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Microwave Oven Market by Type (Convection, Grill, Solo), Application (Household, Commercial) and Structure (Built-in, Counter Top) - Global Opportunity Analysis and Industry Forecast, 2014 - 2020

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Pages: 102
Aug 2015 | 5976 Views
 
Author's : Priyanka Bisht
Tables: 25
Charts: 31
 

Global Microwave Oven Market is expected to garner $25.4 billion by 2020, registering a CAGR of 6.07% during the forecast period 2015-2020.

Microwave ovens, today, form an integral part of kitchen appliances. Microwave oven functions on thermal energy by heating the polar molecules in food, a process also known as dialectic heating. The microwave radiations emitted from microwave ovens are of shorter wavelength, but possess enormous amount of energy which facilitate faster cooking. Microwave ovens, depending on their power output, can alternatively be used for roasting, baking and grilling. Microwave ovens are manufactured with varied features, some of which include, touch display panels, a heating chamber, vents and a glass turntable.

The global market for microwave oven is segmented, based on type, application, structure and geography. Based on types of microwave oven, the report covers convection, grill and solo. The convection microwave oven accounts for the bigger market share within the global market. Owing to its high functionality feature, convection microwave oven is witnessing a rapid growth. The report is also analyzed from the perspective of application of microwave oven. Household microwave oven market accounts for a higher share than the commercial microwave oven market. The product structure segment comprises of built-in and counter top. Built-in microwave oven are expensive and involve installation charges, whereas counter top microwave ovens do not have any installation cost and can be placed conveniently in the kitchen.

The global microwave oven market is expected to register a notable growth in the near future, owing to a significant increase in disposable income and growing working class segment in emerging markets. The increasing propensity of consumers to spend on appliances which assist them in kitchen chores has generated an increasing demand for microwave ovens. Additionally, the changing lifestyle of consumers has encouraged the users to opt for stylish and convenient appliances which complement their living standards. However, the prominent use of traditional cooking equipment in the less developed regions of Asian countries, limits the growth of the market. Moreover, the need of energy efficient kitchen appliances and growing demand for smart appliances are factors that will drive the growth of the market. North America is a major revenue contributor to the global microwave oven market. The Asia Pacific region would witness an impressive growth in the market during the forecast period.

Top Impacting Factors in Global Microwave Oven Market

 Top Impacting Factors in World Microwave Oven Market

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Increasing disposable income

Increased disposable income especially in the developing countries has positively influenced the market of microwave ovens. High disposable income increases the spending capacity of consumers to spend more on technology-driven premium kitchen appliances including microwave ovens. Moreover, consumers opt for multipurpose and hassle-free appliances, which make their kitchen chores much easier, which in turn is driving the adoption of microwave ovens.

Energy consumption
High-energy consumption by microwave ovens act as one of the major restraining factors for the growth of global microwave oven market. In many regions, high electricity cost limits the use of such appliances for household purposes. Commercial microwave ovens consume huge amount of electricity as they are used for prolonged hours. However, companies are offering innovative microwave ovens, which consume less energy for cooking food faster and efficiently.

Energy efficient appliances

Several companies are offering energy-efficient microwave ovens owing to the growing market demand. Consumers prefer less power-consuming microwave ovens. Companies are investing heavily in R&D to develop energy-efficient microwave ovens equipped with features such as access to internet, to strengthen their market presence. With the launch of energy efficient and easy to use kitchen appliances, consumers would be encouraged to opt for microwave oven, thus giving them opportunity to try new cuisines without consuming much time on cooking. Thereby, leading to increased demand for microwave oven.

