Proliferation in the demand for fast food is anticipated to spur microwave oven market growth over the forecast period. In addition, rise in the adoption of frozen food and growing emergence of home and kitchen appliances offers high growth potential for the microwave oven market. Rising consumer spending on various newly developed household appliances is expected to increase owing to rise in disposable income, economic development, and high living standards specifically in developing countries.
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Emerging demand for energy efficient kitchen appliances and inverter is expected to drive market growth over the forecast period. Proliferation in the consumption of frozen food is also projected to escalate the microwave oven market. In addition, increasing replacement sales is also expected to spur market growth in emerging markets such as India and China. However, high cost of microwave oven and high consumption of electricity are expected to challenge market growth over the forecast period. Technological innovations such as smart appliances with wireless connectivity are projected to be the key opportunity for the microwave oven market.
The microwave oven market can be segmented on the basis of product, into solo, grill and convection. Convection microwave ovens are expected to witness significant growth in over the next six years owing to high efficiency features within one device. End-use applications of microwave oven market include residential and commercial. Residential application segment is expected to be the dominant segment in the overall market, whereas the commercial microwave ovens are anticipated to observe moderate growth owing to high prices.
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North America is anticipated to remain the dominant market player owing to high consumption of frozen food. Asia Pacific market is expected to witness significant growth with increasing demand for consumer electronics in the region.
The microwave oven market is highly competitive with the numerous key players. Major players for the microwave oven market include Bakers Pride Oven Co. Inc., Vulcan-Hart, Sharp Corporation, Alto-Shaam Inc., Bakers Pride Oven Co. Inc, Sharp Corporation, Frigidaire, Electrolux AB, GE Appliances, Kenwood Limited, Hoover Limited, Samsung Electronics Co Ltd, Maytag Corporation, Bonnet International, LG Electronics Inc., Manitowoc Foodservice and Panasonic Corporation.
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