The Global Smart Ovens Market size is expected to reach $493.5 Million by 2026, rising at a market growth of 19.1% CAGR during the period. Smart ovens are next-generation kitchen appliances with specialized features for receiving, processing, and sharing information via smartphones. Smart ovens are electrical microwave systems that provide Bluetooth or Wi-Fi connectivity ease. Smart ovens can be attached to a smartphone or a companion app.
The companion app helps customers to remotely monitor and operate smart ovens. It can also be used to set up automatic functions. Voice commands and smart home apps related to smart ovens have been launched in recent years. Amazon Echo or Google Home helps users to monitor the voice of connected smart ovens. These ovens have all the features of conventional ovens, as well as extra settings and configurations.
The smart oven has experienced strong customer response primarily due to its high degree of accessibility and technological properties. It can be conveniently linked via NFC, Wi-Fi, or Bluetooth technologies to a range of other smart kitchen appliances, including smart chimneys, refrigerators, and so on. The smart oven can be connected to a number of other kitchen appliances and other room devices, such as media players, room lights, sensors, and so on.
Advancements in technologies, surge in demand for ready-to-eat food, and expansion strategies adopted by market players drive the growth of the global smart ovens market. However, the availability of cost-effective counterparts restrains the market growth. On the other hand, an increase in product awareness in developing countries and the popularity of voice control smart ovens present new opportunities in the industry.
As part of the COVID scenario, manufacturing activities have been stopped due to lockdown measures taken by many countries. Moreover, raw materials supply has been interrupted. R&D activities have been paused due to the unavailability of sufficient resources. As restaurants, hotels, and cafes have been closed down, the demand for smart ovens reduced significantly. However, the demand would increase as they restart their daily operations gradually.
As lockdown restrictions have been eased off in many countries, manufacturing activities have resumed with minimal presence of workers. Moreover, distribution activities have been restored.
Based on type, the countertop segment accounted for more than two-thirds of the total share of the global smart ovens market in 2019 and is estimated to continue to dominate throughout the period. This is due to the availability of compact, stylish, and energy efficient smart ovens that are equipped with advanced features.
Based on the sales channel, the offline channels segment accounted for the largest share of the global smart ovens market, contributing to more than five-sixths of the total market in 2020, and is estimated to maintain its leadership status throughout the period. This is attributed to ease in selection and surge in penetration of retail sales channels in developing economies. However, the online channels segment is expected to give stiff competition, owing to ease of accessibility and convenience along with the availability of discounts.
Based on region, North America accounted for the highest market share in 2020, accounting for nearly half of the global smart ovens market, and is expected to maintain its leadership status in terms of revenue by 2026. This is due to the adoption of healthy cooking practices, the development of smart ovens that can preserve nutrients of the food during cooking, and the availability of energy-efficient appliances. However, Asia-Pacific is estimated to portray the largest annual growth, owing to rise in the middle class and working population adopting smart ovens for their fast and convenient cooking features.