The Global Smart Ovens Market size is expected to reach $1.1 billion by 2031, rising at a market growth of 14.5% CAGR during the forecast period. In the year 2023, the market attained a volume of 5,116.2 hundred Units, experiencing a growth of 15.2% (2020-2023).
Online shopping offers consumers the convenience of browsing and purchasing smart ovens from the comfort of their homes without needing to visit physical stores. Consumers can choose the delivery option that best suits their needs, ensuring a seamless shopping experience. Hence, the Online segment captured $143.7 million revenue in the market in the year 2023. In terms of volume, there were 1,857.3 hundred units of Smart Ovens were sold Online, globally. Online retail platforms use algorithms to provide personalized product recommendations based on consumer browsing and purchasing history. This helps consumers discover new smart oven options that align with their preferences and needs, increasing the likelihood of a purchase.
Smart ovens provide nutritional information and calorie tracking for recipes, allowing users to make informed meal decisions. This feature helps consumers track their calorie intake and make healthier food choices, contributing to their overall health and well-being. Smart ovens offer diet-specific recipe suggestions, including vegetarian, vegan, and gluten-free options and other dietary restrictions. This allows consumers to find recipes that align with their dietary preferences and restrictions, making it easier to maintain a healthy diet.
Additionally, Higher-income consumers are often early adopters of smart home technology. As the trend towards smart homes grows, smart ovens are becoming essential to modern kitchen design, appealing to consumers who value convenience, efficiency, and connectivity. Consumers with higher disposable income often prefer to invest in high-quality, premium home appliances. Therefore, due to above mentioned factors, the market is growing.
However, the high initial cost of smart ovens can be prohibitive for many consumers, particularly those on a tight budget. Affordability is a significant factor influencing purchasing decisions, and the high cost of smart ovens may deter potential buyers. Price-sensitive consumers may opt for traditional ovens over smart ovens due to their lower cost. Smart oven manufacturers may face a competitive disadvantage if their products are significantly more expensive than traditional ovens. Consumers may choose lower-cost alternatives, reducing market growth for smart oven manufacturers. Thus, high initial cost can slow down the growth of the market.
Type Outlook
By type, the market is bifurcated into counter-top and built-in. In 2023, the counter-top segment held 75% revenue share in the market. In terms of volume, 15,514.0 hundred units of Counter-top smart ovens are expected to be sold utilized by the year 2031. Counter-top smart ovens are easy to install and do not require any modifications to existing kitchen setups. Users can place them on their kitchen countertops and plug them into a power outlet, eliminating the need for professional installation.
Distribution Channel Outlook
On the basis of distribution channel, the market is divided into offline and online. The online segment garnered 38% revenue share in the market in 2023. In terms of volume, 6,599.5 hundred units of Smart Ovens are expected to be sold online by the year 2031. Online retail channels offer consumers the convenience of shopping for smart ovens anytime, day or night. With 24/7 availability, consumers can browse products, compare prices, and make purchases conveniently without being limited by store hours. Online retail platforms provide access to product reviews and ratings from other consumers, helping potential buyers make informed purchasing decisions.
End User Outlook
Based on end user, the market is classified into residential and commercial. The commercial segment acquired 32% revenue share in the smart ovens market in 2023. Also, 3,204.8 hundred units of Smart ovens are expected to be utilized for commercial use. Smart ovens save time and labor in commercial kitchens by automating various cooking tasks. Features such as pre-programmed cooking modes, recipe libraries, and remote monitoring allow chefs to prepare meals more quickly and efficiently, reducing the need for manual supervision.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region led the market by generating 37% revenue share. In terms of volume, 1,923.6 hundred units of smart Ovens were utilized in the year 2023. North America has witnessed a surge in demand for smart home appliances, including smart ovens. There is a growing trend towards healthy eating in North America, with consumers increasingly concerned about their diet and nutrition. Rising disposable income among consumers in North America has contributed to the growing demand for smart ovens.
