Smart Ovens Market worth USD 572.14 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Smart Ovens Market by Type (Built-In, and Counter Top), by Sales Channel, Offline Channels, and Online Channels), by End User (Residential, and Commercial), and by Region - Global Trends, Market Share, and Forecast to 2027". The global smart ovens market was valued at USD 220.4 million in 2020 to USD 572.14 million by 2027, at a CAGR of 14.6% from 2021 to 2027. Increasing demand for premium and advanced kitchen appliances has witnessed higher growth in recent years. As a result, engaged stakeholders in the industry are launching voice-controlled smart ovens to cater for growing demand from tech-savvy consumers. Amazon has introduced the AmazonBasics microwave, which can be controlled with the Alexa. Furthermore, the product is a combination of an air fryer, convection cooker, food warmer, and microwave. The introduction of such technological advancements is anticipated to boost the demand for smart ovens.

Global Smart Ovens Market Segmentation

The overall smart ovens market has been segmented into type, sales, end user, and region.

• By Type (Built-In and Counter Top)
• By Sales Channel (Offline Channels and Online Channels)
• By End User (Residential and Commercial)
• By Region (US, Mexico, Canada, UK, Germany, Spain, France, Italy, China, India, Japan, South Korea, Southeast Asia, Australia, Saudi Arabia,  South Africa, Qatar, Nigeria, UAE Israel, Brazil, Argentina, Peru)

The offline channel, by component, is estimated to hold the largest market share during the forecast period.

On the basis of sales channels, the smart ovens market is classified into offline channels and online channels. Offline channel dominated the global smart ovens market in 2020, having a market revenue share of 88.5%, and will continue to retain its dominance throughout the forecast period. However, the online channel is estimated to grow with a higher CAGR during the forecast period.

Offline includes brick-and-mortar specialty stores. Specialty stores usually span over a large area and display a wide range of brands under one umbrella. In addition, they are specially incorporated with extensive product offerings and thus, offer high convenience and easy accessibility. Consumers find it easy to view different types of smart ovens and compare the same features and prices on offline channels. These channels also provide ease of purchase to its customers. They offer different types of smart ovens from various brands. An increase in retail sales channel penetration in developing nations has created new avenues for market growth.

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North America accounts for the largest market share during the forecast period.

Based on the regions, the global smart ovens market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 45% in the global smart ovens market. It was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific.

The North America smart ovens market is studied across the U.S., Canada, and Mexico. In terms of macroeconomic factors, the U.S. is the largest economy globally, in terms of GDP, with a greater degree of flexibility than business in Western Europe. Increasing health awareness among the North American population has led them to adopt healthy cooking practices to fulfill the nutrient needs of the body. This increasing trend is compelling manufacturers to develop technologically advanced smart ovens that can preserve food nutrients while cooking. Moreover, energy-efficient appliances are the need of the hour. Hence, smart ovens that consume less power are expected to contribute to the growth of the market. In addition, customers demand appliances that can be used for several purposes and are available at affordable prices. Hence, smart ovens are poised to gain significant traction, owing to their multiple functionalities and convenience.

Some of the major companies operating in the global smart ovens market are Samsung Electronics Co. Ltd., June Life Inc., Panasonic Corporation, LG Electronics, Qingdao Haier Co., Ltd. (Haier), Hitachi, Ltd, Whirlpool Corporation, Sharp Corporation, AB Electrolux.

Browse complete report: https://www.marketstatsville.com/smart-ovens-market

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