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Smart Ovens Market size is set to grow by USD 519.8 million from 2024-2028, Changing lifestyles in developed and developing economies boost the market, Technavio

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NEW YORK, July 26, 2024 /PRNewswire/ — The global smart ovens market size is estimated to grow by USD 519.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 20.65% during the forecast period. Changing lifestyles in developed and developing economies is driving market growth, with a trend towards high demand for energy-efficient microwave ovens. However, safety issues in mobile applications poses a challenge. Key market players include Alto Shaam Inc., Brandt Group, Breville Group Ltd., Electrolux group, General Electric Co., GoWISE USA, Haier Smart Home Co. Ltd., Hitachi Ltd., JS Global Lifestyle Co. Ltd., LG Electronics Inc., Maestro Food Co., MIDEA Group Co. Ltd., Miele and Cie. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smeg S.p.a., Weber Stephen Products HK Ltd., and Whirlpool Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Smart Ovens Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 20.65%

Market growth 2024-2028

USD 519.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

15.57

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 40%

Key countries

US, China, Japan, Germany, and UK

Key companies profiled

Alto Shaam Inc., Brandt Group, Breville Group Ltd., Electrolux group, General Electric Co., GoWISE USA, Haier Smart Home Co. Ltd., Hitachi Ltd., JS Global Lifestyle Co. Ltd., LG Electronics Inc., Maestro Food Co., MIDEA Group Co. Ltd., Miele and Cie. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smeg S.p.a., Weber Stephen Products HK Ltd., and Whirlpool Corp.

Market Driver

The kitchen and home appliances sector accounts for one-quarter of a family’s energy consumption. Microwave ovens, as energy-efficient kitchen devices, have gained popularity due to their ability to cook food using less energy compared to traditional gas stoves or ovens. Vendors, such as LG Electronics Inc. And Samsung Electronics Co. Ltd., manufacture energy-efficient models like the NeoChef smart inverter microwave oven and the NV7B50TAK Series 5 Smart Oven with Cook Flex and Air Fry, which offer energy savings of up to 25%. With the increasing adoption of smart home systems, the demand for energy-efficient smart ovens is expected to rise, leading to market growth during the forecast period. 

Smart ovens are the latest trend in small kitchen appliances, offering convenience for busy lifestyles with advanced cooking processes. These ovens feature device connectivity, allowing hand-free control and distant cooking options. Their visually appealing designs make them a great addition to functional kitchen spaces. Other popular small appliances include juicers, coffee maker machines, electric kettles, microwaves, and more. Smart technology, such as Wi-Fi connectivity and smartphone apps, transforms these appliances into connected home devices. However, security concerns, data privacy, and hacking are important considerations. Manufacturers offer multiple function settings, temperature control, and additional cooking capabilities, ensuring energy efficiency and convenience. Tech-savvy consumers seek smart home devices that cater to health and wellness, including air fryers, blenders, and multi-function appliances. Online shopping, physical stores, and delivery options provide easy access to these smart appliances. Algorithms and personalized product recommendations offer nutritional information, calorie tracking, and recipes, enhancing the user experience. Innovations in single function and household/commercial manufacturing hubs continue to shape the smart oven market. Stay tuned for more updates on this exciting trend. 

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Market Challenges

Smart ovens, connected through mobile applications, offer convenience and flexibility for consumers. The use of SIM cards enables remote control, but network and battery issues on smartphones can disrupt communication, leading to suboptimal oven performance. Vendors must prioritize research and development to ensure the reliability and security of these applications. Mobile application failures pose a significant challenge to the global smart oven market, potentially hindering growth during the forecast period. Consumers require smartphones with robust battery life, high-speed processors, and reliable internet connectivity to effectively manage their smart ovens.The Smart Ovens market is experiencing significant growth due to the increasing demand for convenient and healthy cooking solutions. However, businesses face challenges in this sector. Online sales present opportunities but also require managing store hours and ensuring timely delivery. Product reviews and ratings are crucial for consumer trust, but manual supervision and safety features are essential for kitchen fires. Residential consumers seek energy-efficient, healthy cooking functions, and diet-specific options. Pre-programmed cooking modes and recipe libraries are key selling points, but remote monitoring and voice controls add value. Connected home appliances and digital platforms are the future, but offline channels and consumer electronics moguls remain important players. Counter top segment growth depends on Bluetooth, Wi-Fi, and companion apps. Safety features, nutrition, and energy efficiency are top priorities, with healthy cooking functions gaining popularity.

