Oven Market is projected to surpass at a CAGR of 4t

Oven Market is projected to surpass at a CAGR of 4.9%
from 2022 to 2032 – Future Market Insights, Inc.

As per a recent market analysis by Future Market Insights
(FMI), the oven market is
poised to reach a valuation of US$ 2,801.4 Mn in 2022. Sales are projected to
increase at a 4.9% CAGR, with the market size reaching US$ 4,519.9 Mn by 2032.

Ovens are designed to cook and heat food & baked goods
more quickly. Time-restrictions to cook fresh food each time is becoming
challenging due to odd working hours and busier schedules, driving the demand
in the market.

Further, increased spending on kitchen equipment and
adoption of smart kitchen appliances will drive the demand in the market.
Furthermore, the growing trend of linking home appliances like ovens to devices
will provide opportunities for manufacturers over the forecast period.

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.

“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, and Whirlpool Limited among others.

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.

Oven Market By Category

By Product Type:

• Countertop


• Built-in

By Application:

• Commercial


• Residential

By Sales Channel:

• Hypermarkets/Supermarkets


• Wholesaler/Distributer


• Specialty
  Stores


• Multi-brand
  store


• Online
  Retailers


• Other
  Sales Channel

By Region:

• North
  America


• Latin
  America


• Europe


• East
  Asia


• South
  Asia


• Oceania


• The
  Middle East and Africa (MEA)
  
  
  
  

To know more:

https://www.futuremarketinsights.com/reports/oven-market