80 million by 2029 from USD 313.74 million in 2024 by registering a CAGR of 17.1% from 2024 to 2029.

The awareness regarding smart ovens among people is growing considerably. The usage of smart ovens has seen a spike in the recent years. The understanding of people regarding the benefits of using smart ovens has improved tremendously. Smart ovens enhance the cooking experience of people. People can integrate Wi-Fi into the smart ovens to control them remotely and get access to a variety of features such as voice control and cooking notifications to further have a hassle-free cooking experience.

Global Smart Ovens Market Drivers:

Technological advancements such as IoT are primarily driving the growth of the smart ovens market. Over the last two years, the demand for smart ovens has seen a boom due to continuous technical advancements. Recent advances are aimed toward sensor technology developments, enabling innovative adaptive systems focused on safety. The global smart ovens market is growing exponentially due to technological innovation and increasing demand for quick-making facilities. The changing lifestyle in the upcoming years will boost the market growth. A smaller number of international major market players are leading the market, and there is a chance for new entrants to enter the market. 

The urge for quicker and healthier food consumption boosts the demand for ovens, fueling the smart ovens market. In addition, the increasing use of the IoT (Internet of Things) through different home automation systems and home appliances is expected to drive enormous growth in the global smart oven market. The need for smart ovens has been fueled by people's changing lifestyles in developed nations. In addition, the global demand for smart ovens has increased because the demand for ready-to-cook and frozen food has increased.

An increase in the interest of people for smart home appliances, rising awareness among people regarding the connected kitchen devices and the energy-saving features of smart ovens are further fueling the growth rate of the global market.

Global Smart Ovens Market Restraints:

The increasing trend of traditional kitchen utensils in the market, on the other hand, has been one of the key issues limiting worldwide market growth. Furthermore, the high cost of smart ovens is also becoming a limiting factor for market growth in developing countries like India, Indonesia, and some African nations. The presence of traditional ovens with low prices in the market is a major challenge for the smart ovens market as the major global population is middle class, and they cannot afford the high price of smart ovens.

The adoption and awareness of the benefits of smart ovens are gradually increasing in several countries. However, still in many counties, the awareness of smart ovens is very poor in many countries, which is limiting the growth rate of the global market. Data security and privacy concerns and resistance from many people to adopt the new kitchen technologies are further impeding the global market growth.

Impact of COVID-19 on the global smart ovens market:

COVID-19 is a transferred virus that has impacted nearly every business. Therefore, its long-term consequences are expected to influence industry growth throughout the forecast period. The COVID-19 pandemic had a positive impact on the smart ovens market due to the close down of hotels and restaurants, residential use smart ovens sales recorded the highest rate during the pandemic, but commercial use products showed a decrease in sales. Furthermore, due to government restrictions, the offline segment showed a decline in sales due to the disruption of distribution and sales channels.

REPORT COVERAGE:

This research report on the global smart ovens market has been segmented and sub-segmented based on type, structure, end-user, capacity, distribution channel and region.

Global Smart Ovens Market - By Type:

• Single Function
• Multiple Function

The multiple-function segment accounted for 64.8% of the worldwide market share in 2022 based on type and is expected to grow promisingly during the forecast period. The multi-function smart ovens come with a wide range of cooking functions and capabilities. People are broadly attracted to the multiple smart ovens since these comprise different modes and can try various varieties of food. The growing demand from people for all-in-one kitchen appliances is one of the major factors driving the growth of the multiple-function segment in the global market. The attractive designs of multiple-function smart ovens and the integration of smart technologies are further contributing to the growth of the multiple-function segment in the global market.

The single-function segment is predicted to hold a considerable share of the worldwide market during the forecast period.

Global Smart Ovens Market - By Structure:

• Built-in
• Counter Top

By structure, the countertop segment is anticipated to grow at the highest CAGR by 2028. Countertops are less expensive and more compact than their rivals, resulting in a high acceptance rate, particularly in the home market. The cost-effectiveness and easy-to-install features of countertop smart ovens are majorly propelling the segmental growth. The demand for countertop smart ovens in the entry-level and mid-range kitchen appliances segment is growing rapidly and contributing to the segmental growth in the global market.

On the other hand, the built-in segment led the smart ovens market in 2022 and is expected to grow substantially during the forecast period. The rising interest of people for high-end and luxury kitchen installations is primarily driving the growth of the built-in segment in the global market. Technological advancements in compact built-in smart ovens is further fueling the growth rate of the segment in the worldwide market.

Global Smart Ovens Market - By End-User:

• Residential
• Commercial

By end-user, the residential segment dominated the market and accounted for 79.4% of the global market share in 2022. The domination of the residential segment in the global market based on end-users seems inevitable during the forecast period owing to the rapid adoption of smart ovens in residential settings. The residential segment is also expected to grow at the highest CAGR during the forecast period owing to the increasing demand for residential smart ovens. The COVID-19 pandemic has fueled the demand for residential smart ovens during the pandemic timeline due to the closedown of hotels and restaurants during the pandemic people are used to making food at home.

The commercial segment is estimated to grow at a steady CAGR in the global market during the forecast period.

Global Smart Ovens Market - By Capacity:

• 20-25 Liters
• 26-30 Liters
• 30 Liters and Above

Based on capacity, the 20-25 liters segment is anticipated to grow at the highest CAGR in the global market in the coming years. The 20-25 liters segment comes under residential use and the growing adoption of these smart ovens in residential settings is primarily propelling the growth of the 20 to 25 liters segment in the global market. In addition, high demand for basic entry-level ovens such as 20 to 25-liter smart ovens is another key factor contributing to the growth of the segment in the worldwide market.

Global Smart Ovens Market - By Distribution Channel:

• Offline Stores
• Online Stores

Based on the distribution channel, the offline store segment dominated the market in 2022 and is projected to grow substantially during the forecast period owing to the advantage of viewing the product in person and easy maintenance services.

On the other hand, the online segment is expected to showcase rapid growth during the forecast period due to the COVID-19 pandemic, and the rising e-commerce sector. Due to technological adaptations, the online store segment has been picking up the pace and is predicted to rise at a promising CAGR during the forecast period.

Global Smart Ovens Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

North America dominated the smart ovens market in 2022 and the domination of the North American region in the worldwide market is expected to continue throughout the forecast period due to rising urbanization in North American countries and adapting smart equipment at a faster rate. The presence of several key market participants in the North American region and increasing R&D activities to drive innovation in the market are further propelling the North American market. The U.S. led the smart ovens market in the North American region and the trend is likely to continue during the forecast period owing to the high penetration rate of smart home devices primarily.

The Asia Pacific market for smart ovens is predicted to be the fastest-growing region in the worldwide market during the forecast period. In the Asia Pacific region, the smart oven market offers significant development possibilities since most sales are projected to come from people acquiring ovens for the first time. In addition, the rising demand for electricity-efficient kitchen appliances and the trend for smart devices boost the APAC market growth. China occupied the major share of the APAC market in 2022 and is predicted to register healthy growth during the forecast period owing to the growing middle-class population and increasing focus of manufacturers of smart ovens to bring affordable products to availability.

Europe was the second largest regional segment in the worldwide market in 2022 and is estimated to grow prominently during the forecast period. The growing consumer interest in smart kitchen appliances and favorable initiatives from the governments of European countries to promote energy-efficient appliances are majorly driving the European market growth. Germany and the UK are predicted to account for the leading share of the European market during the forecast period.

In addition, South America, the Middle East, and Africa are growing at a moderate growth rate and are anticipated to rise at the same rate during the projection period. 

KEY MARKET PLAYERS:

Some of the major companies in the global smart ovens market include LG Electronics, Panasonic, Samsung Electronics, Sharp, Hitachi, June Life, AB Electrolux, Robert Bosch GmbH, Tovala, Techtronic and Whirlpool. There are just a few big companies and startups in the smart oven industry. However, to meet customer demands, key businesses are delivering novel goods with enhanced technology. The primary reason driving suppliers to acquire large market shares in the smart appliances market is technological advancements. As a result, the market will be propelled forward by constant product development and distinct value propositions in product offerings during the projection period.

RECENT HAPPENINGS IN THE MARKET:

• Panasonic recently partnered with Drop, one of the most popular smart kitchen platforms. Drop's assisted cooking recipe style was utilized to introduce microwave ovens as part of the cooperation.
• Hitachi announced a deal to buy ABB's power grids segment in December 2018. This acquisition would add to the company's range of energy network equipment.
• LG Electronics introduced the LG InstaView ThinQ Series, which includes Air Fry. Air fryer and LG's InstaView technology are combined with innovative recipes in such seamless packaging that encourages consumers to prepare healthful meals there in the comfort of their own homes.