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28th January 2021
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Microwave oven market expected to reach $25.4 Billion by 2020
According to a new report: 'World Microwave Oven-Market Opportunities and Forecasts, 2014 - 2020', the global microwave oven market is expected to generate revenue of $25.4 billion by 2020, growing at a Compound Annual Growth Rate of 6.07% during the forecast period, 2015 - 2020.
Increasing disposable income paired with rising number of working population has majorly contributed to the growth microwave oven market, worldwide.
The report notes that the microwave oven market primarily includes three main types of ovens which include convection, grill and solo microwave oven. The convection microwave oven holds the largest market share in the global microwave oven market while grill microwave ovens occupy the second position, with 30% of the overall market share. The report says that solo microwave ovens - used for cooking and heating purposes and incapable of providing browning and crispiness to the food as they are not equipped with grilling features, and the convection microwave oven which is equipped with heating element and fan for cooking and baking purposes, would largely drive the global convection microwave oven market during the forecast period, to generate an expected revenue of $12.54 billion by 2020.
With respect to application, the household segment accounted for the larger market share and is anticipated to grow at a higher rate as compared to the commercial segment. Increasing propensity of consumers to spend on appliances which assist them in kitchen chores, would drive the growth of the household microwave oven segment.
The market has also been analysed from the perspective of microwave oven structure type. Counter top microwave ovens account for the major share of the microwave oven market. However, the built-in microwave oven segment is expected to grow at a higher CAGR of 6.9% during the forecast period.
Adoption of modular kitchens and increased purchasing power of individuals would foster the growth of built-in microwave oven segment.
Geographically, North America accounts for the highest revenue generating region in the global microwave oven market. Developing regions such as Asia-Pacific would foster the growth of the global microwave oven market. The rise in disposable incomes and purchasing power of consumers are key factors that have boosted the demand for smart appliances/ microwave ovens, in this region.
Rising working class aspirations and growing food service establishments are also factors contributing to the growth of the global microwave oven market. Microwave ovens are being increasingly adopted by commercial businesses such as catering, hotels and restaurants in an effort to cater for customers efficiently and provide them with swift food services.
Growth of the microwave oven market growth is supplemented by factors such as increasing disposable incomes, growing working classes and changing lifestyles, especially in the developing regions. Companies like Samsung, AB Electrolux and Life is Good (LG), are noted as coming up with new and innovative appliances that are equipped with numerous features, consume less energy and are compact in size.
The report notes that companies are adopting product launches, acquisitions and partnerships as their key strategies, in order to expand their reach and gain a bigger market share.
Prominent companies profiled in the report include Samsung Electronics, AB Electrolux, Hoover, Sharp, Illinois Tool Works (ITW), Whirlpool Corporation, Galanz Enterprise Group, LG Electronics, Alto-Shaam and Panasonic Corporation.
14th August 2015