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Segment Overview 

This smart ovens market report extensively covers market segmentation by  

Distribution Channel1.1 Offline1.2 OnlineProduct 2.1 Smart microwave oven2.2 Small wall ovenGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Offline-  The offline distribution channel for smart ovens includes hypermarkets, convenience stores, clubhouse stores, specialty stores, and department stores. However, sales through these channels have decreased due to consumers’ shifting preference towards online shopping. To boost offline sales, vendors are partnering with local retailers and household appliance retail chains, such as Haier Group’s collaboration with GOME Retail and Suning in China. Vendors also establish clubs, like Haier Smart Home Co. Ltd.’s V58 and V140 clubs, to maintain relationships with regional distributors. Offline stores offer advantages, such as in-person technology demonstrations, which reduce confusion for customers. Elderly consumers, who value safety measures, also prefer purchasing from physical stores. Despite the decline in offline sales, extensive marketing efforts will sustain sales and contribute to the smart oven market’s growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global smart home appliances market is experiencing robust growth, driven by advancements in IoT technology and increasing consumer demand for convenience and energy efficiency. Concurrently, the global commercial combi ovens market is expanding as businesses seek versatile cooking solutions that offer efficiency and precision. In the residential sector, the microwave oven market is also on the rise, with innovations enhancing functionality and design. Together, these markets reflect a trend toward smart, efficient, and multifunctional kitchen appliances across both commercial and residential spaces.

Research Analysis

The Smart Ovens market is experiencing significant growth due to the increasing popularity of small kitchen appliances that offer convenience for busy lifestyles. These ovens incorporate advanced technologies such as device connectivity, hand-free control, and distant cooking options, making them a must-have for visually appealing and functional kitchen spaces. Smart Ovens are not just limited to cooking processes but also include juicers and other small appliances. Online shopping platforms and physical stores offer various options for purchasing these devices, with delivery being a convenient choice for customers. Digital platforms provide algorithms for personalized product recommendations, nutritional information, and calorie tracking, enhancing the user experience. Countertop segment smart ovens are equipped with Bluetooth, Wi-Fi, and companion apps for voice controls, cooking temperature settings, preheat functions, and safety features. These features make Smart Ovens an essential addition to modern kitchens, catering to the demands of tech-savvy consumers.

Market Research Overview

The Smart Ovens market is witnessing significant growth due to the increasing popularity of small kitchen appliances that cater to busy lifestyles. These ovens offer convenience through cooking processes made easier with smart technology, device connectivity, and hand-free control. With distant cooking options, users can monitor and adjust temperature settings from anywhere, making it a visually appealing and functional addition to modern kitchen spaces. Juicers, coffee maker machines, electric kettles, microwaves, and various other appliances are now being integrated with smart technology, allowing for Wi-Fi connectivity, smartphone apps, and connected homes. However, concerns regarding security, data privacy, and hacking continue to surface as more appliances become part of the smart home ecosystem. Tech-savvy consumers are drawn to the multiple function settings, energy efficiency, and sensor technology of these smart appliances, which also cater to health and wellness trends with air fryers, blenders, and other multi-function devices. Affordability, traditional ovens, and counter-top vs built-in options continue to be key considerations for both residential and commercial markets. Online shopping, physical stores, and delivery options offer flexibility for consumers, while algorithms, personalized product recommendations, nutritional information, calorie tracking, and recipes help make meal decisions based on dietary preferences and restrictions. Smart home technology integration and kitchen design trends further enhance the appeal of these high-quality, premium home appliances.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelOfflineOnlineProductSmart Microwave OvenSmall Wall OvenGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Schematic Raises $4.8M in Funding For the Last Mile of Pricing and Packaging For SaaS Companies

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Schematic is transforming pricing and packaging for B2B SaaS companies, allowing product and engineering teams to implement flexible models with minimal maintenance. By eliminating fragmented, homegrown systems, Schematic helps businesses adapt to modern buying preferences and maximize revenue. Now publicly available, the platform includes embeddable UI components and integrates deeply with Stripe. Backed by $4.8M in seed funding, Schematic offers a streamlined solution for managing the full pricing and packaging lifecycle.

