Top Impacting Factors in Microwave Oven Market Forecast 2020 | Key Players are Samsung, AB Electrolux, Life is Good (LG), Whirlpool Corporation, Galanz Enterprise Group

Microwave Oven Market is expected to garner $25.4 billion by 2020, registering a CAGR of 6.07% during the period 2015-2020. Increasing disposable income paired with rising number of working population has majorly contributed to the growth of market, worldwide.

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Microwave oven market has witnessed rapid growth in developing regions such as APAC. Increased propensity of consumers to spend on premium and advanced kitchen appliances has led to the growth of the microwave oven market. Microwave ovens have high penetration rate in North America. In the U.S., around 90% households own a microwave oven. However, the demand for microwave oven in this region would gradually decline owing to rising obesity concerns and increasing health consciousness among end users. Increasing health awareness among consumers is driving them to avoid packaged microwavable food. The market in Asia-Pacific region is estimated to grow at a good pace during the forecast period. Increasing disposable income coupled with rise in the working class segment has fostered the growth of the market. Additionally, emergence of food establishments in the region has led to the increased demand for powerful and energy-efficient microwave ovens. Moreover, people nowadays prefer fast food and faster service, which boosts the demand of microwave ovens. Adoption of microwave oven has increased due to its ability to cook food faster.

Microwave ovens offer hassle free and convenient cooking, defrosting and reheating of food; thus, increasing their popularity among customers. Increasing prices of electricity has led to the growing demand of energy-efficient microwave ovens.

Earlier, microwave oven was considered to be a high-end, luxurious product which was mainly bought by the elite class. However, due to recent advancement in technology, microwave ovens are equipped with latest technologies and are available at affordable prices. Several companies have launched microwave ovens, which are compact and occupy less counter space. In addition, microwave ovens, nowadays, are installed with preprogrammed menus and advanced features to assist consumers in cooking a variety of dishes. Implementation of extensive marketing strategies by companies has helped in spreading awareness among consumers about new and innovative microwave ovens in the market.

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Key Findings of Microwave Oven Market:
• The global market is growing as a result of the increasing disposable income, changing living standard of consumers and rise in working class segment
• Convection market is the major contributor to the microwave oven industry, growing at a CAGR of 6.54% during 2015-2020
• The household microwave oven market would grow at a CAGR of 6.43% during the forecast period
• North America enjoys the largest share in the global market for microwave ovens
• Asia-Pacific would prove to be one of the most profitable markets, in terms of growth

Growth of the microwave oven in ndustry is supplemented by factors such as increasing disposable incomes, growing working class, and changing lifestyles, especially in the developing regions. Companies like Samsung, AB Electrolux, Life is Good (LG), are coming up with new and innovative appliances that are equipped with numerous features, consume less energy and are compact in size. Companies are adopting product launches, acquisitions and partnerships as their key strategies, in order to expand their reach and gain a bigger market share.

KEY MARKET PLAYERS:
• LG Electronics
• Samsung Electronics
• Alto-Shaam Inc.
• AB Electrolux
• Sharp Corporation
• Hoover Limited
• Illinois Tool Works Inc.
• Galanz Enterprise Group
• Whirlpool Corporation
• Panasonic Corporation

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