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
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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.
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)
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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.
- 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:
- North America
- Asia Pacific
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