BOULDER, Colo., Sept. 20, 2024 /PRNewswire-PRWeb/ — Schematic is transforming pricing and packaging for B2B SaaS companies by getting product and engineering teams out of billing projects. With just a few lines of code, businesses can implement pricing and packaging into any application, bridging the gap between outdated, inflexible billing tools and the demands of modern software businesses.

“Maintaining pricing and packaging has been messy for product and engineering teams. Tools exist for finance, but none bridge the gap to support feature fulfillment and user experience. Schematic fills that gap, offering control and transparency from rollout to revenue,” said Fynn Glover, CEO

The company announced today that it is now available to the public after a year in development with a select set of beta customers, and that it is launching Components – embeddable UI elements for purchasing experiences – and a deep integration with Stripe providing a full stack solution for pricing and packaging.

The current pricing and packaging landscape is dominated by fragmented systems and frankenstein implementations. Schematic surveyed 100s of product and engineering leaders and found that their homegrown systems and processes weren’t built for flexibility or to support modern buying preferences such as metering and modular packaging. Consistently, teams struggled to adequately resource pricing and packaging initiatives and, as a result, left significant money on the table.

“Historically, maintaining pricing and packaging for product and engineering teams has been a mess. The market has tools for finance teams in spades, but none that bridge the gap to the application to support feature fulfillment, the end user experience, and internal tools, so we end up building them from scratch. We built Schematic to address that gap, and our product allows businesses to handle the entire lifecycle of a feature from rollout to revenue, offering best-in-class control and transparency to end users out of the box,” said Fynn Glover, CEO of Schematic.

The company wants to eliminate the need for businesses to reinvent the wheel to support pricing and packaging in applications. Schematic offers the flexibility to launch, package, meter, and monitor features from one place, without the tax of architecting and maintaining homegrown systems.

Pricing and packaging sits within a $30B market that includes the tools to license, fulfill, and bill end customers. It faces significant challenges due to the consumerization of B2B SaaS that has led to evolving buying preferences and expectations, pressure on back office operations, and legacy tools that are difficult to implement, costly, and do not integrate well with modern tools and applications. This has led to fragmented, homegrown systems and processes that divert resources to maintain and delay growth initiatives.

Schematic believes that an integrated platform, rather than disconnected tools and processes, should support customers from purchase to feature delivery and the operators tasked with supporting them. The launch of Components extends Schematic’s value proposition with embeddable UI elements that deliver best-in-class purchasing experiences to SaaS customers.

Schematic’s co-founders Jasdeep Garcha, Benjamin Papillon, Giovanni Hobbins, and Fynn Glover are seasoned entrepreneurs with experience on many sides of this problem having most recently led Operations, Product, Growth, and Engineering functions at Automox, Twilio, and Relay Payments. They have previously built successful startups and bring their expertise to Schematic to address the evolving needs of B2B SaaS companies.

The company is launching with $4.8M in seed funding led by MHS Capital with participation from NextView Ventures, Active Capital, Atlanta Ventures, and the founders of LaunchDarkly, Salesloft, Salesforce Pardot, and Crowdstrike.

“The decision to back Schematic was easy, given the clear market need and the team’s proven track record. Schematic is poised for rapid growth by providing an integrated solution for SaaS pricing and packaging,” said Vijay Naggapan, partner with MHS Capital.

Schematic’s platform allows businesses to outsource pricing and packaging with a few lines of code, enabling them to quickly launch new packaging models, take the burden off of engineering almost entirely, and flexibly adjust their pricing and packaging to individual customer preferences. The product has been in beta for a year with customers ranging from early-stage startups to growth-stage scale-ups, all benefiting from the flexibility and control it provides.

“There should be a standard for how digital businesses operate pricing and packaging. Schematic provides that standard, eliminating fragmented systems that frustrate teams and slow down businesses,” said Fynn.

