The global smart oven market size reached USD 135.6 Million in 2021 and is expected to register a revenue CAGR of 18.1% during the forecast period, according to latest analysis by Emergen Research. Increasing consumption of ready-to-eat and frozen food and rapid urbanization are key factors driving market revenue growth. A number of working individuals relocating for work or study purposes is resulting in increasing demand for smart appliances. Younger individuals are adopting a fast-paced and hectic lifestyle and are investing in smart ovens and other smart kitchen appliances.
However, adoption of such devices is not limited to the younger generation. Consistent technological advancements and enhancement in user experience are driving demand for smart ovens. Technological benefits such as ability to control devices automatically, personalization of appliances as per need of user in addition to eco-friendly tech for energy and cost-effectiveness are resulting in smart ovens and other kitchen appliances gaining steady tractions.
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Time-saving, convenience, and flexibility are some of the considerations for both the working and younger generations owing to a hectic lifestyle and schedules. Rising expenses and cost are major concerns for working individuals who have shifted preference toward staying at home and preparing food instead of dining out. Efficient energy consumption and faster cooking time and early failure or fault detection owing to the built-in performance assessment system in smart ovens are some features driving steady adoption of smart ovens over conventional ovens.
Accessibility, utilization of optics, and integration over various devices such as smartphones and tablets and others provides better control over food being cooked. The scanner on the smart oven reads the smart codes printed on ready-to-eat food packaging and provides related easy manual control, making it highly convenient for consumers.
The report further sheds light on the competitive landscape of the Smart Oven Market to offer the readers an advantage over others. The competitive landscape section of the report talks about the recent advancements in the R&D and technologies undertaken by the prominent players, along with their strategic business expansion plans, product launches, and brand promotions. The report pays special attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government deals, and others adopted by the prominent players of the industry to expand their market presence and gain a substantial market position.
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Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.
The global Smart Oven market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Smart Oven market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Some major companies operating in the global market include BSH Hausgeräte GmbH, Breville Pty Ltd., Haier Group, AB Electrolux, Panasonic Holdings Corporation, LG Electronics, Sharp Corporation, Samsung, Whirlpool Corporation, and Sub-Zero Group, Inc.
Emergen Research has segmented the global remote access solutions market on the basis of structure, distribution channel, application, connectivity, and region:
Structure Outlook (Revenue, USD Million; 2019-2030)
Distribution Channel Outlook (Revenue, USD Million; 2019-2030)
Application Outlook (Revenue, USD Million; 2019-2030)
Connectivity Outlook (Revenue, USD Million; 2019-2030)
Near-Field Communication (NFC)
Key Questions Addressed in the Report:
Who are the leading players in the Smart Oven industry?
Which region is expected to dominate the market in the coming years?
What are the key applications of Smart Oven?
Which segment is expected to garner traction during the coming years?
What are the key strategies adopted by leading players in the market?
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