Countertop microwaves are a type of kitchen appliance required for heating food, which work on the principle of electromagnetic radiation. With the increasing shortage of kitchen space and improvements in cooking technology, there is increasing demand for them presently. These microwaves are available in different kinds, with the most popular ones differing in terms of power usage capacity. Nonetheless, countertop microwaves with lower power capacities are no less efficient.
One of the major driving forces of countertop microwaves is the growing trend of microwavable food. This is accompanied by the rising urbanization and subsequent disposable income which lead to an increased purchasing power in urban citizens, who can therefore spend more on home and kitchen appliances, increasing the prospects for countertop microwaves. With demand for energy-efficient microwaves and growing technological developments, the global market for countertop microwaves is expected to expand during the forecast period.
The main hindrance, however, is the requirement of a special variety of utensils, which makes cooking and heating food using countertop microwaves slightly expensive. Hence, this market is limited to particular consumer groups such as the upper middle class.
With rising concerns for gender equality, the female labor force is growing, which contributes to the expansion of the global countertop microwave market. Presently, women focus on striking the right balance between work and home. Since cooking food in the microwave saves time, demand for countertop microwaves is estimated to rise in the future. Moreover, cooking food using microwaves is also cost-effective, safe, and energy-efficient.
The global countertop microwave market is segmented on the basis of power usage capacity into five categories: 700 watts, 750 watts, 900 watts, 1250 watts, and others, with demand increasing for the latter since it involves less cooking time. Countertop microwaves running at 750 and 700 watts are considered to be less efficient for cooking food, and could instead be used to heat up tea and coffee. Those with capacities of 900 watts and 1250 watts are projected to record higher growth trends as they offer consumers greater efficiency at affordable prices.
In terms of technological applications, the market is divided into the inverter and non-inverter categories. Microwaves equipped with the inverter technology exhibit a high growth pattern as they offer better performance and capacities. Although they are slightly expensive, the unique features they possess such as long durability and high quality are anticipated to fuel the demand for them during the forecast period.
Geographically, this market is distributed over North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. The market in Asia Pacific is likely to expand with the rise in the investments on consumer electronics and rapid developments in the energy sector. However, the economies of North America and Europe are predicted to follow a favorable growth pattern over the forecast period as well.
Key players in the global countertop microwaves market include Panasonic Corporation, Samsung Electric Co Ltd, Bonnel International, Sharp Corporation, and Frigidaire.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.