Quadintel published a research report on the Smart Ovens Market. The study offers primary and secondary research and exhaustive global market analysis. In addition, the research report explores the parent industry and its strategic substances in detail.
The global smart ovens market size was US$ 241.4 million in 2021. The global smart ovens market is forecast to grow to US$ 672.14 million by 2030 by growing at a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The smart ovens market is forecast to observe an upsurge in consumer demand due to the growing number of technological innovations. In addition, the rising number of features aiming to enhance the safety of the technology and users will contribute to the growth of the smart ovens market.
The growing urban population and their changing needs will contribute to the growth of the smart ovens market. In addition, the growing hospitality industry will escalate the growth of the smart ovens market during the study period.
The growing prominence of smart ovens that can be operated through devices such as smartphones will benefit the market during the forecast period. Furthermore, growing developments and advancements will gain traction during the study period. various market players have introduced smart ovens enabled with Wi-Fi or Bluetooth connectivity features. Thus, it allows users to control some features of smart ovens using smartphones or smart speakers. Furthermore, some of the latest developments can be connected to digital platforms such as Yummly, prominent food and digital recipe platform. Thus, all of these factors will significantly propel the smart ovens market forward.
Growing disposable income and rising interest in cooking and baking will upsurge the demand for smart ovens.
The availability of cost-effective counterparts may limit the growth of the smart ovens market.
The Asia-Pacific smart ovens market is forecast to grow at the highest growth rate. It is owing to the presence of rising economies in the region. Growing disposable income and increasing interest in cooking and baking will contribute to the growth of the market. Furthermore, the increasing rate of the working population contributes to the growth of the microwave oven market. Growing hospitality sector and the presence of prominent industry players will also contribute to the growth of the smart ovens industry.
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COVID-19 Impact Analysis
Due to the wake of the COVID-19 pandemic, the demand for smart ovens declined abruptly. The pandemic forced people to not invest in luxury items and focus more on basic necessities. In addition, a broad percentage of the working population lost their jobs, which hampered the demand for smart ovens. The hospitality segment also witnessed a significant downturn in terms of revenue, which hampered the growth of the overall smart ovens industry.
Competitors in the Market
Samsung Electronics Co. Ltd.
June Life Inc.
Qingdao Haier Co., Ltd. (Haier)
AB Electrolux, Tovala
Other Prominent Players
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The global smart ovens market segmentation focuses on Type, Sales Channel, End-User, and Region.
By Type Outlook
By Sales Channel Outlook
By End User Outlook
By Regional Outlook
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
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What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East and Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
- Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
- the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report
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