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.

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.

Regional Analysis

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.

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.
Panasonic Corporation
LG Electronics
Qingdao Haier Co., Ltd. (Haier)
Hitachi, Ltd
Whirlpool Corporation
Sharp Corporation
AB Electrolux, Tovala
Other Prominent Players
Market Segmentation

The global smart ovens market segmentation focuses on Type, Sales Channel, End-User, and Region.

By Type Outlook

Built-In
Counter Top
By Sales Channel Outlook

Offline Channels
Online Channels
By End User Outlook

Residential
Commercial
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America