Top Winning Strategies for Global Microwave Oven Market (2014-2020)

Top Winning Strategies for World Microwave Oven Market (2014-2020)

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Top players are adopting various strategies in the market in order to acquire a bigger market share in the microwave oven market. Their key development strategies include product launch and acquisition & expansion. In December 2014, Samsung launched a new smart microwave oven in the Jordanian market. It has 28 L capacity which includes microwave, oven, fryer, baking oven, grill and toaster. The microwave oven is equipped with the latest technology which enables convenient and fast cooking with user friendly functions. The product has been launched with the aim to provide the Jordanian market with a multi-function device that facilitates easy usage and promotes healthy cooking. In October 2014, Whirlpool acquired Hefei Rongshida Sanyo Electric Co.Ltd., one of the leading home appliances company based in China. With this acquisition, Whirlpool aims to strengthen its market position in the Chinese appliance market. The other key players dominating the microwave oven market include LG Electronics, Samsung Electronics, Alto-Shaam Inc., AB Electrolux, Sharp Corporation, Hoover Limited, Illinois Tool Works Inc., Galanz Enterprise Group, Whirlpool Corporation and Panasonic Corporation.

KEY BENEFITS:

  • A thorough analysis of current and future trends in the market elucidates the imminent investment pockets in this region
  • The report provides information regarding key drivers, restraints and opportunities with impact analysis
  • Porter's Five Forces model and a SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the market
  • Quantitative analysis of the current market and estimations through 2014-2020 are provided to showcase the financial appetency of the market
  • The report provides detailed analysis of the market with respect to type of microwave oven, types of application, product structure and geography to enable stakeholders take precise investment decisions
  • Value chain analysis in the report provides a clear understanding on the roles of stakeholders involved in the value chain

MICROWAVE OVEN MARKET SEGMENTS:

The market segmentation is illustrated below:

By Type

  • Convection
  • Grill
  • Solo

By Application

  • Household
  • Commercial

By Structure

  • Built-in
  • Counter Top

By Geography

  • North America
  • Europe
  • Asia Pacific
  • LAMEA

KEY MARKET PLAYERS:

  • LG Electronics
  • Samsung Electronics
  • Alto-Shaam Inc.
  • AB Electrolux
  • Sharp Corporation
  • Hoover Limited
  • Illinois Tool Works Inc.
  • Galanz Enterprise Group
  • Whirlpool Corporation
  • Panasonic Corporation
 

Chapter: 1 INTRODUCTION

1.1 Report description
1.2 Key benefits
1.3 Market segmentation
1.4 Research methodology

1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models

Chapter: 2 MARKET OVERVIEW

2.1 Executive summary
2.2 CXO perspective
2.3 Market definition and scope
2.4 Key findings

2.4.1 Top impacting factors
2.4.2 Top investment pockets
2.4.3 Top winning strategies

2.5 Value chain analysis
2.6 Market share analysis, 2014
2.7 Porters five forces analysis

2.7.1 High bargaining power of buyers
2.7.2 Low bargaining power of suppliers
2.7.3 Low threat of substitute
2.7.4 Low threat of new entrants
2.7.5 Low industry rivalry

2.8 Market dynamics

2.8.1 Drivers

2.8.1.1 Increasing disposable income
2.8.1.2 Changing lifestyle
2.8.1.3 Increasing demand for frozen and ready to cook food

2.8.2 Restraints

2.8.2.1 High energy consumption
2.8.2.2 Traditional cooking equipment

2.8.3 Opportunities

2.8.3.1 Smart appliances
2.8.3.2 Energy efficient appliances

Chapter: 3 WORLD MICROWAVE OVEN MARKET BY PRODUCT TYPE

3.1 Standard/Solo microwave oven

3.1.1 Key market trends
3.1.2 Competitive scenario
3.1.3 Key growth factors and opportunities
3.1.4 Market Size and Forecast

3.2 Grill microwave oven

3.2.1 Key Market Trends
3.2.2 Competitive Scenario
3.2.3 Key Growth Factors and Opportunities
3.2.4 Market Size and Forecast

3.3 Convection microwave oven

3.3.1 Key Market Trends
3.3.2 Competitive Scenario
3.3.3 Key Growth Factors and Opportunities
3.3.4 Market Size and Forecast

