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 : July, 2020 | Consumer Goods | PPT format

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.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

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

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.