The global oven market is expected to experience consistent growth, with projections indicating a rise to US$ 5,006.70 million by 2034 from US$ 3,132.80 million in 2024. This growth trajectory reflects a compound annual growth rate (CAGR) of 4.80% through the forecast period until 2034.
Steady Growth, Sustainable Success:
- While not the flashiest category, ovens boast a reliable CAGR, indicating a dependable market for consistent sales.
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The All-Purpose Hero:
- Ovens remain a kitchen essential, used for everything from baking to reheating, making them a staple purchase for consumers.
Rising Demand for Convenience:
- The trend towards fresh and ready-to-eat foods requires efficient cooking solutions, further fueling demand for ovens.
Smart Kitchen Evolution:
- Consumers are increasingly interested in smart kitchen appliances. Integrate cutting-edge features like connectivity and advanced technology to stand out.
Urbanization Hospitality Fuel Growth:
- Urbanization and a booming hospitality industry drive the need for high-quality kitchen equipment, a boon for the oven market.
USP Advantage:
- Innovation is Key: Invest in RD to create ovens with advanced features like inverter technology for precise cooking.
- Embrace Smart Tech: Develop smart ovens that connect to home automation systems and offer remote control capabilities.
- Cater to Diverse Needs: Offer a variety of oven styles, including countertop, built-in, and convection models, to suit diverse customer preferences.
- Focus on Sustainability: Develop energy-efficient ovens that contribute to a greener kitchen environment.
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.
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“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.
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
- Whirlpool Limited
- Others (on request)
Get More Valuable Insights
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.