Chapter: 4 WORLD MICROWAVE OVEN MARKET BY APPLICATION

4.1 Household

4.1.1 Key Market Trends
4.1.2 Competitive Scenario
4.1.3 Key Growth Factors and Opportunities
4.1.4 Market Size and Forecast

4.2 Commercial

4.2.1 Key Market Trends
4.2.2 Competitive Scenario
4.2.3 Key Growth Factors and Opportunities
4.2.4 Market Size and Forecast

Chapter: 5 WORLD MICROWAVE OVEN MARKET BY STRUCTURE

5.1 Built-in

5.1.1 Key Market Trends
5.1.1 Competitive Scenario
5.1.2 Key Growth Factors and Opportunities
5.1.3 Market Size and Forecast

5.2 Counter top

5.2.1 Key Market Trends
5.2.2 Competitive Scenario
5.2.3 Key Growth Factors and Opportunities
5.2.4 Market Size and Forecast

Chapter: 6 WORLD MICROWAVE OVEN MARKET BY GEOGRAPHY

6.1 North America

6.1.1 Key Market Trends
6.1.2 Competitive Scenario
6.1.3 Key Growth Factors and Opportunities
6.1.4 Market Size and Forecast

6.2 Europe

6.2.1 Key Market Trends
6.2.2 Competitive Scenario
6.2.3 Key Growth Factors and Opportunities
6.2.4 Market Size and Forecast

6.3 Asia Pacific

6.3.1 Key Market Trends
6.3.2 Competitive Scenario
6.3.3 Key Growth Factors and Opportunities
6.3.4 Market Size and Forecast

6.4 LAMEA

6.4.1 Key Market Trends
6.4.2 Competitive Scenario
6.4.3 Key Growth Factors and Opportunities
6.4.4 Market Size and Forecast

Chapter: 7 COMPANY PROFILE

7.1 Panasonic Corporation

7.1.1 Company overview
7.1.2 Company snapshot
7.1.3 Business performance
7.1.4 Key strategies and developments
7.1.5 SWOT analysis and strategic conclusion of Panasonic Corporation

7.2 Whirlpool Corporation

7.2.1 Company overview
7.2.2 Company snapshot
7.2.3 Business performance
7.2.4 Key strategies and developments
7.2.5 SWOT analysis and strategic conclusion of Whirlpool Corporation

7.3 LG Electronics

7.3.1 Company overview
7.3.2 Company snapshot
7.3.3 Business performance
7.3.4 Key strategies and developments
7.3.5 SWOT analysis and strategic conclusion of LG Electronics

7.4 Samsung Electronics

7.4.1 Company overview
7.4.2 Company snapshot
7.4.3 Business performance
7.4.4 Key strategies and developments
7.4.5 SWOT analysis and strategic conclusion of Samsung Electronics

7.5 Alto-Shaam Inc.

7.5.1 Company overview
7.5.2 Company snapshot
7.5.3 Business performance
7.5.4 Key strategies and developments
7.5.5 SWOT analysis and strategic conclusion of Alto-Shaam Inc.

7.6 AB Electrolux

7.6.1 Company overview
7.6.2 Company snapshot
7.6.3 Business performance
7.6.4 Key strategies and developments
7.6.5 SWOT analysis and strategic conclusion of AB Electrolux

7.7 Sharp Corporation

7.7.1 Company overview
7.7.2 Company snapshot
7.7.3 Business performance
7.7.4 Key strategies and developments
7.7.5 SWOT analysis and strategic conclusion of Sharp Corporation

7.8 Hoover limited

7.8.1 Company overview
7.8.2 Company snapshot
7.8.3 Business performance
7.8.4 Key strategies and developments
7.8.5 SWOT analysis and strategic conclusion of Hoover limited

7.9 Illinois Tool Works Inc. (ITW)

7.9.1 Company overview
7.9.2 Company snapshot
7.9.3 Business performance
7.9.4 Key strategies and developments
7.9.5 SWOT analysis and strategic conclusion of Illinois Tool Works Inc.

