ALBANY, New York, September 26, 2018 /PRNewswire/ --
The global microwave oven market is anticipated to witness an intense competition during the forecast period 2017- 2022 owing to innovation of new products along with presence of global as well as regional players in the market. Major players in the market are adopting numerous strategies to procure larger share of market. Major strategies obtained by players are launch of new products, acquisition and merging with regional players in order to get a better grip in new areas. Generally major players such as SHARP Corporation, Haier Group Corporation, LG Electronics, Panasonic Corporation, and Alto-Shaam have a firm grip in the market with a large customer base. Apart from these the companies spend money behind marketing which makes them popular. Recently major number of players are concentrating on energy efficient appliances.
On the basis of the product type, the global microwave oven market is segregated into convection, solo microwave opens, and grill. Amongst these, convection dominates the market is anticipated to hold the top position during the assessed period owing to its application in preparation of various cuisines across the world. On the basis of geography, the market is segregated into Europe, Middle East and Africa, Latin America, Asia Pacific except Japan, and North America. Amongst these, North America is prophesized to hold the major share owing to faster acceptance of technology along with the presence of major players in the region.
According to a research report by Transparency Market Research, the analysts have anticipated that the global microwave oven market is anticipated to rise at a 5.8% of CAGR. The market which was valued at US$18.9 bn in 2017 is likely to touch USS25.0 bn by the end of the assessed period.
Rise in Disposable Income to Increase the Number of Sales
The global microwave oven market is anticipated to exhibit a stellar growth in the years to come due to impressive increase in disposable income along with rising working class people in developing countries such as that of India, Brazil, South Africa, and China. Growing inclination of consumer towards spending on appliances to help in doing kitchen chores has triggered the demand for microwave ovens. Rapid urbanization has resulted in a busier lifestyle in which one prefer work being done by machines. Adoption of such convenient and stylish appliances welcomes compliments for living standards. Rise in demand for energy efficient kitchen appliances along with rising popularity of smart appliances have fueled the demand for microwave open market. North America contributes the most in terms of revenue in the market.
High Consumption of Electricity to Deter the Market Growth
However, keeping aside the positive sides, the high energy consumption of microwave is anticipated to deter the growth of the global microwave oven market. In various regions, expensive electricity cost constrains the use of such appliances. Countries which are still developing countries prefer using traditional ways of getting the work done. Commercial microwave ovens are known to be working for hours thus consuming high amount of electricity thus burning the pockets of the owner. Nonetheless, major companies in the market are trying to find better ways to deal the problem.
The study presented here is based on a report by Transparency Market Research (TMR) titled, "Microwave Oven Market (Product - Grill Microwave Ovens, Convection Microwave Ovens, and Solo Microwave Ovens; End Use - Commercial and Household; Structure - Countertop and Built-in) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022"
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