Recent Strategies Deployed in the Market
- Apr-2024: LG Electronics revealed its brand-new Signature Kitchen Suite built-in oven, free zone induction hob, and downdraft hood. Featuring Advanced AI Technologies and Sleek Design, the company's expanded lineup of built-in appliances brings outstanding convenience and style to the kitchen.
- Aug-2023: LG Electronics partnered with ITC Foods, a diversified conglomerate, to provide customers a more convenient, healthier, and more versatile cooking experience. The LG Charcoal Healthy Ovens feature Wi-Fi connectivity and can be conveniently controlled through the LG ThinQ app. This functionality enables users to scan the barcode on an ITC Master Chef frozen food packet and effortlessly send the cooking instructions directly to the oven with just a touch of a button.
- Feb-2023: Samsung Electronics launched Series 7 Bespoke AI Oven. This cutting-edge appliance incorporates powerful and intelligent AI Pro Cooking technology, enabling it to create delicious meals tailored to users' specific dietary requirements. The Bespoke AI Oven features a sleek and minimalist design, complemented by a convenient auto-open door, enhancing both functionality and aesthetic appeal. The launch of the Series 7 Bespoke AI Oven reflects Samsung's commitment to delivering innovative solutions that elevate the cooking process while meeting the diverse needs of consumers.
- Feb-2023: Tovala introduced its Smart Oven Air Fryer, available in a sleek stone-gray finish. With the introduction of the Tovala Smart Oven Air Fryer, achieving crispier, best-in-class air frying results has never been easier - simply scan a QR code, and exceptional air frying is at your fingertips.
- Aug-2022: Panasonic launched wide range of products 4K and Smart TV portfolios, alongside a Smart line-up of Washing Machines powered by Miraie - an IoT enabled platform by Panasonic. Additionally, we offer a 30 Litre Microwave Oven featuring zero oil recipes and Monster Super Mixer Grinders equipped with Double Safety Lock for enhanced safety. Through these launches, the company focuses on achieving double-digit growth, bolstered by our comprehensive range of home appliances.
List of Key Companies Profiled
- LG Electronics, Inc. (LG Corporation)
- Whirlpool Corporation
- Sharp Corporation
- Hitachi, Ltd.
- Robert Bosch GmbH
- Panasonic Corporation
- Samsung Electronics Co., Ltd.
- Techtronic Industries Co., Ltd.
- Tovala
- June Life, Inc.
Global Smart Ovens Market Report Segmentation
By Type (Volume, Hundred Units, USD Billion, 2020-2031)
By Distribution Channel (Volume, Hundred Units, USD Billion, 2020-2031)
By End User (Volume, Hundred Units, USD Billion, 2020-2031)
By Geography (Volume, Hundred Units, USD Billion, 2020-2031)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Smart Ovens Market, by Type
- 1.4.2Global Smart Ovens Market, by Distribution Channel
- 1.4.3Global Smart Ovens Market, by End User
- 1.4.4Global Smart Ovens Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter's Five Forces Analysis
Chapter 4.Strategies Deployed in Smart Ovens Market
Chapter 5.Global Smart Ovens Market by Type
