Growing Popularity of Home Improvement Projects Predicted to Fuel the Demand for Wall Ovens Through 2020, Says Technavio

LONDON--()--According to the latest research report released by Technavio, the global wall oven market is expected to reach close to USD 3.14 billion by 2020.

This report titled ‘Global Wall Oven Market 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. This market study also presents up to date analysis and forecasts for various market segments and all geographical regions.

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“This research study anticipates a boom in the home improvement industry to surge the demand for wall ovens until 2020. Unlike conventional countertop appliances, consumers are now opting for appliances that are built-in and which can be installed in cabinets to save counter space,” said Jhansi Mary, one of Technavio’s lead industry analysts for home and kitchen appliances research.

“The leading geographical markets for improvement projects include, the US and France. Kitchen remodels comprised 13% of the total expenditure on home improvement in the US in 2014 and this trend will likely continue and boom the demand for wall ovens during the forecast period,” added Jhansi.

Some of the other driving forces behind the growth of the global wall oven market are as follows:

  • Change in kitchen design and trends
  • Energy-efficient product variants
  • New residential constructions

Change in kitchen design and trends

With the rise in disposable incomes, consumers are demanding improvements that alleviate their standard of living. Therefore consumers are investing more in renovating their kitchens. They are opting for designs that are sophisticated, involve little ornamentation, and are easy to maintain. There is also significant emphasis among consumers for renovating their kitchens with good storage infrastructure and space planning.

This change in consumer preferences is encouraging vendors to add new streamlined appliances to their portfolio. The built-in appliances market is burgeoning due to these trends. It is also positively impacting appliance vendors who are introducing wall ovens in their product offerings. Apart from saving counter space, wall ovens also add aesthetic appeal to the kitchen. Vendors like Bosch have added new offerings that have a European finish. During the forecast period, many new vendors are expected to enter the market with ovens that look sleek and sophisticated with matching doors and handles, coupled with an improved user-interface.

Energy-efficient product variants

The European Union has set a target of 20% energy savings by 2020 and a target of 27% energy savings by 2030. In order to aid this process, the European Union has set standards regarding eco-design and energy labeling of appliances. Energy labels range from A+++ to G and are attributed as per the energy-efficiency of these appliances.

Consumers have grown aware of the impact of these appliances on the environment and are willing to invest more in appliances that help them save on electricity and water. Products are made to undergo vigorous testing procedures to ensure they are energy-efficient, have longer life-spans, and contribute toward the reduction of the carbon footprint. Though currently, the practice is prevalent in Europe, it will likely be replicated in other geographies as well.

New residential constructions

With the gradual recovery of the real estate market, appliance makers have seen a considerable rise in their profits. There is an increasing trend of consumers, especially millennials, opting for smaller homes with more compact kitchens. Millennials, as well as baby boomers, want to avoid mortgages and are therefore opting for smaller, compact homes. Vendors are capitalizing on this opportunity by introducing new innovative products. For instance, GE introduced the FirstBuild Studio, which is a yacht design kitchen with ingenious features like faucets that retract into the wall.

Cheaper home loans for luxury homes and the increase in consumer confidence due to economic recovery are also major drivers for consumers to invest in newer houses and appliances. As consumers invest in newer residential constructions, houses with cabinets for built-in appliances and European designs will witness a surge in demand until 2020.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research report released by Technavio, the global wall oven market is expected to reach close to USD 3.14 billion by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com