Oven Market– By Fuel (Electric, Gas, Dual Fuel), By Capacity (Small, Medium, Large), By Application (Residential, Commercial, Industrial), By Regional Outlook & Forecast, 2024 – 2032

Oven Market– By Fuel (Electric, Gas, Dual Fuel), By Capacity (Small, Medium, Large), By Application (Residential, Commercial, Industrial), By Regional Outlook & Forecast, 2024 – 2032

Oven Market Size

Oven Market size in 2023 was valued at USD 49.2 billion and is set to proliferate at a CAGR of 6.5% from 2024 and 2032.  The rise of urbanization and apartment living particularly in densely populated areas will energize the industry dynamics. Furthermore, the ongoing trend of home renovation and remodeling projects will be influential in shaping the demand curve for the industry. For instance, the share of population living in apartments in the New York crossed a mark of over 20% in 2023.

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An oven is an appliance used for heating, baking, roasting, or drying food by surrounding it with hot air. The units consist of an insulated chamber with heating elements or gas burners that generate heat, along with temperature controls to regulate the cooking temperature. They come in various types, including conventional ovens, convection ovens, microwave ovens, and toaster ovens, each offering different cooking methods and capabilities. These systems are essential for cooking a wide range of dishes, from baked goods and roasted meats to casseroles and pizzas.
 

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Oven Market Trends

The market is experiencing robust growth driven by rising consumer demand for smart kitchen appliances and energy-efficient solutions. Ongoing technological including touch controls, Wi-Fi connectivity, and app integration, catering to the modern homeowner's desire for convenience and connectivity. Additionally, paradigm shift toward multifunctional ovens that combine various cooking methods comprising of convection, steam and microwave functionalities within a single unit will fuel the product penetration.

Oven Market Analysis

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 The electric segment is set to surpass USD 50 billion by 2032. Changing consumer preference toward processed food along with the rise in urbanization will drive the business potential. These ovens are prized for their convenience and ease of use, they offer precise temperature control, quicker preheating times, and more consistent results. Shifting focus toward convenience, efficiency and sustainability coupled with flourishing residential sector will positively impact the industry landscape.

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The commercial oven market size will witness growth rate of over 6% by 2032. The growth of the foodservice industry including restaurants, bakeries, hotels, and catering services will offer significant opportunities for industry expansion. Furthermore, culinary influences, along with the growing popularity of international cuisines, create demand for specialized ovens tailored to specific cooking methods and cultural preferences. Furthermore, heightened awareness of environmental sustainability is pushing manufacturers to develop eco-friendly appliances, further boosting business dynamics.

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 The Asia Pacific oven market is set to surpass USD 30 billion by 2032. Stringent health and safety regulations and food sanitation standards will require kitchens to invest in ovens that meet regulatory requirements, driving the industry potential. Ongoing trend of kitchen modernization in line with increasing popularity of home cooking and baking will further drive the product deployment. Moreover, The industry is influenced by the growing emphasis on health and wellness prompting consumers to seek ovens that support healthier cooking methods.

U.S. oven market will witness an upsurge owing to growing consumer awareness of health and wellness influences oven preferences. The increasing demand for units that facilitate healthier cooking methods, including steam cooking or air frying, continues to rise and consumers seek to prepare nutritious meals at home. The proliferation of diverse culinary styles and the popularity of gourmet cooking will spur the demand for versatile ovens that can handle a wide range of cooking techniques.

Oven Market Share

Bosch stands as one of the trailblazing leaders offering pioneering solutions across multiple sectors, including automotive technology, industrial machinery, consumer goods, and energy systems. With a comprehensive portfolio ranging from automotive components to household appliances, Bosch is renowned for its relentless pursuit of innovation, sustainability, and customer-centricity. Leveraging decades of expertise and a steadfast commitment to excellence, Bosch continually sets new benchmarks in technological innovation, delivering state-of-the-art products and services. Embracing a legacy of innovation and forward-thinking, Bosch is dedicated to driving efficiency, championing environmental responsibility, and shaping a brighter, more sustainable future for individuals and communities globally.

Oven Market Companies

The key industry players include

• Bosch
• Breville Group Ltd
• BTU International
• Davron Technologies Inc.
• Eastman Manufacturing
• Electrolux
• JPW Industrial Ovens & Furnaces
• LEWCO, Inc.
• LG Electronics
• Midea Group
• Panasonic
• Rehm Thermal Systems
• Samsung
• Sharp Corporation
• Surface Combustion
• Tamura Corporation
• The Grieve Corporation
• Thermcraft
• Whirlpool Corporation
• Wisconsin Oven

Oven Industry News

• In August 2023, LG Electronics introduced their built-in package At IFA 2023, featuring energy-efficient appliances and stylish design. The lineup included an InstaView oven, QuadWash dishwasher, downdraft induction hob, bottom-freezer refrigerator, and microwave oven, aiming to elevate culinary experiences. LG's strategic vision includes expanding into the North American and European markets, aiming to solidify its position as one of the top five brands globally in the built-in appliance sector.
• In February 2023, Samsung Electronics UK Ltd. announced the launch of their Series 7 Bespoke AI Oven, enhancing kitchen experiences with AI Pro Cooking technology. This innovative oven optimizes settings and monitors food, offering real-time meal tracking via the SmartThings App. With Dual Cook Steam, users can prepare multiple dishes simultaneously, revolutionizing healthy meal prep. This launch marks a significant advancement in home cooking technology, providing convenience and culinary creativity.

The oven market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units & USD Million” from 2021 to 2032, for the following segments

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Market, By Capacity

• Small
• Medium
• Large

Market, By Fuel

• Electric
• Gas
• Dual Fuel

Market, By Application

• Residential
• Commercial
• Industrial

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Portugal
  • Romania
  • Netherlands
  • Switzerland
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina