The global microwave oven market has been foretold to gain traction from the magnifying attractiveness of microwavable food. With basic components such as vents, heating chamber, glass turntable, and display panel in place, a microwave oven could easily, quickly, and efficiently heat food. On account of their busier lifestyles, people prefer to cook food in advance and simply heat it when ready to eat. Microwave oven is one of the most used kitchen appliances in the world. The growing market for home and kitchen appliances has been envisioned to augur well for the microwave oven industry with an increased growth potential.
As per the analysis of Transparency Market Research (TMR), the global microwave oven market has been prognosticated to earn an around US$25.0 bn by 2022 at a CAGR of 5.8% between 2017 and 2022. In 2017, the market had raked in an approximate US$18.9 bn.
Global Microwave Oven Market: Key Insights
The world microwave oven market has been foreseen to be pampered with a wealth of driving factors expediting its growth. Of these could include the aggressive usage of technologically sophisticated kitchen and home appliances due to the improving standards of people. Moreover, there could be favorable prospects birthing on the back of increasing disposable income and economic development. The demand for microwave oven could gain a strong support from the rising consumer spending on kitchen appliances. The adoption of kitchen and home appliances has been forecasted to witness a robust growth owing to the elevating rate of urbanization.
High power consumption could be a dominant restraint checking the growth of the world microwave oven market. However, several companies have been anticipated to develop products that consume less energy and offer greater advantage over traditional counterparts. The growing trend of connectivity between home appliances and innovations such as inverter-based microwave oven have been projected to create new opportunities in the market. The steady sales growth of smart kitchen appliances has also been foreseen to open up choice avenues for industry participants.
The international microwave oven market has been prophesied to be divided according to three main categories, i.e. product, vehicle, and structure. As per product classification, convection, grill, and solo microwave ovens could be the major markets, where the first product could gather a king’s share of US$12.2 bn by the end of 2022. By vehicle, there could be opportunities prevailing in household and commercial markets. According to the segmentation analysis by structure, players have been expected to find growth in countertop and built-in microwave ovens markets.
On the regional front, North America could continue to set the benchmark for the rest of the key regions such as Europe, Asia Pacific except Japan, the Middle East and Africa, and Latin America and Japan. North America has been envisaged to post a 4.9% CAGR.
Global Microwave Oven Market: Competitive Dynamics
The competition in the worldwide microwave oven market has been prophesied to take up an intensifying nature with the innovation of new products and presence of national and international companies. Key players such as Guangdong Galanz Enterprises Co. Ltd., Illinois Tool Works, INC., Hoover Limited, Sharp Corporation, Electrolux AB, Alto-Shaam, INC., and LG Electronics, Inc. could be under the limelight of the market.