Smart Oven Market Size, Share, and Industry Analysis By Structure (Built-in and Countertop), By Application (Residential and Commercial), By Distribution Channel (Retail Outlets/Offline and E-commerce/Online), and Regional Forecast till 2032

The global smart oven market is witnessing significant growth driven by rising consumer inclination toward smart homes. Smart ovens are technologically advanced kitchen appliances that are connected to the home‘s Wi-Fi. These ovens can be controlled through voice commands with virtual assistants such as Google Home or Alexa and they can also be controlled with a smartphone. Furthermore, smart oven have various features such as scan-to-cook technology, automatic updates, and real-time notifications.

The COVID-19 pandemic has negatively impacted the global market. The implementation of lockdown practices globally, a complete shutdown of restaurants and hotels, supply chain restrictions, employment & labor issues, lack of availability of raw materials, restrictions on the movement of goods, and others are the factors that adversely impact the growth of the market.

Smart Oven Market Driver

Surge in Consumer Interest in Smart Homes to Boost Market Growth

The increase in consumer interest in smart home automation with the help of technologies such as the internet of things (IoT) and artificial intelligence (AI) in every aspect of living space drives the product demand. The integration of smart kitchen appliances such as smart ovens, smart dishwashers, smart cookware, and smart refrigerators with the smart home system enables seamless control and automation. Furthermore, the rising compatibility of smart appliances with Alexa or Google Assistant, along with real-time monitoring, automatic shut-off, and precise temperature control features, drives the global market growth.

Smart Oven Market Restraint

High Cost of Smart Kitchen Appliances to Restrain the Market Growth

The integration of advanced technology and exclusive raw materials for smart appliances enhances the cost of the product. The high cost of smart appliances makes the product unaffordable for many households, especially in developing countries; high cost limits the sales volume and also results in losing loyal customers. Furthermore, the high price of products builds opportunities for competitors to provide more affordable products and also slows retail sales, leading to a rise in costs for inventories and storage management. Thus, the high cost associated with smart appliances such as smart ovens and refrigerators may restrain market growth.

Smart Oven Market Opportunity

Easy Availability of Smart Oven in E-commerce Platform to Favor Market Expansion

The increase in the availability of smart ovens in e-commerce platforms by manufacturers such as Haier Inc., LG Electronics, Panasonic Corporation, and SAMSUNG drives the product demand. The increase in the adoption of smartphones and the growing manufacturer's investment in optimizing their e-commerce websites and apps for mobile devices resulted in providing a smooth and user-friendly online shopping experience.

According to the Global System for Mobile Communications (GSMA), the percentage of smartphone connection was 78% and it is expected to reach 91% by 2030. Thus, the surge in the availability of the smart oven in e-commerce platforms, along with the growing number of smartphone users globally, further fuels the market growth.

Segmentation

Key Insights

The report covers the following key insights:

• Overview of the Global Market
• Supply Chain & Regulatory Analysis
• SWOT Analysis
• Porter's Five Forces Analysis
• Recent Industry Advancement

Analysis by Product

Based on product, the market is divided into built-in and countertop.

The built-in segment holds a major market share owing to features such as convection cooking, multiple cooking modes, and self-cleaning. The built-in smart oven provides a modern and aesthetic appearance in the smart kitchen, which further boosts product demand throughout the forecast timeframe.

The countertop segment is projected to grow at the highest CAGR during the forecast period. The countertop smart oven provides various benefits, such as faster cooking times, energy efficiency, more control, and convenience.

Analysis by Application

On the basis of application, the smart oven market is segmented into residential and commercial.

The residential segment dominates the market owing to a surge in consumer interest in modern lifestyles and increasing consumer inclination toward using high-tech kitchen appliances, especially in developing countries such as India, Vietnam, China, and Brazil.

The commercial segment is anticipated to grow at the highest CAGR during the forecast period as it helps hotels and restaurants achieve operation efficiency, deliver great food quality, and reduce costs.

Analysis by Distribution Channel

Based on distribution channel, the market is bifurcated into retail outlets/offline and e-commerce/online.

The retail outlets/offline segment holds a major smart oven market share owing to the availability of a wide range of products at competitive pricing under a single roof.

The e-commerce/online segment is anticipated to grow at a decent CAGR during the forecast period. The availability of price comparison features, convenient and time-saving shopping methods, online payment options, and free shipping are the factors driving the segment growth.

Regional Analysis

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Based on region, the global market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

The Asia Pacific region dominates the global market. The increasing number of hotels & restaurants, growing urbanization, surge in the trend of smart homes, and rising working population are the key factors fueling the growth of the market.

The North America market is poised to grow at a decent CAGR during the forecast timeframe. This is owing to the rising demand for energy-efficient, Wi-Fi connectivity, Bluetooth, and voice-activated controls smart ovens.

Key Players Covered

• Whirlpool (U.S.)
• Sub Zero Wolf (U.S.)
• SHARP CORPORATION (Japan)
• Haier Inc. (China)
• LG Electronics (South Korea)
• Panasonic Corporation (Japan)
• SAMSUNG (South Korea)
• AB Electrolux (Sweden)
• BSH Home Appliances Group (Germany)
• Breville Pty Limited (Australia)

Key Industry Developments

• In July 2024, LG Electronics, a South Korea-based manufacturer, announced the launch of a fresh range of microwave ovens featuring advanced technologies and modern designs.
• In February 2021, SHARP CORPORATION, a Japan-based manufacturer, announced the launch of a Smart Convection Microwave Drawer Oven at the Kitchen & Bath Industry Show.