- 5.1Global Counter-top Market by Region
- 5.2Global Built-in Market by Region
Chapter 6.Global Smart Ovens Market by Distribution Channel
- 6.1Global Offline Market by Region
- 6.2Global Online Market by Region
Chapter 7.Global Smart Ovens Market by End User
- 7.1Global Residential Market by Region
- 7.2Global Commercial Market by Region
Chapter 8.Global Smart Ovens Market by Region
- 8.1North America Smart Ovens Market
- 8.1.1North America Smart Ovens Market by Type
- 8.1.1.1North America Counter-top Market by Region
- 8.1.1.2North America Built-in Market by Region
- 8.1.2North America Smart Ovens Market by Distribution Channel
- 8.1.2.1North America Offline Market by Country
- 8.1.2.2North America Online Market by Country
- 8.1.3North America Smart Ovens Market by End User
- 8.1.3.1North America Residential Market by Country
- 8.1.3.2North America Commercial Market by Country
- 8.1.4North America Smart Ovens Market by Country
- 8.1.4.1US Smart Ovens Market
- 8.1.4.1.1US Smart Ovens Market by Type
- 8.1.4.1.2US Smart Ovens Market by Distribution Channel
- 8.1.4.1.3US Smart Ovens Market by End User
- 8.1.4.2Canada Smart Ovens Market
- 8.1.4.2.1Canada Smart Ovens Market by Type
- 8.1.4.2.2Canada Smart Ovens Market by Distribution Channel
- 8.1.4.2.3Canada Smart Ovens Market by End User
- 8.1.4.3Mexico Smart Ovens Market
- 8.1.4.3.1Mexico Smart Ovens Market by Type
- 8.1.4.3.2Mexico Smart Ovens Market by Distribution Channel
- 8.1.4.3.3Mexico Smart Ovens Market by End User
- 8.1.4.4Rest of North America Smart Ovens Market
- 8.1.4.4.1Rest of North America Smart Ovens Market by Type
- 8.1.4.4.2Rest of North America Smart Ovens Market by Distribution Channel
- 8.1.4.4.3Rest of North America Smart Ovens Market by End User
- 8.2Europe Smart Ovens Market
- 8.2.1Europe Smart Ovens Market by Type
- 8.2.1.1Europe Counter-top Market by Country
- 8.2.1.2Europe Built-in Market by Country
- 8.2.2Europe Smart Ovens Market by Distribution Channel
- 8.2.2.1Europe Offline Market by Country
- 8.2.2.2Europe Online Market by Country
- 8.2.3Europe Smart Ovens Market by End User
- 8.2.3.1Europe Residential Market by Country
- 8.2.3.2Europe Commercial Market by Country
- 8.2.4Europe Smart Ovens Market by Country
- 8.2.4.1Germany Smart Ovens Market
- 8.2.4.1.1Germany Smart Ovens Market by Type
- 8.2.4.1.2Germany Smart Ovens Market by Distribution Channel
- 8.2.4.1.3Germany Smart Ovens Market by End User
- 8.2.4.2UK Smart Ovens Market
- 8.2.4.2.1UK Smart Ovens Market by Type
- 8.2.4.2.2UK Smart Ovens Market by Distribution Channel
- 8.2.4.2.3UK Smart Ovens Market by End User
- 8.2.4.3France Smart Ovens Market
- 8.2.4.3.1France Smart Ovens Market by Type
- 8.2.4.3.2France Smart Ovens Market by Distribution Channel
- 8.2.4.3.3France Smart Ovens Market by End User
- 8.2.4.4Russia Smart Ovens Market
- 8.2.4.4.1Russia Smart Ovens Market by Type
- 8.2.4.4.2Russia Smart Ovens Market by Distribution Channel
- 8.2.4.4.3Russia Smart Ovens Market by End User
- 8.2.4.5Spain Smart Ovens Market
- 8.2.4.5.1Spain Smart Ovens Market by Type
- 8.2.4.5.2Spain Smart Ovens Market by Distribution Channel
- 8.2.4.5.3Spain Smart Ovens Market by End User
