Microwave Oven Market : Global Forecasts Analysis, Company Profiles, Competitive Landscape and Key Regions 2020

Global Microwave Oven Market is expected to garner $25.4 billion by 2020, registering a CAGR of 6.07% during the forecast period 2015-2020.

Microwave ovens, today, form an integral part of kitchen appliances. Microwave oven functions on thermal energy by heating the polar molecules in food, a process also known as dialectic heating. The microwave radiations emitted from microwave ovens are of shorter wavelength, but possess enormous amount of energy which facilitate faster cooking. Microwave ovens, depending on their power output, can alternatively be used for roasting, baking and grilling. Microwave ovens are manufactured with varied features, some of which include, touch display panels, a heating chamber, vents and a glass turntable.

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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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The global market for microwave oven is segmented, based on type, application, structure and geography. Based on types of microwave oven, the report covers convection, grill and solo. The convection microwave oven accounts for the bigger market share within the global market. Owing to its high functionality feature, convection microwave oven is witnessing a rapid growth. The report is also analyzed from the perspective of application of microwave oven. Household microwave oven market accounts for a higher share than the commercial microwave oven market. The product structure segment comprises of built-in and counter top. Built-in microwave oven are expensive and involve installation charges, whereas counter top microwave ovens do not have any installation cost and can be placed conveniently in the kitchen.

Top players are adopting various strategies in the market in order to acquire a bigger market share in the microwave oven market. Their key development strategies include product launch and acquisition & expansion. In December 2014, Samsung launched a new smart microwave oven in the Jordanian market. It has 28 L capacity which includes microwave, oven, fryer, baking oven, grill and toaster. The microwave oven is equipped with the latest technology which enables convenient and fast cooking with user friendly functions. The product has been launched with the aim to provide the Jordanian market with a multi-function device that facilitates easy usage and promotes healthy cooking. In October 2014, Whirlpool acquired Hefei Rongshida Sanyo Electric Co.Ltd., one of the leading home appliances company based in China. With this acquisition, Whirlpool aims to strengthen its market position in the Chinese appliance market. The other key players dominating the microwave oven market include LG Electronics, Samsung Electronics, Alto-Shaam Inc., AB Electrolux, Sharp Corporation, Hoover Limited, Illinois Tool Works Inc., Galanz Enterprise Group, Whirlpool Corporation and Panasonic Corporation.

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