Global Residential Microwave Oven Market 2018-2022
- Published: Dec 2017
- Pages: 130
- SKU: IRTNTR20009
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This industry research report identifies Electrolux, Haier, LG Electronics, Panasonic Corporation, Robert Bosch, and Whirlpool Corporation as the key vendors in the global residential microwave oven market. The report also presents a detailed analysis of the market by product (regular microwave oven and microwave combination oven), by technology (microwave oven with smart connectivity and microwave oven without smart connectivity), by door type (single door microwave oven and double door microwave oven), by installation type (countertop microwave oven and built-in microwave oven), by distribution channel (offline and online), and by geography (the Americas, APAC, and EMEA).
Overview of the global residential microwave oven market
Manufacturers in the microwave convection oven market are extensively developing technologically-advanced products at a very fast pace. Microwave ovens offer better functionality while consuming a significantly lesser amount of energy and electricity. Technavio’s market research analysts have identified product superiority and advantages over other ovens as the primary factors for the growth of the residential microwave oven market. In addition to technological advancements, manufacturers are also focusing on enhancing the safety of microwave ovens to protect both adults and children. This led to the introduction of microwave ovens equipped with auto-switch off buttons that protect children from unintentional use. According to residential microwave oven industry analysis, this market will grow steadily at a CAGR of close to 7% by 2022.
The easy compatibility and portability of these ovens will drive the growth of the residential microwave oven market. With the growing population of working individuals the demand for quick and convenient cooking is increasing. To cater to the growing consumer demand, the manufacturers are developing residential combination steam-ovens that offer advantageous features such as multiple cooking, smart connectivity, steam cleaning, and more. Moreover, these ovens use steam for cooking while locking the moisture and nutrients.
Competitive landscape and key vendors
The residential microwave oven market is moderately fragmented due to the presence of several international and regional players. Key residential microwave oven manufactures offer a diverse portfolio of innovative products. The products offered by the competitors vary based on price, quality, regulatory compliance, and innovation. Several local and private-label brands in the microwave convection oven market provide a healthy competition to the key players by offering a wide and enhanced portfolio of products.
The leading vendors in the market are
- LG Electronics
- Panasonic Corporation
- Robert Bosch
- Whirlpool Corporation
The other prominent vendors in the market are Foxconn, Samsung, The Middleby Corporation, Group SEB, Midea Group, SMEG, and FELIX STORCH INC.
Residential microwave oven market segmentation by product
- Regular microwave oven
- Microwave combination oven
Based on the residential microwave oven market analysis, the regular microwave oven product segment accounts for the major share of the microwave convection oven market due to its low cost and high efficiency. Manufacturers are offering convection microwaves, over-the-range microwaves or built-in countertop ovens. Furthermore, manufacturers are also focusing on offering products with advanced features such as smart connectivity and customizable panels.
Segmentation by technology and analysis of the residential microwave oven market
- Microwave oven with smart connectivity
- Microwave oven without smart connectivity
in terms of technology, residential microwave ovens without smart connectivity account for the major shares of the residential microwave oven market due to the low cost and its ease of application. Ovens without smart connectivity provides hassle-free cooking features to the consumers. Since these ovens operate without severe complications, consumers also prefer ovens without smart connectivity
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Key questions answered in the report include
- What will the market size and the growth rate be in 2022?
- What are the key factors driving the global residential microwave oven market?
- What are the key market trends impacting the growth of the global residential microwave oven market?
- What are the challenges to market growth?
- Who are the key vendors in the global residential microwave oven market?
- What are the market opportunities and threats faced by the vendors in the global residential microwave oven market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global residential microwave oven market?
Technavio also offers customization on reports based on specific client requirement.
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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