In North America, the U.S. is expected to be most lucrative Market for Oven, and is expected to hold significant value share in 2022. Preference for smart home appliances such as smart Oven is surging as a result of IoT enabled kitchen appliances.
In addition, manufacturers are developing technologically advanced products such as smart microwave Oven compatible with smartphones. Moreover, with increasing internet penetration, and surging adoption of wireless technologies, sales of Oven in the U.S. are expected to surge over the forecast period.
The oven market is poised to reach a valuation of US$ 2,801.4 Million in 2022. Sales are projected to increase at a 4.9% CAGR, with the market size reaching US$ 4,519.9 Million by 2032.
Ovens are designed to cook and heat food & baked goods more quickly. Time-restrictions to cook fresh food each time is becoming challenging due to odd working hours and busier schedules, driving the demand in the market.
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Further, increased spending on kitchen equipment and adoption of smart kitchen appliances will drive the demand in the market. Furthermore, the growing trend of linking home appliances like range, oven and cooktop will provide opportunities for manufacturers over the forecast period.
Key Takeaways from the Ovens Market Study
- In terms of product type, countertop ovens are expected to dominate the global oven market through 2022 & beyond.
- Based on application, the commercial segment will witness fastest growth during the assessment period (2022-2032)
- Sales of oven via online retailer sales channel are expected to burgeon over the forecast period on the back of growing expansion of e-commerce sector
- India is expected to spearhead the growth in South Asia oven market backed by rising adoption of smart kitchen appliances.
- China is expected to dominate the East Asia market owing to the expansion of manufacturing capacities.
“Kitchen appliance manufacturers are introducing various electronic and technological features in several categories to meet consumer demand for ovens. Development of built-in ovens and modular kitchens is another factor boosting the growth in the global oven market”, says an FMI analyst.
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Who is winning?
Appliances are progressively being integrated into Internet of Things (IoT) platforms by market participants. Apps for mobile and desktop devices allow smart kitchen equipment such as ovens to work remotely and wirelessly, in real-time. Manufacturers of ovens are also working intensively to create ENERGY−STAR qualified models in response to growing consumer interest in energy saving.
Some of the major players present in the ovens market are Hawkins Cookers Limited, Stove Kraft Limited, TTK Prestige Limited, Somany Home Innovation Limited (SHIL), Franke-Faber, CATA Electrodomesticos India, Sunflame Enterprises Private limited, and Whirlpool Limited among others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global ovens market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the ovens market based on the product type (countertop and built-in), application {commercial (restaurant, hotels, schools, bakery and others) and residential}, sales channel (wholesalers/distributors, multi-brand stores, specialty stores, hypermarket/supermarkets, online retailers, and other sales channel) across seven major regions.
Oven Market By Category
By Product Type:
- Countertop
- Built-in
By Application:
- Commercial
- Restaurants
- Hotels
- Schools
- Bakery
- Others
- Residential
By Sales Channel:
- Hypermarkets/Supermarkets
- Wholesaler/Distributer
- Specialty Stores
- Multi-brand store
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
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