The
global microwave oven market size
is expected to reach USD 12.70 billion by 2022, according to a new study by
Grand View Research, Inc. The market is expected to witness a sluggish growth
in North America and Europe as microwaves have entered the mature stage of the
product life cycle.
Majority
of the revenue is generated from the section of population exhibiting
willingness to spend on premium kitchen appliances. Changing lifestyles of
people, especially the working class, have increased the popularity of frozen
and ready-to-eat packaged foods which has positively impacted market growth.
Inclination
towards the use of traditional cooking equipment can be viewed as a hindrance
for microwave ovens’ adoption, especially in developing countries. High
electricity consumption and the costs associated with it are expected to
challenge industry growth, which has led to manufacturers developing energy
efficient microwaves.
Browse full research report on Global Microwave Oven Market: http://www.grandviewresearch.com/industry-analysis/microwave-oven-market
Further key findings
from the study suggest:
- Convection
ovens accounted for over 45% of the market share in 2014, which can be
primarily attributed to their ability to cook food faster. In addition,
these microwave ovens facilitate the cooking of multiple items
simultaneously. Vegetables, cookies, roasted meats and cookies can be
effectively prepared in a convection microwave oven. Grill ovens also
contributed to a significant portion of the market revenue. Increased
emphasis on healthy eating habits has propelled the demand for grill ovens
as they are used for roasting food in a very short duration.
- Household
microwave ovens contributed to over 60% of the overall revenue in 2014.
Demand for household oven primarily originates from the working segment
owing to quicker food preparation times. A surge in the establishment of
hotels and fast food centers has favorably impacted microwaves’ adoption
in commercial applications as they enable the serving of a large volume of
food in shorter durations.
- Built-in
microwaves have gained prominence over the last few years owing to their
compact nature which facilitates their accommodation in modular kitchens.
They also enhance the aesthetics of the kitchen as they can fit in a wall
or a cabinet, thereby offering some counter free space in the kitchen.
Counter-top microwaves are available in various sizes and can be installed
manually without the need of an expert, owing to which they occupied a
majority of the revenue share.
- North
America accounted for over 30% of the market in 2014 which can be
attributed to high penetration of microwaves across households and commercial
establishments. The industry has reached its maturity stage in the U.S.
and also several European countries, resulting in a potentially sluggish
growth rate over the forecast period. Most of the microwave sales in North
America and Western Europe are expected to emerge from customers opting
for premium microwaves. The microwave oven industry has substantial growth
prospects in the Asia Pacific region as majority of sales are expected to
originate from customers purchasing microwaves for the first time.
- Key
industry participants include Samsung, LG Electronics, Panasonic,
Electrolux, and Galanz. Companies focus on product differentiation and
geographical diversification as key strategies to expand their presence
and achieve higher market penetration. Manufacturers also emphasize on the
development of energy efficient microwaves to lower electricity
consumption.
Browse more reports of this category by
Grand View Research: http://www.grandviewresearch.com/industry/electronic-devices
Grand View Research has
segmented the global microwave oven market on the basis of product,
application, and region:
Microwave Oven Type
Outlook (Revenue, USD Million, 2012 - 2022)
- Convection
- Grill
- Solo
Microwave Oven
Application Outlook (Revenue, USD Million, 2012 - 2022)
- Commercial
- Household
Microwave Oven
Structure Outlook (Revenue, USD Million, 2012 - 2022)
- Built-in
- Counter top
Microwave Oven Regional
Outlook (Revenue, USD Million 2012 - 2022)
- North America
- Europe
- Asia Pacific
- RoW
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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