- 8.2.4.6Italy Smart Ovens Market
- 8.2.4.6.1Italy Smart Ovens Market by Type
- 8.2.4.6.2Italy Smart Ovens Market by Distribution Channel
- 8.2.4.6.3Italy Smart Ovens Market by End User
- 8.2.4.7Rest of Europe Smart Ovens Market
- 8.2.4.7.1Rest of Europe Smart Ovens Market by Type
- 8.2.4.7.2Rest of Europe Smart Ovens Market by Distribution Channel
- 8.2.4.7.3Rest of Europe Smart Ovens Market by End User
- 8.3Asia Pacific Smart Ovens Market
- 8.3.1Asia Pacific Smart Ovens Market by Type
- 8.3.1.1Asia Pacific Counter-top Market by Country
- 8.3.1.2Asia Pacific Built-in Market by Country
- 8.3.2Asia Pacific Smart Ovens Market by Distribution Channel
- 8.3.2.1Asia Pacific Offline Market by Country
- 8.3.2.2Asia Pacific Online Market by Country
- 8.3.3Asia Pacific Smart Ovens Market by End User
- 8.3.3.1Asia Pacific Residential Market by Country
- 8.3.3.2Asia Pacific Commercial Market by Country
- 8.3.4Asia Pacific Smart Ovens Market by Country
- 8.3.4.1China Smart Ovens Market
- 8.3.4.1.1China Smart Ovens Market by Type
- 8.3.4.1.2China Smart Ovens Market by Distribution Channel
- 8.3.4.1.3China Smart Ovens Market by End User
- 8.3.4.2Japan Smart Ovens Market
- 8.3.4.2.1Japan Smart Ovens Market by Type
- 8.3.4.2.2Japan Smart Ovens Market by Distribution Channel
- 8.3.4.2.3Japan Smart Ovens Market by End User
- 8.3.4.3India Smart Ovens Market
- 8.3.4.3.1India Smart Ovens Market by Type
- 8.3.4.3.2India Smart Ovens Market by Distribution Channel
- 8.3.4.3.3India Smart Ovens Market by End User
- 8.3.4.4South Korea Smart Ovens Market
- 8.3.4.4.1South Korea Smart Ovens Market by Type
- 8.3.4.4.2South Korea Smart Ovens Market by Distribution Channel
- 8.3.4.4.3South Korea Smart Ovens Market by End User
- 8.3.4.5Australia Smart Ovens Market
- 8.3.4.5.1Australia Smart Ovens Market by Type
- 8.3.4.5.2Australia Smart Ovens Market by Distribution Channel
- 8.3.4.5.3Australia Smart Ovens Market by End User
- 8.3.4.6Malaysia Smart Ovens Market
- 8.3.4.6.1Malaysia Smart Ovens Market by Type
- 8.3.4.6.2Malaysia Smart Ovens Market by Distribution Channel
- 8.3.4.6.3Malaysia Smart Ovens Market by End User
- 8.3.4.7Rest of Asia Pacific Smart Ovens Market
- 8.3.4.7.1Rest of Asia Pacific Smart Ovens Market by Type
- 8.3.4.7.2Rest of Asia Pacific Smart Ovens Market by Distribution Channel
- 8.3.4.7.3Rest of Asia Pacific Smart Ovens Market by End User
- 8.4LAMEA Smart Ovens Market
- 8.4.1LAMEA Smart Ovens Market by Type
- 8.4.1.1LAMEA Counter-top Market by Country
- 8.4.1.2LAMEA Built-in Market by Country
- 8.4.2LAMEA Smart Ovens Market by Distribution Channel
- 8.4.2.1LAMEA Offline Market by Country
- 8.4.2.2LAMEA Online Market by Country
- 8.4.3LAMEA Smart Ovens Market by End User
- 8.4.3.1LAMEA Residential Market by Country
- 8.4.3.2LAMEA Commercial Market by Country
- 8.4.4LAMEA Smart Ovens Market by Country
- 8.4.4.1Brazil Smart Ovens Market
- 8.4.4.1.1Brazil Smart Ovens Market by Type
- 8.4.4.1.2Brazil Smart Ovens Market by Distribution Channel
- 8.4.4.1.3Brazil Smart Ovens Market by End User
- 8.4.4.2Argentina Smart Ovens Market
- 8.4.4.2.1Argentina Smart Ovens Market by Type
