About Smart Ovens
With advances in technology and the emergence of smart homes, integrated home appliances that can be connected to smartphones and allow monitoring from remote locations are gaining popularity. With improvement in network infrastructure, broadband and Internet penetration has increased, and consumers are increasingly opting for wireless and technologically advanced products to ensure convenience. In order to improve their product offerings and leverage on the trend of home automation, vendors are expanding their distribution channels and R&D expenditure. As the trend toward home automation and smart homes gains traction, the smart oven market will grow.
Technavio’s analysts forecast the global smart oven market to grow at a CAGR of 25.95% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart oven market for 2016-2020. To calculate the market size, Technavio considers the revenue generated from the sale of smart ovens to the residential segment.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Oven Market 2016-2020
Technavio recognizes the following companies as the key players in the global smart oven market: Dacor, Electrolux, GE, LG Electronics, and Samsung.
Other Prominent Vendors in the market are: Bosch, Haier, June, Panasonic, Sharp, and Whirlpool.
Commenting on the report, an analyst from Technavio’s team said: “Strong distribution channels will be a key trend for market growth. With the increasing penetration of the Internet and e-commerce, leading brands are focusing on delivering improved sales experience. Vendors in the market are focusing on improving the distribution channels. They are investing more in devising account management and supply chain management strategies along with enhancing product offerings. Players are launching informative and interactive websites to increase their customer reach, promote their products, and provide expert advice on their usage.”
According to the report, one of the key drivers will be investing on new kitchen designs. With the increase in disposable income and improvement in the standards of living, consumers are investing more in renovating their kitchens. Consumers prefer minimal and sophisticated designs that are easy to maintain and include optimum and compact storage. The changes in trends and consumer preferences have caused vendors to add new streamlined appliances to their portfolio. The demand for built-in appliances market is also growing. This has prompted appliance vendors to introduce smart wall ovens in their product offerings. Apart from saving counter-space, smart wall ovens also add aesthetic appeal to the kitchen.
Further, the report states that high initial investment will be a challenge for the market. As smart ovens are more expensive than conventional ovens, many residential customers are reluctant to invest in the product. Some users believe that RoI for them is negligible and that the costs outweigh the benefits. In addition to the initial investment, other expenses such as maintenance costs are also high, which in turn discourages many end-users from adopting these products. The consumers often consider the value added by these appliances too low and instead, prefer other technologically advanced products with manual control settings. However, the average selling price (ASP) of smart ovens is expected to fall in the forecast period by nearly 22%, which can drive market growth.
Dacor, Electrolux, GE, LG Electronics, Samsung, Bosch, Haier, June, Panasonic, Sharp, Whirlpool.