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Smart Microwave Ovens Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033
Smart Microwave Ovens Market Size
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According to The Business Research Company's, The smart microwave ovens market size has grown rapidly in recent years. It will grow from $4.36 billion in 2023 to $5.17 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to consumer convenience, energy efficiency, changing lifestyles, health consciousness, increasing disposable income.
The smart microwave ovens market size is expected to see rapid growth in the next few years. It will grow to $9.02 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to growing internet of things (iot) integration, smart home ecosystems, customization and personalization, sustainability features, health-tech integration, market penetration in emerging economies. Major trends in the forecast period include increased connectivity and iot integration, adoption of in-oven cameras for monitoring, expansion of pre-programmed cooking options, integration of recipe libraries and cooking guidance, focus on energy efficiency and sustainability.
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Market Drivers and Trends:
The growing adoption of smart home appliances is expected to propel the growth of the smart microwave ovens market going forward. A smart home is a residence equipped with various internet-connected devices and systems that allow homeowners to control, monitor, and automate various aspects of their living space. Smart Microwaves are used in smart homes to provide a better sense of automation and can be very helpful in automating several tasks in smart homes. For instance, in November 2022, according to the State of the Connected Home report that included a survey of 1000 adults across the UK conducted by techUK, a UK-based non-profit trade association, 77% of the adults in the UK own at least one smart home appliance, which is up from 67% in 2020 and 76% in 2021. Further, the number of advanced adopters of smart home devices reached 26% in 2022, up from 24% in 2021 and 17% in 2020. Therefore, the growing development of smart home drives smart microwave oven demand.
Scan-to-cook feature is a technology that makes the preparation and cooking of pre-packaged and frozen foods easier with a scan of the barcode over the package by the smartphone with the use of an associated app. The customized and recommended instructions are sent to the microwave oven with a barcode scan which results in the perfection of the meals being prepared. In in 2021, LG announced the launch of Double Oven Gas Slide-in Range and Over-the-Range Microwave Oven with the scan-to-cook feature. The brand has partnered with Boston-based AI start-up Food space Technology to develop the scan-to-cook feature. With a busy lifestyle globally, many families prefer frozen foods for meals and with the advantage of the Scan-to-cook feature the user need not depend on frozen food preparation instructions which takes the guesswork out of cooking and results in perfection which is expected to boost the demand of smart microwave oven market.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Robert Bosch GmbH, Siemens AG, General Electric Company, LG Electronics Inc., Panasonic Corporation, Haier Group Corporation, Midea Group Co. Ltd., Smeg S.p.A., Toshiba Corporation, Whirlpool Corporation, BSH Home Appliances Corporation, Emerson Electric Co., Miele & Cie. KG, SharkNinja Operating LLC, Sharp Corporation, Breville Group Limited, Electrolux AB (publ), Sub-Zero Group Inc., Kenmore Brands, SANYO Electric Co. Ltd., Viking Range Corporation, Dacor Inc., June Life Inc., Candy Hoover S.p.A., Morphy Richards Ltd., Tovala Inc., Hestan Smart Cooking Inc., Galanz Group, Gorenje Group d.o.o., Teka Industrial S.A.U., Hannspree Group Inc., Hisense Group Co. Ltd., TTK Prestige Limited
Smart Microwave Ovens Market 2024 Key Insights:
• The smart microwave ovens market size is expected to see rapid growth in the next few years. It will grow to $9.02 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%.
• Rising Growth Of Smart Homes
• Revolutionizing Meal Preparation With Scan-To-Cook Technology
• Asia-Pacific was the largest region in the smart microwave oven market in 2023
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