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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.
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.
What is the size of the Asia Pacific oven market?
Asia Pacific oven industry and is expected to cross USD 30 billion by 2032 due to stringent health and safety regulations and food sanitation standards, requiring kitchens to invest in ovens that meet regulatory requirements in the region.
Why is the demand for electric oven growing?
Oven industry from the electric oven segment and is expected to surpass USD 50 billion by 2032 due to the changing consumer preference toward processed food along with the rise in urbanization.
How big is the oven industry?
Oven market size was USD 49.2 billion in 2023 and is expected to register 6.5% CAGR from 2024-2032 owing to the rise of urbanization and apartment living particularly in densely populated areas worldwide.
Who are the key leaders in the oven industry?
Electrolux, LEWCO, Inc., LG Electronics, Midea Group, Panasonic, Rehm Thermal Systems, Samsung, Sharp Corporation, Surface Combustion, Tamura Corporation, The Grieve Corporation, Thermcraft, Whirlpool Corporation, and Wisconsin Oven, are some of the major oven companies worldwide.