Smart Oven Market is Accelerating at 20.5% CAGR to Cross US$ 1.89 Billion by 2033

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Global sales of smart ovens are expected to reach US$ 1.89 billion by the end of 2033, growing at a strong compound annual growth rate (CAGR) of 20.5%, according to Fact.MR, a market research and competitive intelligence service.

The rising demand for smart appliances in contemporary homes is driving a considerable growth in the smart oven industry. With their advanced features and networking capabilities, smart ovens allow users to simplify cooking and completely change the way they prepare food.

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Modern technologies like voice control, improved sensors, Internet of Things (IoT) connectivity, artificial intelligence (AI), and others are integrated into smart ovens to improve user experience and cooking performance. These ovens’ AI algorithms allow them to autonomously modify the temperature, cooking time, and other parameters according to the kind of food being cooked, guaranteeing accurate and reliable results. With the help of smartphone apps and Internet of Things connectivity, users can remotely operate the oven and pre-heat, monitor, and modify cooking settings while on the go.

Energy efficiency is a major issue for both manufacturers and consumers. When it comes to energy efficiency, smart ovens are made differently from ordinary ovens. Their capacity to modify the temperature and cooking time contributes to the reduction of energy waste. To further optimize energy usage, customers can take advantage of off-peak electricity costs by scheduling cooking times in advance.

Main Points of the Market Analysis

  • 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.

According to a Fact.MR analyst, manufacturers are creating specialized mobile applications that work in tandem with smart ovens to improve the whole cooking experience.

Competitive Environment

Prominent manufacturers of smart ovens are making significant investments in R&D to improve the attributes of their products and make them more affordable. To increase revenue, they are also concentrating on partnerships and acquisitions. Cross-promotion, packaged product offerings, and increased market awareness are all possible outcomes of partnerships.

  • 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.

Important Businesses Featured

  • 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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Germany’s Smart Oven Sales Performance

Manufacturers place a high value on technological advancements and innovation.

It is anticipated that the German market for smart ovens would expand significantly, with a Compound Annual Growth Rate (CAGR) of 15% projected to be reached by 2033. This spike in demand is being driven by a shift toward smart home products that are seamlessly integrated and in line with current lifestyles. Among these items, German consumers are especially interested in adding smart ovens.

Important market participants like Robert Bosch and BSH Hausger te GmbH greatly aid in the expansion of the German market. Germany’s well-established status as a center for technological developments serves to support this expansion. The nation’s status as a leader in innovation-driven industries contributes significantly to customers’ growing demand for smart ovens.

Germany is known for its engineering prowess and for having a robust climate that supports R&D projects. This makes the country an ideal place to incubate cutting edge technology. This strong ecosystem serves as further support for the growing demand for smart ovens, positioning the country as a key actor in determining the direction of smart appliance adoption.

More Beneficial Information Provided

With its latest product, Fact.MR offers a dispassionate evaluation of the worldwide smart oven market, showcasing demand data from 2018 to 2022 historically as well as projections for 2023 to 2033.

Across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA), the study provides crucial insights into 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).

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