Global Smart Ovens Market Report and Forecast 2024-2032

Global Smart Ovens Market Size

The global smart ovens market reached a value of approximately USD 282.23 million in 2023. The market is further projected to grow at a CAGR of 21.60% between 2024 and 2032, reaching a value of USD 1,640.63 million by 2032.

Global Smart Ovens Market Outlook

• In 2022, there were 57.55 million smart home device users in United States households, further giving the hint of continuous acceptance and integration of smart technology into daily life.

• This upward trend persisted, with the number climbing to 63.43 million in 2023 and is further projected to reach 69.91 million in 2024. 

• In the year 2025, it's projected that 77.05 million households will have started using smart home devices, supporting the growth of smart ovens market.

• This is projected to further increase to 84.92 million by 2026. In 2027 and 2028, the number is seen to be 93.59 million and 103.15 million, respectively.

Smart Ovens Market Growth

Technological integration, along with energy efficiency, thus avails effective methods of cooking and boost the global demand for smart ovens. Smart ovens use cutting-edge technologies such as artificial intelligence, machine learning, and IoT to make cooking more convenient for the user. They became much more convenient and efficient. They incorporate a lot of cooking modes and features one won't see in traditional ovens, bolstering the smart ovens demand globally. Many smart ovens are developed to be as efficient in energy consumption as possible, which is nowadays important to ECM consumers of the 21st century.

Key Trends and Recent Developments

Energy efficiency and comfort, rising disposable income and self-cleaning features are a few elements augments and resulting in new smart ovens market dynamics and trends.

February 2023

The New Tovala Smart Oven Air Fryer allows users to bake, broil, toast, reheat, and air fry. Providing an effortless solution for high-quality and convenient home cooking, Tovala Smart Ovens offer the busy home cook an all-in-one appliance that can help eliminate unwanted countertop clutter in the kitchen.

Energy efficiency and enhanced comfort

There is a rise in popularity of smart homes due to a wide range of benefits offered by them including energy efficiency, enhanced comfort, and security, among others. This in turn is boosting the utilisation of smart ovens along with other smart kitchen appliances, aiding the smart ovens market expansion.

Increasing disposable income

Another trend in the smart ovens market is the rising disposable incomes and hectic work schedules that are encouraging individuals to invest in smart ovens, as they provide convenience by allowing the consumer to operate the device with the help of mobile applications. They make the cooking process efficient by allowing the consumer to cook frozen foods without defrosting first.

Self-cleaning features

Introduction of smart ovens by manufacturers with self-cleaning features and the ability to automatically switch off when the food reaches the required temperature is further boosting the product demand. The built-in sensors including baking and roasting sensors use physical probes in the food to detect the completion of the cooking process and thus opening up new smart ovens market opportunities.

Smart Ovens Market Trends

Smart ovens are used for enhancing cooking experience by using Wi-Fi for controlling the cooking features and functions. They can often be controlled and monitored by smartphone applications, offering control from afar along with a plethora of additional features for making the cooking and baking processes convenient.

Industry Outlook

Growing Working Population and Adoption of Smart Homes To Push Demand for Smart Ovens.

The United States is the largest country when it comes to the usage of smart home devices. In 2019, around 42.99 million US households were using smart home devices. In 2020, the figure stood at 47.38 million, indicating an ever-growing interest in smart technology within American homes. In 2021, the number was 52.22 million, underlining a stable increase in adoption rates and boosting the smart ovens demand growth.

The rise in the working population supplements the demand for smart ovens, driven by convenience and advanced features. According to the World Bank, the working population data for 2023 shows huge regional and country-specific differences. The aggregate global working population adds up to 3,627.7 million. In 2023, East Asia and the Pacific alone will be way ahead at a runaway figure of 1,266.2 million, reflecting the thickly settled and heavily populated countries like China and Indonesia. The country of China supplies as many as 779.2 million, incorporating its intense labour capacity. The addition from Indonesia is on the higher side at 140.9 million, which is a big additional factor in this regional labour force. Europe and Central Asia also present a sizable portion of the working population at 426.7 million.

In North America, the working population is 192.7 million; of these, the United States alone provides 170.5 million. This underlines the economic importance of North America and the role its labour plays in worldwide innovation, technology, and services. Mexico chips in another 60.0 million to further underline the nation's increasing importance as a manufacturing centre. This ultimately results in an increased demand of the smart ovens industry.

Sub-Saharan Africa consists of 483.9 million working people, home to a critical and fast-growing labour market. Here, the Middle East and North Africa contribute 161.4 million to the working population. India's 593.7 million reverberates again to the fact that it is an important global labour force, underpinning its rapid economic growth and fast industrial expansion. Brazil's 108.7 million reflects its status as South America's biggest economy coupled with its diversified industrial base. Other key contributors include Germany—44.8 million—the United Kingdom, contributing 35.3 million—and France, contributing 31.8 million—large European economies with high-tech industry and service sectors.

