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Opportunities in Global Smart Oven Market Estimated to Surge at a Tremendous CAGR of 20.3% during 2018-2026

Press release Description

Albany, New York, August 23, 2018: With the notion of the smart home gaining popularity across the world, household appliances are also becoming “smarter.” The smart oven is one example of an appliance that employs technology to support multiple cooking functions. Wide acceptance of built-in smart ovens in residential as well as commercial applications is expected to augment the demand for smart ovens during the forecast period, finds a new study publicized to the wide repository of Market Research Reports Search Engine (MRRSE), with the title of “Smart Oven Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”. The study offers a holistic outlook of the market covering different sections on market definition, market dynamics including the key drivers, restraints and trends that are governing the market.

Major Insights from the Report

Smart oven offers its users security, comfortable living, easy usage, and other added features. In recent times, improved living standards have expressively contributed to the growth of the smart oven market. Due to the various factors mentioned in the report, the market is expected to see a healthy growth rate during the forecast period. As per the report projections, the global smart oven market is expected to reach US$ 513.7 Mn by 2026, expanding at a notable CAGR of 20.3% from 2018 to 2026.

To pour more light on the market growth, geographical analysis has been presented. The regional analysis section is a crucial segment of the report, which enlightens the reader about the market size and forecast for each region. Geographically, the report classifies the market into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America. According to the research, The Asia Pacific region is witnessing an increase in demand for smart ovens, driven by increasing urbanization and a rise in population. Number of households in emerging countries such as China and India are likely to opt for smart ovens due to the preference for technologically advanced products.

As the research proceeds, the market has been categorized on the basis of type, structure type, connectivity, capacity, application, and distribution channel. By type, the study covers single function and multiple functions. It has been analyzed that multiple function smart ovens have the highest growth opportunities as consumers prefer to choose these ovens over single function. On the basis of connectivity, it has been stated that demand for Wi-Fi connectivity in smart ovens has gone up in recent years due to growth of IoT and increased use of Wi-Fi/Bluetooth connectivity in home appliances. This is expected to complement the demand for smart ovens during the forecast period.

In the end, the competitive landscape analysis gives readers detailed analysis and insights on the business and product strategies of leading players. Active players dominant in the industry include Breville Group Limited, GE Appliances, Electrolux, Tovala, Samsung, LG Electronics, Candy Hoover Group S.r.l., BSH Home Appliances Corporation, Dacor, Inc., Haier Inc., and Sub-ZeroGroup, Inc.

Browse Full Global Smart Oven Market Report with TOC :

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