Artificial Intelligence
Smart Oven Market is Accelerating at 20.5% CAGR to Cross US$ 1.89 Billion by 2033: Fact.MR Study
Rockville, Aug. 09, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a market research and competitive intelligence provider, the global Smart Oven Market is projected to expand at a robust CAGR of 20.5% and reach US$ 1.89 billion by the end of 2033.
The smart oven market is witnessing significant growth due to the increasing demand for smart appliances in modern households. Smart ovens are equipped with cutting-edge features and connected capabilities, enabling users to streamline their cooking experience and revolutionize the way they prepare meals.
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Smart ovens integrate state-of-the-art technologies, such as artificial intelligence (AI), Internet of Things (IoT) connectivity, voice control, and advanced sensors, to enhance cooking performance and user experience. With the help of AI algorithms, these ovens can automatically adjust cooking time, temperature, and settings based on the type of food being cooked, ensuring precise and consistent results. IoT connectivity allows users to control the oven remotely through smartphone apps, enabling them to preheat, monitor, and adjust cooking settings while on the go.
Energy efficiency is a significant concern for consumers and manufacturers alike. Smart ovens are designed to be more energy-efficient compared to traditional ovens. Their ability to adjust cooking time and temperature also helps in reducing energy wastage. Furthermore, the ability to schedule cooking times in advance allows users to take advantage of off-peak electricity rates, further optimizing energy usage.
Key Takeaways from Market Study
- The global smart oven market is valued at US$ 293.18 million in 2023.
- Sales of built-in smart ovens are predicted to rise at a CAGR of 21.5% from 2023 to 2033.
- Rising presence of tech-savvy consumers and growing awareness of connected appliances are driving the demand for smart ovens in the United States.
- The German market for smart ovens is projected to expand at a CAGR of 15% through 2033.
- Demand for smart ovens in Japan is forecasted to increase at a CAGR of 18.5% from 2023 to 2033.
“Manufacturers are developing dedicated mobile applications that pair with smart ovens to enhance the overall cooking experience,” says a Fact.MR analyst.
Competitive Landscape
Leading companies manufacturing smart ovens are investing substantially in research and development activities to enhance the features of smart ovens and offer them at a cost-effective price. They are also focusing on acquisitions and partnerships to earn more. Partnerships can lead to bundled product offerings, cross-promotion, and high market visibility.
- In February 2023, Tovala, a renowned company known for its innovative countertop smart oven, further expanded its line of cloud-connected smart ovens by launching the Tovala Smart Oven Air Fryer. This new gadget utilizes automated multi-mode cook cycles to achieve perfectly cooked food and is available in an elegant stone-grey design.
Key Companies Profiled
- Breville Group Ltd.
- BSH Home Appliances Corporation
- Candy Hoover Group Srl
- Dacor, Inc.
- Electrolux AB
- GE Appliances
- LG Electronics Inc.
- Samsung Electronics Co., Ltd.
- Sub-Zero Group, Inc.
- Tovala
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Performance of Smart Oven Sales in Germany
“Manufacturers Prioritize Innovation and Technological Advancements”
The demand for smart ovens in Germany is predicted to exhibit substantial growth, with an estimated Compound Annual Growth Rate (CAGR) of 15% until 2033. A shift towards seamlessly integrated smart home appliances aligning with modern lifestyles is propelling this demand surge. Among these appliances, smart ovens stand out as a particularly sought-after addition in German households.
Key industry players such as BSH Hausgeräte GmbH and Robert Bosch contribute significantly to the growth of the German market. This growth is reinforced by Germany’s established reputation as a hub for technological advancements. The country’s role as a pioneer in innovation-driven industries greatly fuels the increasing desire for smart ovens among consumers.
Renowned for its engineering expertise and a thriving environment that fosters research and development initiatives, Germany’s landscape is a fertile ground for the incubation of cutting-edge technologies. This robust ecosystem further underpins the escalating demand for smart ovens, making the nation a pivotal player in shaping the trajectory of smart appliance adoption.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global smart oven market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033
The study divulges essential insights on the market based on structure (built-in, countertop), connectivity (Bluetooth, Wi-Fi, NFC), capacity (20 to 25 liters, 26 to 30 liters, above 30 liters), application (residential, commercial), and distribution channel (online, offline), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).
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