A smart oven combines the functions of both a microwave and a traditional grill. It also offers better speed and convenience and has several automation features such as self-cleaning. The adoption of smart ovens has increased owing to the busier modern lifestyles that among customers. The demand is further augmented by the growing urbanisation around the world. Urban dwellers are often up-to-date with new technological developments and product releases hence more prone to purchasing home appliances. In addition to this, the food service industry is also flourishing as people are choosing to dine out at a greater rate than the past decades. This is further fueling the demand for advanced kitchen appliances such as smart ovens. These guiding forces are projected to create strong tailwinds in the global smart oven market in the years to come.
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Increased Deployment of IoT in Kitchen Appliances to Unfold Positive Dynamics in Smart Oven Market
Smart appliances in smart homes are built using the Internet of Things (IoT) technologies. They are interconnected via a communication network which can be accessed, monitored, and controlled remotely. Therefore, smart ovens can be connected via Bluetooth or Wi-Fi technologies is enabling users to preheat the oven before arriving home or remotely monitor the cooking process. These wireless devices in smart homes provide greater comfort, convenience, and security to the users. Furthermore, it offers greater flexibility and is highly cost-efficient. Hence the rising deployment of IoT in kitchen appliances is anticipated to unlock novel revenue opportunities for the global smart oven market throughout the forecast period.
Built-In Smart Oven to Gain Significant Prominence Owing to their Futuristic Design
With the growing urbanization and improving living standards, individuals are opting for more sophisticated home appliances. Such trends have also promoted the adoption of built-in smart ovens. It is gaining popularity due to positive consumer perception and ability of sumptuous cooking meals within minutes. Moreover, it has a seamless, sleek, and futuristic design. It also comes with useful features such as steam cooking, which enables users to cook healthy food items. As a result, the product has also become popular among health-conscious users with hectic schedules. Therefore, the growing adoption of these appliances is expected to instigate tremendous growth prospects for the global smart oven market.
North America to Remain at Vanguard with Rising Living Standards and Smart Home Trends
North America is expected to sustain its dominance in the smart oven market. This is attributed to the high living standards present across the market region. Additionally, the region's per capita income is also rising. This has led to a surge in the number of smart homes, in turn, increasing the demand for advanced home appliances such as smart ovens. Furthermore, relatively lower import tariffs in the region have enabled access to imported goods and smart devices. Various macro factors such as changing lifestyles and high employment rates are also an impetus to regional market growth.
Prominent Market Players
Some of the major players in the global smart oven market include Sharp Corporation, Electrolux AB, Panasonic Corporation, Breville Group Limited, Haier Group, LG Electronics Inc, and Samsung Electronics Co. Ltd.
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