The report on Smart Oven Market by Infinium Global Research analyzes the Smart Oven market over the period of 2019 to 2025. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in Global smart oven market. It will help a lot of decision makers to develop strategies and find new opportunities in the global smart oven market. According to the report, the global smart oven market is projected to grow at a CAGR of 19.1% over the forecast period of 2019-2025.
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Technology has improved the lifestyle and provided comfort in every work. Nowadays, cooking is becoming convenient with the help of devices like smart ovens. The leading players in the smart oven market are Breville, LG Electronics Inc., Panasonic Corporation, Whirlpool, Sharp Corporation, GE Appliances, SAMSUNG, Candy Hooper Group Srl, Haier, Inc., Tovala, other companies. These players are focusing on mergers and acquisitions to maximize their market share.
The increasing demand for trendy kitchen appliances drives the growth of the smart oven market. Increasing the urban population and rising disposable income contributes to the growth of the smart oven market. Smart ovens provide safety, convenience, time alerts, remote access, and also it reduces waste which contributes to the demand for the smart oven market. The growing demand for Wi-Fi connectivity in ovens stimulates the growth of the smart oven market. In addition, increasing investments in residential construction promote the growth of the smart oven market. Smart ovens save energy and reduce the energy bills that propel the growth of the smart oven market. On the flip side, the high cost of smart ovens hinders the growth of the smart oven market. Moreover, technological advancements such as built-in camera, steel probe, and use of carbon fiber heating elements create new opportunities for the growth of the smart oven market.
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What are the Fastest Growing Segments in the Smart Oven Industry?
The smart oven market is segmented on the basis of type, structure, distribution channel, and capacity. On the basis of type, the smart oven market is segmented into a single function and multiple functions. Multiple functions have a larger share in the type segment of the smart oven market as it provides multiple features. Based on structure, the smart oven market is divided into built-in smart ovens and counter top. The distribution channel segment includes e-commerce websites and electrical appliances stores. On the basis of capacity, the smart oven market is divided into 20-25 liters, 26-30 liters, and above 30 liters. 20-25 liters capacity ovens hold a dominant share in the capacity segment of the smart oven market owing to the availability of extra capacity ovens with little extra spending.
Which Region is a Market Leader in the Global Smart Oven Market and what are the Key Reasons?
North America is anticipated to be dominant in the smart oven market. The increasing adoption of technology, urbanization and improving infrastructure contribute to the growth of the smart oven market in the North America region. Europe is expected to grow in the smart oven market over the forecast period. Asia-Pacific region is also growing in the smart oven market.
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