“Schematic has allowed us to manage entitlements and metering with ease, setting us up in just a few days,” said Daniel Chalef, CEO of Zep, an early-stage SaaS company that replaced manual processes with Schematic’s automation. By implementing Schematic Zep has adapted to customer demands for new offerings easily without major engineering investments.

Learn more about Schematic. The product is free for early stage businesses.

Media Contact

Jasdeep Garcha, Schematic, 1 9192158521, jasdeep@schematichq.com, https://schematichq.com/

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SOURCE Schematic

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Edifier Announces Opening of SoundStudio Showroom in New York

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Edifier, a leading audio brand, is thrilled to introduce its cutting-edge audio products to the American market with a pop-up showroom, allowing customers to explore and experience the latest innovations in audio technology firsthand.

RICHMOND, BC, Sept. 20, 2024 /PRNewswire/ — Edifier, the renowned audio brand, is set to open its SOUNDSTUDIO pop-up showroom in New York City from September 21 to September 28, 2024. Located at 545 W 23rd St, New York, the event will showcase Edifier’s flagship products, offering attendees a unique opportunity to experience top-tier audio equipment.

Visitors will have a chance to explore a wide range of Edifier products, including Planar Magnetic Headphones (STAX SPIRIT S10, S5, S3), Earbuds (NeoDots, NeoBuds Pro 2), Over-ear Headphones (WH950NB, W830NB, W800BT Pro), Table Speakers (D32, D12, MP230), 2.0 Speakers (R1280DB, S1000W, S3000MKII), and the Q Series Speakers (QR65, QD35, QS30). This carefully curated lineup is designed to cater to different audio preferences, from high-fidelity listening to immersive soundscapes.

Edifier is hosting this event to highlight its audio products and further solidify its position as a leader in the American audio market, offering attendees the chance to engage with the brand, share their “Passion for Sound,” and be among the first to experience the brand’s innovative audio solutions.

The showroom will feature Edifier’s latest state-of-the-art speakers and headphones in a stylish studio space, allowing visitors to experience their performance and design in real-life settings. This immersive environment will enable the American public to appreciate Edifier’s meticulous attention to audio quality and design, while fostering a friendly atmosphere for social gatherings and hands-on testing of the Edifier audio range.

The event will include special appearances from NBA, NFL, and AFL stars, including Edifier W830NB ambassadors Jared McCain (Philadelphia 76ers) and Donte DiVincenzo (New York Knicks), Tyrod Taylor (New York Jets) and Tyler Nubin (New York Giants). Attendees will have the opportunity to see how Edifier’s W830NB headphones play a vital role in keeping these sports stars connected to their passion for sound.

Attendees will not only have the chance to experience Edifier’s cutting-edge products but will also be treated to exclusive giveaways. Prizes include W800BT Plus headphones, W320TN earbuds, MP100 Plus speakers, NeoBuds Pro 2, W830NB headphones, and the Comfo Run series.

Frank He, Marketing Director at Edifier, stated “Edifier are delighted to be holding this event in New York. The event is crucial for showcasing the company’s leading products and innovative technology. The presence of the AFL, NFL and NBA stars discussing their use of the Edifier W830NB headphones reinforces Edifier’s status as a top contender in the consumer audio market.”

There are many surprises to explore throughout the week! Don’t miss out on this unique opportunity to meet your favorite athletes and experience EDIFIER’s cutting-edge audio technology firsthand. More highlights and sidelights will be detailed on the Edifier global Instagram account (@edifier_global).

Full Event Schedule:

Sep 21st: Kick off the week with our Grand Opening, featuring electrifying beats by DJ Leisan Valieva.Sept 22nd: Get close with Tyrod Taylor of the New York Jets at an exclusive Meet and Greet.Sept 23rd: Get close with Tyler Nubin of the New York Giants at an exclusive Meet and Greet.Sept 24th: Join us for an incredible appearance with Jared McCain of the 76ers and Donte DiVincenzo of the New York Knicks!

About Edifier:

Edifier specializes in the design and manufacture of premium audio solutions that showcase technological innovation and design excellence. Founded in 1996 and headquartered in Beijing, China, Edifier delivers outstanding sound experience through a wide range of audio systems for personal entertainment and professional use. Renowned for its award-winning design philosophy, expertise and innovation in acoustic technology, and superior manufacturing standards, Edifier is one of today’s leading innovators of audio electronics.  

