LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global wall oven market is projected to grow to USD 4,788.7 million by 2021, at a CAGR of nearly 11% over the forecast period.
This research report titled ‘Global Wall Oven Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Wall ovens are built in the kitchen wall or installed in cabinets under and above the oven. The growing preference among consumers for modular kitchens that are compact and sophisticated and the increasing expenditure on home appliances are the key factors driving the market for built-in appliances like wall ovens.|
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Based on the product type, the report categorizes the global wall oven market into the following segments:
- Single wall oven
- Double wall oven
- Combined wall oven
Single wall oven
“The single wall ovens segment occupied a majority 75% of the global market in 2016, and is expected to continue its dominance over the forecast period owing to its affordability and efficiency,” says Jhansi Mary, a lead analyst at Technavio for home, kitchen, and large appliances research.
Single wall ovens are available in a variety of models including cooktops, built-in models, and side-by-side options. As the average household size is decreasing in most parts of the world, expenditure on heavy appliances will reduce, leading to a higher demand for compact appliances like single wall ovens.
Double wall oven
The global double wall oven market is expected to be worth USD 911.77 million by 2021. Double wall ovens feature two ovens stacked on top of or alongside one another, allowing users to cook at different temperatures. This type of oven is especially beneficial for households where large meals are prepared where the versatility that two ovens offer is necessary. The demand for double wall ovens will mainly arise from mature markets, such as the US and Europe.
Combined wall oven
“The global combined wall oven market is the fastest-growing market segment, expected to showcase a CAGR of more than 15.41 % through the forecast period, driven by the growing demand from preparing confectioneries, gourmet food, and baking,” says Jhansi.
Combined wall ovens save countertop space while adding another cooking appliance to assist in the food preparation. With the wall oven segment facing challenges from multifunctional appliances, products such as combined wall oven will play a vital role in overcoming this hurdle, balancing the overall market growth over the next five years.
The top vendors highlighted by Technavio’s research analysts in this report are:
- GE Appliances
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