Smart Ovens Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Smart Ovens Market was valued at US$ 223.7 Million in 2020 and is anticipated to reach US$ 562 Million by 2027 displaying an elevated CAGR of 15.4 over the forecast period (2021-2027). Smart ovens are the next generation of kitchen appliances with improved functionality for receiving, analyzing, and transmitting data via smartphones. Smart ovens are electric range of microwaves that include Bluetooth or Wi-Fi. Smart ovens are connected to devices or a companion app. The companion app allows consumers to control and regulate smart ovens remotely. It can also be used to set automatic functions. Voice controls and smart home devices connected smart ovens have been introduced in recent years

Furthermore, increasing cases of obesity especially among young children is the major driving factor for increased adoption natural sweeteners as table sugar alternatives. For instance, as per WorldAtlas, in 2019, 38 million children below the age of five were either obese or overweight. Moreover, obesity is responsible for close to 5 million deaths annually, or 8% of the global deaths in 2017, representing a 3.5% increase from 4.5% in 1990. However, the proportion varies across different continents. In 2017, over 15% of the deaths were attributed to obesity across North Africa, Eastern Europe, Latin America, and Central Asia because of its high prevalence. This has led to shift in preference of consumers from conventional cooking towards less time-consuming healthy cooking. This trend has been boosting the demand for smart ovens.

Furthermore, connecting billions of people worldwide, the internet is a core pillar of the modern information society. In 2019, the number of internet users worldwide was 3.97 billion, up from 3.74 billion in the previous year. The global internet penetration rate is 59.5%, with Northern Europe ranking first with a 96% internet penetration rate among the population. The countries with the highest internet penetration rate worldwide are the UAE, Denmark, and Sweden. At the opposite end of the spectrum is North Korea with virtually no online usage penetration among the general population, ranking last worldwide. As of 2020, Asia was the region with the largest number of online users – over 2.5 billion at the latest count. Europe was ranked second with almost 728 million internet users. This trend has eased the connectivity of smart appliances with smartphones and has been boosting the demand for smart ovens.

Internet Users Worldwide, in millions

Electrolux, Whirlpool, GE(Haier), Bosch, Panasonic, SANYO, Siemens, Samsung, Emerson, LG; etc. are some of the prominent players operating in the global Smart ovens market. Several M&A’s along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst type, countertop segment holds the major share”

Based on type, the global smart ovens market is segmented into built-in and countertop. The countertop segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to increased adoption of smart appliances in household has also been boosting the market for smart ovens. For instance, as per Safe Smart Living in 2021, America has a market volume of around USD 23 billion up 15% from the previous year. China follows closely with a USD 12.9 billion market share. Japan comes in third with a market volume of USD 4.9 billion.

“Amongst connectivity, Wi-Fi is anticipated to grow at the highest CAGR during the analyzed period”

Further based on connectivity, the market is divided into Wi-Fi, NFC (Near Field Communication), Bluetooth, IoT, and others. In 2020, Wi-Fi accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period owing to its easy, wireless, and multiple connectivity features.

“Amongst application, Wi-Fi is anticipated to grow at the highest CAGR during the analyzed period”

Further based on application, the market is divided into residential and commercial. In 2020, residential accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period owing to its easy, wireless, and multiple connectivity features. People are looking to eat more healthy and balanced diets, perhaps motivated by the higher risks of complications and fatality posed by COVID-19 to those overweight or obese, as announced by Public Health England. As a result, 37% of people say eating immunity boosting foods has become more of a priority since the start of the lockdown, as per Mintel

 “Amongst sales channel, offline segment is anticipated to grow at the highest CAGR during the analyzed period”

Based on sales channel, the market is fragmented into sales channel, the market is fragmented into online and offline. In 2020, offline sales channel segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period as through offline sales customers can easily analyze the functionality & features of the product.

“Amongst end-user, Wi-Fi is anticipated to grow at the highest CAGR during the analyzed period”

Further based on end-users, the market is fragmented into restaurants, gourmet cafes, confectionary stores, bakeries, and others. In 2020, restaurants accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period owing to the increase per capita spending of consumers on food has increased the frequency of the consumers for going out and trying different restaurants. For instance, Japan has the highest per capita spending on food that is USD 4417.5 per person followed by followed by Australia, Canada, and France with per person spending of US$ 3,003.6, US$ 2986.9, and US$ 2983.4, respectively.

“North America signifies one of the largest markets of Smart ovens Market”

For a better understanding of the market dynamics of the Smart ovens market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the presence of large number cafes and shops of bakery, confectionery, convenience food, and packaged food products. For instances, the US bakery industry is a huge business, making up 2.1% of the gross domestic product, according to the American Bakers Association.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Smart ovens Market were the three major steps undertaken to create and analyze the adoption of Smart ovens due to increased demand for energy efficient devices. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Smart ovens sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Smart ovens through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Smart ovens market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are type, connectivity, application, sales channel, and end users. Further country-level analyses were conducted to evaluate the overall adoption of Smart ovens in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Smart ovens. Further, we conducted factor analysis using dependent and independent variables such as increasing demand for healthy diet and the growing population. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Smart ovens industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Smart ovens market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Smart ovens across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Smart ovens market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Smart ovens market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, connectivity, application, sales channel, and end users of the Smart ovens market.

Main Objective of the Smart ovens Market Study

The current & future market trends of Smart ovens were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Smart ovens in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, connectivity, application, sales channel, and end users
• Define and analysis of the regulatory framework for the Smart ovens industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Smart ovens market for the major region
• Major regions studied in the report include North America (the United States, and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and Rest of the World
• Company profiles of the Smart ovens market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry