Global microwave oven market: growing demand for technology and smart kitchens – forecast to 2026
The Global Microwave Oven Market is expected to grow at an increasing rate of over 4.31%, having been valued at €26.38bn in 2020.
Details of potential market growth have been released in the “Global Microwave Oven Market 2021-2026” report, recently added to ResearchAndMarkets.com’s offering.
According to the report, this market is driven by the increasing population and growing demand for technology and smart kitchen. Additionally, growing popularity among consumers, and increasing disposable income of consumers are expected to elevate the demand for microwave oven, thereby driving the market growth through 2026.
Furthermore, growing urbanisation, industrialisation, improving standard of living of consumers, and increasing number of nuclear families are positively influencing the market growth.
With the advancement in technology, more companies are likely to develop products that consume less energy and energy efficient over the traditional counterparts.
The growing craze of connectivity between home appliances and innovations, such as inverter-based microwave ovens, is forecast to generate new opportunities in the market.
The increase in the propensity of consumers to spend on appliances that assist them on kitchen chores is facilitating the growth of the microwave oven market worldwide. The changing lifestyle of consumers has encouraged them to select stylish and convenient appliances.
The market is segmented based on product, application, structure, and region. Based on product, the market can be divided into convection, grill and solo.
The convection microwave is expected to dominate the market as convection is an all-rounder and provides 360-degree heating as it has a magnetron and a fan for even cooking. Convection microwave oven comprises of sensor cooking and inverter technology, on the other hand, grill microwave has combo grilling and power grilling technology.
In terms of application, the market is divided into household and commercial segment. Out of which, the household segment is dominating the market due to increasing number of population and high demand of smart appliances in kitchen.
The structure segment is divided into Free-Standing and Built-in, wherein Free-Standing led the market as there is no installing cost and the microwaves can be moved from one place to another easily, whereas built-in microwave ovens cannot be moved as they are fixed at one place and are comparatively costly than the Free-Standings.
Regionally, North America is expected to dominate the market on account of the widespread adoption of smart appliances in households and the commercial sector is expected to grow at a fast pace as there are a large number of restaurants, cafes and hotels.
Additionally, high per capita income and large population are further expected to propel the market growth in this region.
Asia-Pacific is expected to witness significant growth in the overall microwave oven market owing to the increasing disposable income and growing number of hotels in the region, especially in the countries like China, Japan and India.
The major players operating in the Global Microwave Oven Market include Panasonic Corporation, Midea, AB Electrolux, Whirlpool Corporation, Guangdong Galanz Enterprises Co., Ltd., Samsung Electronics Co., Ltd., LG Electronics, Breville Group Limited, BSH Haugerate GmbH, and Sharp Corporation.
Major companies are developing advanced technologies and launching new less power-hungry microwaves to stay competitive in the market.
Photo – top of page – Sidekix Media / Unsplash