Smart Ovens Market is expected to foresee significant growth during the forecast period. North America to witness the highest growth
- September 25, 2021
- CONSUMER GOODS, NEWS
- Smart Ovens Market, Smart Ovens Market trend
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Global Smart Ovens Market is expected to reach the market valuation of USD XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from USD XX million in 2020. Smart Ovens are becoming increasingly popular as a result of rising health concerns about sugar consumption and questions about the safety of some non-nutritive artificial sweeteners.
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Smart ovens are the next generation of kitchen equipment that can receive, analyse, and transfer data via smartphones. Smart ovens are electric microwaves with Bluetooth or Wi-Fi capabilities. Smart ovens are linked to other devices or an app. Consumers may operate and regulate smart ovens remotely using the 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
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The COVID-19 pandemic has caused disruption in supply chain worldwide. This has had a profound impact on Smart Ovens. The rising spread of the virus led to strict lockdown restrictions across many countries around the globe. The rising spread of the virus led to strict lockdown restrictions across many countries around the globe. The supply chain and logistics were harmed as a result of the closing of borders across numerous countries. For instance, according to RetailNext in 2020, 32% of global merchants had minor impact, while only 12% of retailers globally experienced severe disruption as a result of the pandemic. It has resulted in significant disruptions to businesses and economic activities globally and is expected to have a short-term negative impact on the Smart Ovens market due to limited or non-availability of raw material transport and disruption in service providers. This aspect led to a decrease in the growth rate of the smart ovens market. The food and beverage industry, on the other hand, was excluded from the lockdown limitations. As a result, there were only minor growth hiccups during the rigorous lockdown period. However, as per the US Department of Agriculture (USDA), food-at-home spending (food purchased from supermarkets, convenience stores, warehouse club stores, supercenters, and other retailers) increased from USD 808.0 billion in 2019 to USD 876.8 billion in 2020, due to lockdown. This trend increased the demand for smart ovens at home.
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Based on type, the market is fragmented into into built-in and countertop. The countertop segment dominated the market in 2020 and generated total revenue of USD XX million. It is anticipated to maintain its its varied functional properties, cost effectiveness, and its sleek design leading to its dominance in the global market.
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Based on the connectivity, the market is fragmented into Wi-Fi, NFC (Near Field Communication), Bluetooth, IoT, and others. The Wi-Fi segment dominated the market in 2020 and generated total revenue of USD XX million. It is anticipated to maintain its dominance during the forecast period owing to its increasing adoption in home.
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Based on the application, the market is fragmented into residential and commercial. The residential segment dominated the market in 2020 and generated total revenue of USD XX million. It is anticipated to maintain its dominance during the forecast period owing to the increased cooking at home due to lockdown.
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Based on the sales channel, the market is fragmented into online and offline. The offline segment dominated the market in 2020 and generated total revenue of USD XX million.
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Based on end-users, the market is fragmented into restaurants, gourmet cafes, confectionary stores, bakeries, and others. The restaurants segment dominated the market in 2020 and generated total revenue of USD XX million. It is anticipated to maintain its dominance during the forecast period because of the increasing per capita expenditure of consumers on food.
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Additionally, the report provides detailed initiatives that are being taken in the field of Smart Ovens. The market is classified into distinct regions 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 busy lifestyle of consumers and increasing demand for energy efficient devices.
Major key players include Electrolux, Whirlpool, GE(Haier), Bosch, Panasonic, SANYO, Siemens, Samsung, Emerson, LG 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 develop Smart Ovens.
Global Smart Ovens Market Segmentation
Market Insight, by Type
Market Insight, by Connectivity
- NFC (Near Field Communication)
Market Insight, by Application
Market Insight, by Sales Channel
- Offline Channel
- Online Channel
Market Insight, by End-Users
- Gourmet Cafes
- Confectionary Stores
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
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