Smart Ovens Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

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Smart Ovens Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

Status : February, 2021 | Consumer Goods

Report Digest

Global Smart Ovens Market: Overview

Smart ovens have attracted the attention of wide range of population from developed and developing countries due to their unique feature that allows for their remote operation. The growing number of working women in worldwide population has pushed them to see various options that will permit them to cook food instantly in less time. Moreover, today’s millennial population is conscious about the eating habits. This alertness has triggered the need for smarter ways to cook healthy food.

Various product types in the smart ovens market are built-in smart ovens and countertop smart ovens. Furthermore, the key sales channels for these appliances are offline and online.

Global Smart Ovens Market: Growth Dynamics

Technological advancements in smart oven is one of the key drivers for the development of the market. The ability of smart ovens to receive, process, and transmit information using smartphones is one such technological advancements that have pushed the demand. Moreover, these products can connect with digital platforms such as Yummly, which offers more convenience to users in operating them distantly. For instance, the user can carry out various activities such as preheat, cook food according to instructed time, and switch the smart oven off on the instructed time using these digital platforms. In addition, the smart ovens market is projected to witness growth due to improved safety options incorporated in these appliances. The incorporation of advanced sensing technology in smart ovens shuns the possibility of kitchen fire, an occurrence which is mostly due to unmonitored cooking activities.

Furthermore, smart ovens can cook food in less time. At the same time, they maintain the high nutritional value of the food. These qualities have encouraged the majority of health conscious people across the world to use these products over other conventional methods to cook food. In addition to this, rise in number of people preferring the connected home appliances has triggered the demand for smart ovens. Moreover, the key quality of smart ovens of being energy efficient is opening the way for the development of global smart ovens market in emerging economies.

Global Smart Ovens Market: Notable Development

The global smart ovens market holds tremendous growth opportunities due to the innovations introduced by the market players in it. Some major companies have recently engaged in partnership activities to offer highly advanced kitchen appliances. For instance, LG recently announced that it is partnering with Tovala, which is a Chicago based startup. Through this partnership, smart ovens form LG will be able to scan the food using Tovala’s software. Such partnerships are projected to help in the expansion of the market growth.

Moreover, the market holds promising growth due to growing preference of worldwide population to use smart appliances. This trend is pushing numerous key companies to advance their products by incorporating cutting-edge technologies. For instance, Whirlpool lately announced the development of a smart and wire-free thermometer. The unique probes of latest thermometers by the firm allow monitoring the oven’s temperature as well as food in it with the help of Yummly mobile application.

Some of the important players in the global smart ovens market are

  • June Life Inc.
  • Sharp Corporation
  • AB Electrolux
  • Tovala
  • LG Electronics
  • Panasonic Corporation
  • Samsung Electronics Co. Ltd.
  • Qingdao Haier Co., Ltd. (Haier)
  • Hitachi, Ltd
  • Whirlpool Corporation

Global Smart Ovens Market: Regional Assessment

Among various key regions, Asia Pacific is expected to show promising growth in the smart ovens market. The key reason for this growth is said to be the increased use of technology-assisted appliances in this region. Moreover, various key companies in the region are taking initiatives to launch IoT-based smart ovens. In addition to this, smart ovens are easily available for online purchase, which is one of the most significant reasons boosting their demand.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

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

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?