Analyzing the Oven Market Growth Trajectory: 4.9% CAGR Forecasted by 2032

The oven market is estimated to reach US$ 2,801.4 Million in 2022 and is projected to surpass US$ 4,519.9 Million by 2032, at a CAGR of 4.9% from 2022 to 2032. Share of Oven market in kitchen appliance market is approximately ~1%-2%.

Ovens are made to cook and warm up food more fast. People find it hard to cook fresh food often because they have strange work hours and busy schedules. This is making them want pre-made meals more in the market.

Moreover, more money spent on tools for the kitchen and using smart devices in cooking areas will increase demand. Also, the increasing habit of connecting home tools like stove and oven is going to give chances for makers in the coming years.

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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 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.

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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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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: