A multifunction oven is an oven has multiple heating elements and a choice of heating methods, giving you more choice over how your food is cooked. Multi-function ovens are becoming increasingly common and they offer more flexibility of cooking options. Owing to modifications and modernization in the kitchen designs, the market for multi-functional ovens will witness huge growth during the forecast period. Multifunction ovens combine several different cooking options, making them perfect for busy families. Multifunction oven market is expected to expand at a good growth rate during the forecast period on account of rising urbanization. Companies in the household cooking appliance market are increasingly launching technologically advanced multi-functional ovens to cater to the rising demand for multi-functional appliances with additional benefits.
Key Market Trends
Increasing Disposable Income is Driving the Market
Rising disposable income of the population is believed to positively impact the growth of multifunctional ovens over the forecast period. Further, the changing lifestyle of the people such as increasing preference for multifunctional appliances is anticipated to intensify the growth of multifunctional ovens market over the forecast period. Consumers focus more on buying new and innovative appliances, such as multifunctional ovens that are equipped with varied advanced features. The increasing propensity of consumers to spend on appliances that assist them in kitchen chores has generated an increasing demand for multifunctional ovens. The adoption of modular kitchen and increased purchasing power of individuals would foster the growth of smart multifunctional oven market.
Raising Working Population is Driving the Market
The multifunctional oven market is expected to register a notable growth in the upcoming years, owing to a significant increase in the growing working-class segment in the country. Increasing disposable income paired with a rising number of working populations has majorly contributed to the growth of the market. Multifunctional ovens are an ideal addition to any family kitchen, providing convenient and rapid cooking for busy family lifestyles. A growing number of working women and preoccupied schedules of people in urban cities are likely to fuel the demand for multifunction ovens.
The report covers major international players operating in the United States multi-functional oven market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
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Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5.2 Distribution Channel
5.2.2 Specialty Stores?
5.2.4 Other Distribution Channels?
6.2 Company Profiles
6.2.2 GE Appliances?
6.2.4 Asko Appliances ?
6.2.5 Whirlpool Corporation?
6.2.10 Alto-Shaam Inc?
6.2.11 Middleby Corporation
A selection of companies mentioned in this report includes:
- GE Appliances
- Asko Appliances
- Whirlpool Corporation
- Alto-Shaam Inc
- Middleby Corporation