The global oven market is forecast to experience steady growth over the next decade, with an expected increase from USD 3,132.80 million in 2024 to USD 5,006.70 million by 2034, representing a CAGR of 4.80% during the forecast period. This growth is driven by several key factors including increased demand for modern kitchen appliances, technological innovations, and a shift in consumer cooking habits.
Key Drivers of Market Growth
- Rising Incomes and Urbanization: In emerging markets where living standards are improving due to rapid urbanization, there is a rising demand for modern kitchen appliances, particularly ovens. As consumers move towards “lazy cooking” and embrace culinary exploration, the demand for versatile kitchen tools like ovens continues to grow.
- Technological Innovations: The integration of smart connectivity, multi-functionality, and energy-efficient features is transforming the oven market. Manufacturers are increasingly introducing innovative ovens equipped with AI-supported recipe recommendations, remote monitoring, and voice commands, making cooking more convenient and efficient.
- Sustainability Trends: Energy-efficient and eco-friendly oven designs are rapidly gaining traction as environmental concerns take center stage. Ovens with advanced insulation, convection heating, and energy-saving modes are catering to consumers’ growing desire for sustainable appliances.
- Compact and Space-Saving Solutions: In densely populated urban areas, space-saving and compact ovens are becoming more popular. These ovens offer a sleek design and efficient cooking capabilities for individuals with limited kitchen space, contributing to their increasing adoption.
Market Segmentation and Trends
- Countertop Ovens Dominate: The countertop oven segment is leading the market with a significant share of 76.30% in 2024. Their popularity is driven by their affordability, compact size, and multifunctionality, making them ideal for smaller homes and apartments, particularly in urban areas.
- Commercial Oven Growth: The commercial oven market is also expanding, with a market share of 65.1% in 2024. Commercial ovens are essential for businesses such as restaurants, hotels, and bakeries, offering high capacity and durability, along with the added benefit of energy-efficient technologies.
Regional Insights
- United States: The U.S. oven market shows mature growth with consumers focused on replacing older models with energy-efficient, smart-featured appliances.
- Australia: Australia’s oven market is experiencing strong growth, fueled by a booming housing market and a shift toward healthier meal preparation.
- Germany: The German oven market grows steadily, with a focus on quality, durability, and energy-efficient designs.
- China: China leads in growth, driven by rising disposable incomes and a growing middle class investing in modern kitchen appliances.
- India: India’s oven market is expanding rapidly, driven by rising incomes, urbanization, and a growing demand for affordable, feature-rich appliances.
Key Companies in the Market
- Hawkins Cookers Limited
- Stove Kraft Limited
- TTK Prestige Limited
- Somany Home Innovation Limited (SHIL)
- Franke-Faber
- CATA Electrodomesticos India
- Sunflame Enterprises Private Limited
- Whirlpool Limited
Recent Developments in the Industry
- In August 2023, Miele, headquartered in Germany, revolutionized kitchen cleaning with the launch of the Miele Steam Oven featuring the HydroClean function. This innovative self-cleaning feature simplifies oven maintenance by effortlessly removing stubborn food residue, ensuring hassle-free cooking experiences for users worldwide.
- LG Electronics, based in South Korea, made strides towards sustainability in August 2023 by introducing a lineup of home appliances designed for the ‘Net-Zero House’. With a focus on A-grade energy efficiency, LG’s latest kitchen, laundry, and living solutions aim to reduce power consumption, operational costs, and environmental footprint, catering to eco-conscious consumers.
- In August 2023, LG Electronics India joined forces with ITC Foods in a strategic partnership to redefine cooking experiences for consumers across India. Leveraging the expertise of both industry leaders, the collaboration aims to offer Indian consumers more convenient, healthier, and versatile cooking solutions, addressing evolving culinary needs and preferences.
Get Strategic Guidance from Our Analyst Contact us on: +1-347-918-3531
Key Segments
By Product Type:
- Countertop
- Built-in
By Application:
- Commercial
- Restaurants
- Hotels
- Schools
- Bakery
- Others
- Residential
By Sales Channel:
- Hypermarkets/Supermarkets
- Wholesaler/Distributor
- Specialty Stores
- Multi-brand store
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