7.10 Galanz Enterprise Group

7.10.1 Company overview
7.10.2 Company snapshot
7.10.3 Business performance
7.10.4 Key strategies and developments
7.10.5 SWOT analysis and strategic conclusion of Galanz Enterprise Group

LIST OF FIGURES

FIG. 1 TOP IMPACTING FACTORS
FIG. 2 TOP INVESTMENT POCKETS
FIG. 3 TOP WINNING STRATEGIES IN GLOBAL MICROWAVE OVEN MARKET
FIG. 4 GLOBAL MICROWAVE OVEN MARKET VALUE CHAIN
FIG. 5 MARKET SHARE ANALYSIS, 2014
FIG. 6 PORTERS FIVE FORCES MODEL
FIG. 7 REVENUE OF PANASONIC CORPORATION, 2012 2014 ($MILLION)
FIG. 8 REVENUE OF PANASONIC CORPORATION., BY BUSINESS SEGMENT (%), 2014
FIG. 9 SWOT ANALYSIS OF PANASONIC COPORATION
FIG. 10 REVENUE OF WHIRLPOOL CORPORATION, 2012-2014 ($MILLION)
FIG. 11 SWOT ANALYSIS OF WHIRLPOOL CORPORATION
FIG. 12 REVENUE OF LG ELECTRONICS, 2012-2014 ($MILLION)
FIG. 13 REVENUE OF LG ELECTRONICS, BY BUSINESS SEGMENT (%), 2014
FIG. 14 REVENUE OF LG ELECTRONICS, BY REGIONS (%), 2014
FIG. 15 SWOT ANALYSIS OF LG ELECTRONICS
FIG. 16 REVENUE OF SAMSUNG ELECTRONICS, 2012-2014 ($MILLION)
FIG. 17 SWOT ANALYSIS OF SAMSUNG ELECTRONICS
FIG. 18 SWOT ANALYSIS OF ALTO-SHAAM INC.
FIG. 19 REVENUE OF AB ELECTROLUX, 2012-2014 ($MILLION)
FIG. 20 REVENUE OF AB ELECTROLUX, BY PRODUCT (%), 2014
FIG. 21 REVENUE OF AB ELECTROLUX, BY BUSINESS SEGMENTS (%), 2014
FIG. 22 SWOT ANALYSIS OF AB ELECTROLUX
FIG. 23 REVENUE OF SHARP CORPORATION, 2012-2014 ($MILLION)
FIG. 24 REVENUE OF SHARP CORPORATION, BY BUSINESS SEGMENTS ($MILLION, 2014)
FIG. 25 SWOT ANALYSIS OF SHARP CORPORATION
FIG. 26 SWOT ANALYSIS OF HOOVER LIMITED
FIG. 27 REVENUE OF ILLINOIS TOOL WORKS, 2012-2014 ($MILLION)
FIG. 28 REVENUE OF ILLINOIS TOOL WORKS, BY BUSINESS SEGMENT (%), 2014
FIG. 29 REVENUE OF ILLINOIS TOOL WORKS, BY REGIONS (%), 2014
FIG. 30 SWOT ANALYSIS OF ILLINOIS TOOL WORKS
FIG. 31 SWOT ANALYSIS OF GALANZ ENTERPRISE GROUP

