Global Wall Oven Market 2017-2021
About Wall Oven
Wall ovens are built in the kitchen wall or installed in cabinets under and above the oven. These ovens are generally installed at a convenient position (usually at the chest level) for the user to keep an eye on the food while it is being cooked. The growing preference among consumers for modular kitchens that are compact and sophisticated is driving the market for built-in appliances like wall ovens. The growing demand for household appliances is paving the way for considerable business opportunities for vendors, owing to which they are improving their product offerings and expanding their distribution channels.
Technavio’s analysts forecast the global wall oven market to grow at a CAGR of 10.56% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global wall oven market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales value of wall ovens sold to the residential market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wall Oven Market 2017-2021
Technavio recognizes the following companies as the key players in the global wall oven market: Bosch, Electrolux, GE Appliances, LG, and Whirlpool.
Other Prominent Vendors in the market are: Blue Star, Dacor, Kenmore, Thermador, Miele, IFB, and Glen.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is increase in investments in R&D. With the improving economic conditions in Europe and the US, where the key kitchen appliances companies are headquartered, vendors in the market are increasingly investing in R&D. The market is witnessing the introduction of many innovative applications and solutions. Leading vendors have consistently dedicated specific percentages of their revenue for R&D activities to stay ahead of competition.”
According to the report, one driver in market is changes in kitchen designs and trends. As the area of living spaces is declining owing to factors like rising real estate costs and reduced number of people in households, the design of kitchen spaces is evolving accordingly. Consumers are keenly interested in making optimum utilization of available space without compromising on essential appliances and aesthetic appeal of the house. Hence, this concept is reflected in the changing preferences for kitchen appliances. Further, kitchen designs have undergone a transformation. Apart from cooking, consumers also use kitchens as the dining area. This calls for space-saving solutions, resulting in an increasing demand for built-in appliances. This has also affected the appliance vendors that have introduced wall ovens in their product offerings. Apart from saving counter space, wall ovens also add aesthetic appeal to the kitchen. Vendors like Bosch have added new offerings with a European finish. The wall ovens look sleek and sophisticated with matching doors and handle, coupled with improved user-interface.
Further, the report states that one challenges in market is threat from counterfeit products. Counterfeit products are copies of established products that are manufactured to take advantage of the market value and brand name of the original products. They can replace the expensive original products and fill the market with cheap, imitation products. The key factor that encourages the production of such counterfeit products is the low production costs. It is common to pack these products that appear similar to the original branded products, tricking retailers and consumers into thinking they are purchasing authentic products. This maligns the image of the companies whose products are copied, affecting their brand reputation and consumer base, thereby impacting the market growth.
Bosch, Electrolux, GE Appliances, LG, Whirlpool, Blue Star, Dacor, Kenmore, Thermador, Miele, IFB, and Glen.