Mon, 28 Nov 2022

The oven market size 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.

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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 expec ted 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.

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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

    • Restaurants
    • Hotels
    • Schools
    • Bakery
    • Others

  • Residential

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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)

Have a Look at Related Research Reports of Retail and Consumer Product Domain:

Baby Teeth Care Products Market: The baby teeth care products market is likely to register a CAGR of 2.5% during the forecast period, and is anticipated to reach a market share of US$ 1.71 Bn in 2032,

Floor Lamps Market : The floor lamps market is likely to record a promising CAGR 12% during the forecast period. The floor lamps market is currently valued at US$ 33.42 Bn and is likely to reach US$ 92.68 Bn by 2032.

Induction Hob Market: The global induction hob market is expected to garner a market value of US$ 19 Million in 2022 and is expected to record a CAGR of 9% during the forecast period from 2022 to 2032.

Restaurant Takeout Market: The restaurant takeout market is expected to reach US$ 4,024.9 billion in 2032 from US$ 2,199.4 Billion in 2022, with a CAGR of 8.3% from 2022 to 2032.

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

Future Market Insights Inc.

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Suite 401, Newark, Delaware - 19713, USA

T: +1-845-579-5705

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The post Oven Market Size is Anticipated to Surpass between 2022 and 2032 at a CAGR of 4.9%, According to Future Market Insights, Inc. appeared first on Future Market Insights.

Original Source of the original story >> Oven Market Size is Anticipated to Surpass between 2022 and 2032 at a CAGR of 4.9%, According to Future Market Insights, Inc.

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