LIST OF TABLES

TABLE 1 MICROWAVE OVEN MARKET REVENUE BY GEOGRAPHY, 2014-2020 ($MILLION)
TABLE 2 GLOBAL MICROWAVE OVEN MARKET REVENUE BY PRODUCT TYPE, 2014-2020 ($MILLION)
TABLE 3 GLOBAL SOLO MICROWAVE OVEN REVENUE BY GEOGRAPHY, 2014-2020 ($MILLION)
TABLE 4 GLOBAL CONVECTION MICROWAVE OVEN MARKET REVENUE BY GEOGRAPHY, 2014-2020 ($MILLION)
TABLE 5 GLOBAL GRILL MICROWAVE OVEN MARKET REVENUE BY GEOGRAPHY, 2014-2020 ($MILLION)
TABLE 6 GLOBAL MICROWAVE OVEN MARKET REVENUE BY APPLICATION 2014-2020 ($MILLION)
TABLE 7 GLOBAL HOUSEHOLD MICROWAVE OVEN MARKET REVENUE BY GEOGRAPHY 2014-2020 ($MILLION)
TABLE 8 GLOBAL COMMERCIAL MICROWAVE OVEN MARKET REVENUE BY GEOGRAPHY 2014-2020 ($MILLION)
TABLE 9 GLOBAL MICROWAVE OVEN MARKET REVENUE BY STRUCTURE 2014-2020 ($MILLION)
TABLE 10 GLOBAL BUILT-IN MICROWAVE OVEN MARKET REVENUE BY GEOGRAPHY 2014-2020 ($MILLION)
TABLE 11 GLOBAL COUNTER TOP MICROWAVE OVEN MARKET REVENUE BY GEOGRAPHY 2014-2020 ($MILLION)
TABLE 12 NORTH AMERICA MICROWAVE OVEN MARKET REVENUE, BY TYPES 2014-2020 ($MILLION)
TABLE 13 EUROPE MICROWAVE OVEN MARKET REVENUE, BY TYPES 2014-2020 ($MILLION)
TABLE 14 ASIA PACIFIC MICROWAVE OVEN MARKET REVENUE, BY TYPES 2014-2020 ($MILLION)
TABLE 15 LAMEA MICROWAVE OVEN MARKET REVENUE, BY TYPES 2014-2020 ($MILLION)
TABLE 16 SNAPSHOT OF PANASONIC CORPORATION
TABLE 17 SNAPSHOT OF WHIRLPOOL CORPORATION
TABLE 18 SNAPSHOT OF LG ELECTRONICS
TABLE 19 SNAPSHOT OF SAMSUNG ELECTRONICS
TABLE 20 SNAPSHOT OF ALTO-SHAAM, INC.
TABLE 21 SNAPSHOT OF AB ELECTROLUX
TABLE 22 SNAPSHOT OF SHARP CORPORATION
TABLE 23 SNAPSHOT OF HOOVER LIMITED
TABLE 24 SNAPSHOT OF ILLINOIS TOOL WORKS INC.
TABLE 25 SNAPSHOT OF GALANZ ENTERPRISE GROUP

 

Microwave oven market has witnessed rapid growth in developing regions such as APAC. Increased propensity of consumers to spend on premium and advanced kitchen appliances has led to the growth of the microwave oven market. Microwave ovens have high penetration rate in North America. In the U.S., around 90% households own a microwave oven. However, the demand for microwave oven in this region would gradually decline owing to rising obesity concerns and increasing health consciousness among end users. Increasing health awareness among consumers is driving them to avoid packaged microwavable food. The market in Asia-Pacific region is estimated to grow at a good pace during the forecast period. Increasing disposable income coupled with rise in the working class segment has fostered the growth of the market. Additionally, emergence of food establishments in the region has led to the increased demand for powerful and energy-efficient microwave ovens. Moreover, people nowadays prefer fast food and faster service, which boosts the demand of microwave ovens. Adoption of microwave oven has increased due to its ability to cook food faster. Microwave ovens offer hassle free and convenient cooking, defrosting and reheating of food; thus, increasing their popularity among customers. Increasing prices of electricity has led to the growing demand of energy-efficient microwave ovens.

Earlier, microwave oven was considered to be a high-end, luxurious product which was mainly bought by the elite class. However, due to recent advancement in technology, microwave ovens are equipped with latest technologies and are available at affordable prices. Several companies have launched microwave ovens, which are compact and occupy less counter space. In addition, microwave ovens, nowadays, are installed with preprogrammed menus and advanced features to assist consumers in cooking a variety of dishes. Implementation of extensive marketing strategies by companies has helped in spreading awareness among consumers about new and innovative microwave ovens in the market.

 

 

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