Global Smart Oven Market to Register 26% CAGR from 2016 to 2020: report

Published Date : Jul 17, 2018

Albany, New York, July 17, 2018: has recently announced the addition of the “Global Smart Oven Market 2016-2020,” report to its offerings. The report offers key insights about the global smart oven market along with a detailed reports of the factors affecting the growth of this market. Qualitative and quantitative insights on this market have also been presented through this research report. The major companies dealing in this vertical, coupled with their major contributions in this market, have also been mentioned in the study. Furthermore, an elaborate study on the chief opportunities, trends, and risk factors in the global smart oven market forms an integral part of the report.

According to the report, the global smart oven market is expected to exhibit an impressive CAGR of nearly 26% over the report’s forecast period. The rising penetration of high-speed internet across the globe is expected to be the key enabler of the rising adoption of connectivity-enabled products across enterprise, commercial, as well as residential sectors. The rising adoption of smart home applications and vast technological innovations observed in the field of smart appliances have also benefitted the increased proliferation of smart appliances that can be connected as well as monitored from remote settings with the help of devices such as smartphones. This increasingly popularizing trend of home automation is expected to prove to be one of the key factors driving the global smart ovens market over the next few years.

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In terms of geography, the smart microwave segment dominated this market and accounted for approximately 79% of the total market share in 2015. Smart microwave ovens are more suited for residential cooking purposes when compared to steam ovens, convection ovens, and wall ovens. The low cost of these ovens will result in its augmented adoption during the forecast period.

From a geographical standpoint, the report covers the market for smart ovens for regions such as Europe, Asia Pacific (APAC), North America, and Rest of the World (RoW). It is estimated that the market in North America is expected to emerge as the leading regional market for smart ovens over the report’s forecast period. Presently as well, the region dominates the global smart ovens market and is expected to exhibit a CAGR of nearly 27% over the report’s forecast period. The high preference of the population to devices with technologically advanced features such as LCD screens and Wi-Fi connectivity is expected to work in favor of the smart ovens market.

The report suggests that the global smart oven market features a competitive and largely diversified vendor landscape. However, as leading international vendors increase their focus on expanding their geographical outreach, the scenario is becoming increasingly tougher for regional players to compete with international players in terms of pricing, technology, and quality. Some of the leading companies in the market are Electrolux, Dacor, LG, Samsung, GE, Whirlpool, Panasonic, Haier, Sharp, and Bosch.

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