Smart Ovens Industry Segmentation

“Global Smart Ovens Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Based on type, the market is bifurcated into:

• Built In

• Countertop

On the basis of end-user, the market is segregated into:

• Residential

• Commercial 

On the basis of sales channel, the market is divided into:

• Offline Channel

• Online Channel

• Others

Based on region, the market is segmented into:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Smart Ovens Market Share

Residential Sector To Make The Maximum Use Of These Oven Owing To The Seamless Usage And Easy Functionality

As per smart ovens market analysis, the residential segment is expected to account for a significant portion of the smart ovens market over the forecast period due to various advantages offered by the product including enhanced connectivity, food visibility, and automatic detection of operating issues. The convenience of preheating the oven from anywhere with the help of a mobile application, for cooking at a later stage is making the entire process more convenient for working professionals and for large families. Regular diagnostics makes the owner aware of the faulty components and some smart ovens can also be programmed to make appointments with manufacturers for replacement of the faulty components.

The high cost, internet dependency, and global supply chain affect the global smart oven market's profitability, respectively.

• Generally, smart ovens are more expensive than regular ovens.

• Smart ovens are high internet dependent for use in most of the advanced features, including remote control, recipe downloading, and software upgrade.

• Due to the complexity that is involved, they might be, in probability, difficult and expensive to repair compared to traditional ovens, restricting the growth of the smart ovens market.

• The product life of a smart oven is very short due to a high rate of technological change.

• Data collection and data utilising activities of smart advantage will not strengthen their market presence due to a privacy issue among consumers.

• The condition of economic downturn may reduce discretionary income of consumers which can severely hurt the sales of high-end appliances.

• Heavy reliance on foreign supply chains for high technological components leaves the market at high risk of disruption.

Growing Smart Ovens Market: Increased Demand for Smart Home Devices and Customizable Cooking Settings

• Increase in the demand for smart home devices and thereby boosting the smart ovens market revenue globally.

• This will offer culinary capabilities with enhanced functionalities and experiences enabled on innovations in AI and IoT.

• The rise in health consciousness boosts the demand for smart ovens with healthy cooking options.

• User preference for customizable cooking settings, where individual settings can be set, further increases its market appeal.

• Online Retail Channels to Drive Better Market Penetration for Smart Ovens

Smart Ovens Market Regional Analysis

The smart oven industry in North America is anticipated to account for a significant portion of the smart ovens market in the coming years. This growth can be attributed to the increasing development of smart homes which has resulted in increased adoption of smart appliances, including smart television and ovens, among others. Additionally, the growth of the food service sector in countries such as Canada and the United States is also boosting the demand for smart ovens across commercial establishments as they help deliver food with consistent quality and reduce labour.

Competitive Landscape

Key smart oven players in the smart ovens market innovate in technologies such as IoT and AI, making it convenient for users to control, cook efficiently, and develop multifunctional features in order to meet consumer needs.

Samsung Electronics Co., Ltd., established in 1969 and headquartered in Suwon, South Korea, is a leader in innovation, particularly in smart ovens. By integrating IoT and AI technologies, Samsung offers a diverse range of smart ovens designed to meet various consumer needs, from compact models to advanced multifunctional units. The company collaborates with tech firms and culinary experts to enhance their product offerings and broaden their market reach.

LG Electronics Inc., founded in 1958 and based in Seoul, South Korea, emphasises connectivity and sustainability in its smart ovens. Equipped with Wi-Fi connectivity, LG's ovens allow users to remotely control and monitor their appliances via mobile apps. The company is committed to energy efficiency, designing products that minimise energy consumption and environmental impact. LG also engages with customers through interactive platforms and cooking workshops to enhance the use of their smart ovens.

Electrolux AB, established in 1919 and headquartered in Stockholm, Sweden, offers smart ovens with advanced cooking technologies such as steam cooking and precise temperature control. The company focuses on simplifying the cooking process and ensuring consistent results while maintaining a commitment to sustainability. Electrolux designs energy-efficient and environmentally friendly products to meet consumer needs effectively.

BSH Home Appliances Corporation, founded in 1967 and headquartered in Munich, Germany, provides smart ovens integrated with the Home Connect app for remote control and monitoring. Bosch, a major brand under BSH, is known for high-quality materials and craftsmanship, ensuring the durability and reliability of their appliances. The company also prioritises sustainability by creating energy-efficient products and reducing environmental impact.

Other major players in the smart ovens market include Weber Inc., Hitachi, Ltd., and Sharp Corporation, among others.

Strategic intiatives by key companies

• Competitive advantages can be achieved by these players who regularly innovate in their features and technologies of the smart ovens, especially in voice control and AI cooking assistants.

• Then, communicating to environmentally conscious customers can be possible if companies manufacture energy-efficient smart ovens.

• Build customer brand loyalty and trust by offering excellent service. Service should extend from installation support, troubleshooting, and providing regular updates. This will augment the smart ovens industry revenue.

• Custom design and features in product could provide a unique selling point in niche markets or specific consumer wants.

• Embrace environmentally sustainable manufacturing processes and materials that could not only differentiate this product but appeal to a growing number of eco-conscious consumers to enhance the brand reputation.

Key Highlights of the Report

Smart Ovens Market Report Snapshots

Smart Ovens Market Size

Smart Ovens Market Growth

Smart Ovens Market Trends

Smart Ovens Market Share

Smart Ovens Companies

Smart Ovens Market Regional Analysis