According to the report published by Allied Market Research, the global smart ovens market generated $169.8 million in 2018, and is estimated to reach $501.4million by 2026, registering a CAGR of 14.6% from 2019 to 2026. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Advancement in smart ovens features to usher market expansion, technological innovations in smart ovens, and increasing demand for ready to eat food drive the growth of the global smart ovens market. However, availability of cost-effective counterparts restrains the market growth. Furthermore, expanding into developing countries by creating product awareness, voice control smart ovens to gain wide traction in the upcoming years are expected to provide new growth opportunities for the market player in near future.
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- Smart ovens manufacturing companies have been affected to a greatextent due to disrupted supply chain during Covid-19 outbreak.
- In addition, the major distribution channels for smart ovens including specialty stores and malls have been closed amid lockdown.
- Due to this, buying behavior of consumers hasbeen changed as they now prefer buying smart ovens on e-commerce platforms.
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The report offers a detailed segmentation of the global smart ovens market based on product type, end user, sales channel, and region.
Based on type, the counter top segment contributed to the largest share in 2018, accounting for more than two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, the segment is estimated to portray the highest CAGR of 15.1% during the forecast period.
Based on application, the residential segment accounted for the largest share in 2018, holding more than two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, the segment is expected to register the highest CAGR of 15.0% from 2019 to 2026.
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Based on region, North America contributed to the highest share, accounting for more than one-fourth of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 16.6% from 2019 to 2026.
Leading market players analyzed in the research include June Life Inc., LG Electronics, Panasonic Corporation, Samsung Electronics Co. Ltd., Qingdao Haier Co., Ltd. (Haier), Hitachi, Ltd, Whirlpool Corporation, Sharp Corporation, AB Electrolux, and Tovala.