- 8.4.4.2.2Argentina Smart Ovens Market by Distribution Channel
- 8.4.4.2.3Argentina Smart Ovens Market by End User
- 8.4.4.3UAE Smart Ovens Market
- 8.4.4.3.1UAE Smart Ovens Market by Type
- 8.4.4.3.2UAE Smart Ovens Market by Distribution Channel
- 8.4.4.3.3UAE Smart Ovens Market by End User
- 8.4.4.4Saudi Arabia Smart Ovens Market
- 8.4.4.4.1Saudi Arabia Smart Ovens Market by Type
- 8.4.4.4.2Saudi Arabia Smart Ovens Market by Distribution Channel
- 8.4.4.4.3Saudi Arabia Smart Ovens Market by End User
- 8.4.4.5South Africa Smart Ovens Market
- 8.4.4.5.1South Africa Smart Ovens Market by Type
- 8.4.4.5.2South Africa Smart Ovens Market by Distribution Channel
- 8.4.4.5.3South Africa Smart Ovens Market by End User
- 8.4.4.6Nigeria Smart Ovens Market
- 8.4.4.6.1Nigeria Smart Ovens Market by Type
- 8.4.4.6.2Nigeria Smart Ovens Market by Distribution Channel
- 8.4.4.6.3Nigeria Smart Ovens Market by End User
- 8.4.4.7Rest of LAMEA Smart Ovens Market
- 8.4.4.7.1Rest of LAMEA Smart Ovens Market by Type
- 8.4.4.7.2Rest of LAMEA Smart Ovens Market by Distribution Channel
- 8.4.4.7.3Rest of LAMEA Smart Ovens Market by End User
Chapter 9.Company Profiles
- 9.1LG Electronics, Inc. (LG Corporation)
- 9.1.1Company Overview
- 9.1.2Financial Analysis
- 9.1.3Regional & Segmental Analysis
- 9.1.4Research & Development Expenses
- 9.1.5Recent strategies and developments:
- 9.1.5.1Partnerships, Collaborations, and Agreements:
- 9.1.5.2Product Launches and Product Expansions:
- 9.1.6SWOT Analysis
- 9.2Whirlpool Corporation
- 9.2.1Company Overview
- 9.2.2Financial Analysis
- 9.2.3Regional Analysis
- 9.2.4Research & Development Expense
- 9.2.5SWOT Analysis
- 9.3Sharp Corporation
- 9.3.1Company Overview
- 9.3.2Financial Analysis
- 9.3.3Segmental & Regional Analysis
- 9.3.4Research & Development Expense
- 9.3.5Recent strategies and developments:
- 9.3.5.1Product Launches and Product Expansions:
- 9.3.6SWOT Analysis
- 9.4Hitachi, Ltd.
- 9.4.1Company Overview
- 9.4.2Financial Analysis
- 9.4.3Segmental and Regional Analysis
- 9.4.4Research & Development Expenses
- 9.4.5SWOT Analysis
- 9.5Robert Bosch GmbH
- 9.5.1Company Overview
- 9.5.2Financial Analysis
- 9.5.3Segmental and Regional Analysis
- 9.5.4Research & Development Expense
- 9.5.5SWOT Analysis
- 9.6Panasonic Holdings Corporation
- 9.6.1Company Overview
- 9.6.2Financial Analysis
- 9.6.3Segmental and Regional Analysis
- 9.6.4Research & Development Expenses
- 9.6.5Recent strategies and developments:
- 9.6.5.1Product Launches and Product Expansions:
- 9.6.6SWOT Analysis
- 9.7Samsung Electronics Co., Ltd. (Samsung Group)
- 9.7.1Company Overview
- 9.7.2Financial Analysis
- 9.7.3Segmental and Regional Analysis
- 9.7.4Recent strategies and developments:
- 9.7.4.1Product Launches and Product Expansions:
- 9.7.5SWOT Analysis
- 9.8Techtronic Industries Co., Ltd.
- 9.8.1Company Overview
- 9.8.2Financial Analysis
- 9.8.3Segmental and Regional Analysis
- 9.8.4Research & Development Expenses
- 9.8.5SWOT Analysis
- 9.9Tovala
- 9.9.1Company Overview
- 9.9.2SWOT Analysis
- 9.10.June Life, Inc.
- 9.10.1Company Overview
- 9.10.2SWOT Analysis
Chapter 10.Winning Imperatives of Smart Ovens Market