Global Microwave Oven Market: Snapshot
The global microwave oven market is prophesied to testify a propelling growth expected to ride on the demand for premium kitchen appliances driven by high-end technology. The improving spending capacity of consumers could bode well for the market. However, the analysts have forecasted a slack in demand due to the discouragement caused by the high energy consumption of microwave ovens. Nonetheless, the market is envisioned to counter this challenge with the help of innovation assisting to deliver results with less energy consumption. Furthermore, there could be a rising focus on research and development allowing consumers to have access to microwave ovens that help to cook new cuisines in less time.
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Transparency Market Research (TMR) envisages the global microwave oven market to expand at a 5.8% CAGR for the forecast timeframe 2017–2022. By the final forecast year, the market could be worth a US$25.0 bn, whereas in 2017, it was worth a US$18.9 bn.
Convection Microwave Oven Outclasses Other Products with Bulky Share
The world microwave oven market is prophesied to rake in a significant demand on the back of three key products, viz. convection, grill, and solo. Out of these, convection microwave oven could record a higher share in the market at a 5.2% CAGR. During the course of the forecast timeframe, this product type market could grow annually at a US$0.5 bn. This outright growth of the market is anticipated to be larger than any other product.
By end-use, household microwave oven could account for a significant share until the concluding forecast year due to its ability to help cook various food preparations in quick time. Technologies such as Easy Clean used by LG and Crispwave by KitchenAid have played a major role in improving the demand for convection microwave oven in household applications. Commercial applications of microwave oven could include preparing food in excessive quantities. As a result, commercial microwave ovens are required to be able to withstand longer operational hours, constant usage, and extreme electricity load.
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By type of structure, the world microwave oven market is envisaged to see a classification into countertop and built-in. Besides offering an aesthetic appearance to the cooking area or kitchen, built-in microwave oven could be effortlessly installed in customized spaces, making it a viable option over its counterparts. Although built-in structures could cost an additional dime compared to countertop structures, their incomparable benefits in terms of ease of cooking and more counter space are projected to attract numerous consumers. Nevertheless, countertop microwave oven could be opted for its less installation cost and innovative designs occupying lesser space.
North America Leads Way Followed by Europe and Asia Pacific except Japan
With a US$6.8 bn revenue predicted to be on the cards by 2024, North America could very well be a numero uno region of the international microwave oven market. It is observed to be an established market for microwave oven with plenty of commercial and household establishments already equipped with such appliances.
Next on the list of most lucrative markets could be Europe and Asia Pacific except Japan. The overall demand for microwave oven could increase in countries such as India and China due to the elevating inclination of consumers toward a high outlay on first-rate kitchen appliances. By 2024, Japan is foreseen to achieve 43 BPS in market share.
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Some of the key companies operating in the worldwide microwave oven market could be Guangdong Galanz Enterprises Co. Ltd., Illinois Tool Works, INC., Hoover Limited, Sharp Corporation, Electrolux AB, Alto-Shaam, INC., and LG Electronics, Inc.
Technological Advancements across Microwave Oven Market to Support Growth Increase
The increasing disposable income around the world and the rising influence are urging individuals to buy premium electrical appliances that offer convenience. This aspect may bring profitable growth prospects for the microwave oven market during the assessment period of 2017-2022.
- The emergence of novel technologies has brought extensive development across the microwave oven industry. The players in the microwave oven market are concentrating on developing microwave ovens that are more useful and smart for the end-users. The emergence of technologies like the Internet of Things (IoT) is also bringing promising growth opportunities for the microwave oven market.
- Smart microwave ovens with WiFi connectivity and virtual assistance are expected to bring extensive growth opportunities for the microwave oven market. The players in the microwave oven market are also indulging in intense customer acquisition activities for increasing their revenues, eventually inviting growth.
- Other than household, the microwave oven also holds great importance in the commercial segment. The growing influence of microwave ovens in the commercial segment will add extra stars of growth to the microwave oven market. The awareness about energy-efficient products is escalating considerably. Supporting this trend, the players are trying to manufacture energy-efficient microwave ovens. Thus, this aspect is expected to lay a red carpet of growth across the assessment period of 2017-2022.
- The COVID-19 outbreak has brought great losses to almost every sector. The electrical appliances sector is no stranger to the incurred loss due to the pandemic. The strict lockdown restrictions had a negative impact on the growth of the microwave oven market. The production units were shut and this factor led to a decline in production as well as demand.
- However, after a brief period, some relaxations were introduced and manufacturing facilities were allowed to operate. This aspect is a great opportunity for the microwave oven market to revive its sales.
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