Smart oven: Key market research findings
- North America dominates the market geographically
- Smart microwave oven accounts for a majority of the market’s revenue
- Key vendors – Dacor, Electrolux, GE, LG, and Samsung
Technavio’s market research analysts predict the global market for smart ovens to reach almost $13 billion by 2020. The growth of this market can be accredited to the increasing adoption of home broadband and home network. The expansion of network infrastructure to homes is fueled by the increase in the number of smartphones and the ubiquity of the Internet across the globe. Increased Internet penetration has increased its use for home automation as well. Extensive use of wireless technologies like Zigbee and WiFi is also making interoperability between devices possible. During 2015, the global smart oven market was dominated by North America with a market share of around 38%, with the US and Canada being key contributors. Increasing investments in R&D and product innovation will drive the growth of the smart oven market in North America during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the smart oven segments based on the product.
“The smart appliance industry is currently witnessing an upsurge in the emergence of start-ups. Crowdfunding has been responsible for a number of smart home products, including lighting control, bulbs, locks, and energy management products. The availability of SoC (systems-on-a-chip) sophisticated communications, computing, and decreasing costs of hardware development also help entrepreneurs to develop innovative products. Major challenges for start-ups include developing adequate distribution channels and providing after-sales customer service,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
By 2020, the smart microwave oven segment will account for more than 86% of the overall market revenue to continue dominance over the global smart oven market. Improvements in living standards and interest in connectivity-enabled smart appliances will drive the growth of this segment over the next four years. Vendors in the market are providing funds to app developers and start-ups to improve the technological ecosystem and leverage on the trend of IoT. There is also significant investment in improving R&D to introduce technologically advanced products.
The key vendors in the global market include Dacor, Electrolux, GE, LG, and Samsung. Intense competition, rapid advances in technology, and frequent changes in consumer preferences may pose a threat to market growth during the forecast period. We foresee increased market consolidation, given the intensifying competitive landscape. Therefore, it is imperative for vendors to distinguish their product offerings through a clear and unique value proposition.
A more detailed analysis is available in the Technavio report, Global Smart Oven Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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