Market Innovations Driving The Growth Of Global Microwave Oven Market
1 Aug 2015
Microwaves have been around for quite some times. These have widespread applications in homes owing to the demand for energy efficient kitchen appliances and increasing preference for smart appliances.
Microwave ovens uses radiations which are of shorter wavelength and packed with tremendous amount of energy and come with varied functionalities and widely appealing to aesthetics of home users. Some of the attractive product features of microwave ovens available in the market include touch display panels, a heating chamber, vents and a glass turntable. Depending on their functions and power output, they are also useful for roasting, baking and grilling.
For better consumer behavior analysis, the market is segmented into major geographies such as Europe, North America, Asia Pacific and LAMEA, with North American region contributing maximum revenue to the global market. The Asia Pacific region is expected to witness a remarkable growth in the global microwave oven market with a rise disposable income and growing working class segment who show propensity to buy stylish appliances providing energy efficiency and the ease of cooking. However, the prevalence of the traditional cooking methods in Asian homes mostly in semi-urban and rural areas are a constraint to the growth of the global microwave market. As Nikhil Mathur, Managing Director, GfK in India puts it “The microwave oven is usually considered a non-essential kitchen appliance in the traditional Indian household,” However, as industry analysts confer, the market offers growth opportunities to the industry players in emerging nations of APAC region thus inducing the developments in innovative products that tends to save time and are cost effective.
Based on type, the global microwave ovens market is segmented into convection, grill and solo microwave oven with the convection microwave oven contributing the highest market share in the global microwave oven market. This is closely followed by solo microwave ovens, occupying 30% of the overall market share. Key market players are adopting innovative strategies such as product launch, large scale partnerships and collaborations to gain a foothold in the global microwave ovens market. Samsung launched a new smart microwave oven in the Jordanian market having 28 L capacity combining six devices in one- microwave, fryer, oven, baking oven, grill and toaster. The microwave oven is equipped with the latest technology having new fermentation features such as maintaining the ideal temperature of 40 degrees. These features will be highly useful and enabling fast and healthy cooking with advanced user-interface. Also Electrolux has announced the acquisition of GE appliance, a global manufacturer of home appliances which will help in expanding its product portfolio and improving its global presence within the home appliances market.
There are many other developments dominating the global microwave oven market. Recently, Allied Market Research has published a report titled “World Microwave Oven Market - Opportunities and Forecasts, 2014 – 2020”. The report mentions that the microwave oven market would generate a revenue of $25.4 billion by the end of year 2020, growing at a CAGR of 6.07% amid the forecast period, 2015-2020.
Author's Bio- Akhilesh Prabhugaonkar holds a bachelors degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.