More information about Edifier is available online at www.edifier.com/global

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SOURCE Edifier

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Volar Air Mobility and Exim Finance Partner to Pioneer Green Financing Solutions for Sustainable Aviation

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MONTREAL, Sept. 20, 2024 /PRNewswire/ — Volar Air Mobility has formed a strategic partnership with Exim Finance to accelerate the commercialization of electric aircraft. This collaboration, formalized by a Memorandum of Understanding (MoU), focuses on developing innovative green financing solutions to support sustainable aviation globally.

The partnership centers around Volar’s RX-series Electric Aircraft, including the RX4E, the world’s first four-seater electric plane expected to receive commercial approval. Together, Volar and Exim Finance will create financial models that include green financing options and carbon credit offsets, making eco-friendly aircraft more accessible.

Key highlights of the collaboration include:

Development of sustainable financing models for RX-series Electric Aircraft.Introduction of carbon credit offsets to promote green aviation.Broadening access to electric aircraft in emerging markets.Aligning with global decarbonization goals like the UAE’s Net Zero by 2050.

Revolutionizing Air Mobility, Driving Innovation and Sustainability

Volar Air Mobility sets itself apart with an aircraft-agnostic technology platform, allowing it to integrate a variety of sustainable aircraft. The RX4E, a fully electric four-seater, is leading the charge toward a greener aviation future. Volar’s focus is on making electric air travel affordable and accessible in developing regions, supporting environmental goals while boosting local economies. By collaborating with Volar, Exim Finance is breaking new ground in green aviation. Exim Finance offers a range of financial services across Asia, Africa, Europe, and North America.

Industry Leaders Comment on the Partnership

Mr. Salah Ibrahim Al Nasser, Chairman of Exim Finance, commented: “We are honored to be part of this significant initiative aimed at transforming the future of aviation through sustainable practices. As a financial institution committed to supporting innovation and environmental responsibility, EXIM Finance recognizes the critical importance of green aviation in reducing the industry’s carbon footprint. By partnering with key stakeholders, this Memorandum of Understanding represents a major step forward in creating a more sustainable aviation ecosystem.”

Mr. Henry Hooi, Chairman of Volar Air Mobility Holding Company Limited, added: “Volar Air Mobility is honored to be working with EXIM Finance on a pioneering initiative to develop a series of green financing solutions to enable green aviation. The opportunity is to co-develop pioneering solutions in UAE to enable broader adoption of green aviation globally, thus contributing meaningful environmental impacts and fulfilling the aspirations of many, including those outlined in the UAE Net Zero by 2050.”

Mr. Saif Aldarmaki, Founding Partner of Volar Air Mobility Industries, stated: “This partnership reflects our shared commitment to revolutionizing the green aviation sector. By working with Exim Finance, we are taking a bold step forward in realizing the promise of electric aviation and supporting the global transition to sustainable technologies.”

Mr. Anwar Hussein, Managing Partner and Co-founder of Volar Air Mobility Industries, emphasized the collaboration’s significance, stating: “With this MoU, we are laying the groundwork for the future of green aviation financing. Our combined expertise will allow us to create financing structures that support early adopters of electric aircraft and help expand the global market for eco-friendly aviation solutions.”

About Volar Air Mobility

Volar Air Mobility is a green air mobility technology company focused on the commercialization of electric aircraft worldwide. The company holds exclusive commercialization rights for the RX-series Electric Aircraft, developed by the Liaoning General Aviation Academy (LGAA), and is dedicated to fostering sustainable aviation technologies that contribute to a greener future.

About Exim Finance

Exim Finance provides investment, corporate, and commercial banking solutions across several continents, helping drive growth through innovative financial solutions. With a strong global presence, Exim Finance leverages a diverse team whose extensive connections with Export Banks and Credit Insurance providers enable them to deliver tailored financial solutions that empower clients’ success.

For more information, visit www.volarairmobility.com and www.eximfinance.ae.

Media Contact:
Miss Wyam Amiri
Inovartic Investment
Abu Dhabi, UAE
Email: 383409@email4pr.com 
Phone: +971561090758

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SOURCE Volar Air Mobility

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