PORTLAND, Ore., Nov. 19, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Ovens Market by Type (Built-In and Counter Top), End User (Residential and Commercial), and Sales Channel (Offline Channels and Online Channels): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global smart ovens market accounted for $169.8 million in 2018, and is estimated to reach $501.4 million by 2026, growing at a CAGR of 14.6% from 2019 to 2026.
Prime determinants of growth
Advancements in technologies, surge in demand for ready-to-eat food, and expansion strategies adopted by market players drive the growth of the global smart ovens market. However, availability of cost-effective counterparts restrains the market growth. On the other hand, increase in product awareness in developing countries and popularity of voice control smart ovens present new opportunities in the industry.
Manufacturing activities have been stopped due to lockdown measures taken by many countries. Moreover, raw materials supply has been interrupted. R&D activities have been paused due to unavailability of sufficient resources.
As restaurants, hotels, and cafes have been closed down, the demand for smart ovens reduced significantly. However, the demand would increase as they restart their daily operations gradually.
As lockdown restrictions have been eased off in many countries, manufacturing activities have resumed with minimal presence of workers. Moreover, distribution activities have been restored.
The counter top segment to dominate throughout the forecast period
Based on type, the counter top segment accounted for more than two-thirds of the total share of the global smart ovens market in 2018, and is estimated to continue to dominate throughout the forecast period. Moreover, this segment is expected to maintain the highest CAGR of 15.1% from 2019 to 2026. This is due to availability of compact, stylish, and energy efficient smart ovens that are equipped with advanced features. The report also analyzes the built-in segment.
The offline channels segment estimated to maintain its leadership status by 2026
Based on sales channel, the offline channels segment accounted for the largest share of the global smart ovens market, contributing to more than five-sixths of the total market in 2018, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to ease in selection and surge in penetration of retail sales channels in developing economies. However, the online channels segment is expected to register the highest CAGR of 16.8% from 2019 to 2026, owing to ease of accessibility and convenience along with availability of discounts.
North America to maintain its lead status in terms of revenue by 2026
Based on region, North America accounted for the highest market share in 2018, accounting for nearly half of the global smart ovens market, and is expected to maintain its lead status in terms of revenue by 2026. This is due to adoption of healthy cooking practices, development of smart ovens that can preserve nutrients of the food during cooking, and availability energy efficient appliances. However, Asia-Pacific is estimated to portray the largest CAGR of 16.6% from 2019 to 2026, owing to rise in middle class and working population adopting smart ovens for their fast and convenient cooking features.
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