Overview of the microwave oven market in the US
Technavio’s market research analyst predicts the microwave oven market in the US to grow at a CAGR of almost 4% by 2020. Owing to modifications and modernization in the kitchen designs, the market for built-in microwave oven will witness huge growth during the forecast period. Consumers are making more investments in their kitchen models and are opting for such designs that are sophisticated and easy to maintain. With the growing trend of modular kitchen gaining prominence, the demand for kitchen appliances like built-in microwave ovens has increased considerably. Vendors are also coming up with multi-functional and pre-programmed cooking options in microwave ovens such as cooking, baking, as well as grilling. They are also focusing on developing features such as auto cook and auto reheat, and child lock in ovens.
The growing number of smart homes have triggered consumer interest in connectivity-enabled smart appliances. Consumers are opting for smart appliances, like smart microwave ovens, which can be connected to their smartphone and monitored remotely. Moreover, the improvement in network infrastructure has resulted in better broadband and internet penetration, and consumers prefer wireless and technologically advanced products due to the convenience offered by such products. With the growing trend of home automation, smart microwave ovens will witness increased adoption over the next four years.
Competitive landscape and key vendors
This market is highly competitive due to the presence of both international and local players operating across the country. Competition in the market is expected to intensify with the vendors coming up with innovative products to meet the changing consumer demands and to increase their customer base. The market will also witness the entry of several new players resulting in price wars and increased M&As during the forecast period. Moreover, the growing focus on premium microwave ovens will play a key role in the growth of the market in the coming years.
Leading vendors in the market are -
Other prominent vendors in the microwave oven market in the US include Bosch, Breville Group, Galanz, Haier, LG Electronics, Miele, Panasonic, and Samsung.
Segmentation by product and analysis of the microwave oven market in the US
- Free-standing microwave oven
- Built-in microwave oven
The built-in microwave oven segment dominated the US market in terms of revenue and is anticipated to occupy more than 75% of the total market by 2020. With the growing preference for modular kitchens, an increase in per capita income and standards of living, the consumers are opting for more sophisticated products for their kitchens which have augmented the demand for built-in microwave ovens. Factors such as growing emphasis on storage and space planning in kitchens and use of furniture like kitchen cabinets will boost the growth prospects for this segment during the forecast period.
Segmentation by retail formats and analysis of microwave oven market in the US
- Hypermarkets, supermarkets, and departmental stores
During 2015, electronic and specialty retailers (EASRs) was the largest segment in the market and accounted for around 60% of the total market revenue. These retail formats have more brand coverage, better product portfolios and offer innovative products at competitive prices. The growing trend of “touch-and-feel” concept before purchasing such kitchen appliances will contribute to this segment’s growth in the coming years. The EASR segment was followed by the hypermarkets, supermarkets, and departmental stores segment in 2015.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the microwave oven market in the US?
- What are the key market trends impacting the growth of the microwave oven market in the US?
- What are the challenges to market growth?
- Who are the key vendors in the microwave oven market in the US?
- What are the market opportunities and threats faced by the vendors in the microwave oven market in the US?
- Trending factors influencing the market shares of the US.
- What are the key outcomes of the five forces analysis of the microwave oven market in the US?
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Table of Contents
PART 01: Executive summary
PART 02: Scope of the report
- Market overview
- Top-vendor offerings
PART 03: Market research methodology
- Research methodology
- Economic indicators
PART 04: Introduction
- Key market highlights
- Consumer insights
- Market insights
PART 05: US profile
PART 06: Market landscape
- Market overview
- Market size and forecast
- Five forces analysis
PART 07: Segmentation by retail formats
- Microwave oven market in US by retail formats
PART 08: Market segmentation by application
- Microwave oven market in US by application
PART 09: Market segmentation by product
- Microwave oven market in US by product type
- CAGR comparison: Segmentation by product type
- Free-standing microwave oven market in US
- Built-in microwave oven market in US
PART 10: Market drivers
- Home improvement, kitchen design and style projects encouraging purchase of built-in forms
- Need for faster cooking and simplification
- Multi-functional and pre-programmed cooking options
PART 11: Impact of drivers
PART 12: Market challenges
- Growing popularity of alternate kitchen gear
- Increasing preference for fresh food products
- Perceptions of microwave ovens being unsafe
PART 13: Impact of drivers and challenges
PART 14: Market trends
- Smart homes supplementing the growth of smart microwave ovens
- Technology and smart features influencing upgrade purchases
- Focus on the aesthetic factor
PART 15: Vendor landscape
- Competitive scenario
- Key focus points for players
- Key players in the microwave oven market in US
- Competitive assessment of top four vendors
- Other prominent vendors
PART 16: Appendix
PART 17: Explore Technavio
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.
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
- Collation of data
- Estimation of key figures
- Analysis of derived insights
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape