Portland, OR -- (SBWire) -- 09/13/2017 --As per the report by Allied Market Research, the global Microwave Oven Market is estimated to accrue $25.4 billion by 2020. It is expected to exhibit a compound annual growth rate of 6.07% during the forecast period 2015–2020. The report presents a comprehensive analysis of the current and emerging market trends for the forecast period. Vital statistics, figures, and charts are included to add credibility to the information presented in the report.
Porter's Five Forces Analysis of the global microwave oven analyzes the influence of the bargaining power of buyers and suppliers, the threat of new entrants and substitute products, and the intensity of competitive rivalry on the dynamics of the market. The key factors affecting the market dynamics, such as drivers, restraints, and opportunities are highlighted in the report. The demand for hassle-free appliances along with the increased spending capacity of the consumers owing to globalization and urbanization are the main driving forces responsible for the growth of the market. The usage of traditional cooking equipment in the underdeveloped and developing regions of Asia is prevalent, thus limiting the growth of the market. The high rate of energy consumption of microwave ovens acts as a restraining factor to the market's growth. The demand for energy efficient smart appliances offers tremendous growth opportunities for the investors and stakeholders.
The report segments the global microwave oven market based on the product type, application, and the structure. The types of microwave oven available in the market include standard/solo microwave ovens used for cooking and heating purposes, grill microwave ovens that can provide browning and crispiness to the food, and convection microwave ovens provided with a fan and heating element for cooking and baking purposes. The segment based on the structure includes counter top and built-in microwave ovens. The growth of the built-in microwave oven segment is expected to be high due to the growing adoption of modular kitchens and the increasing purchasing power of the consumers. These ovens find applications in the households as well as commercial sectors. The presence of the microwave ovens market in the regions of Asia-Pacific, Europe, North America, and LAMEA is analyzed and compiled in the report.
The leading players profiled in the report include Panasonic Corporation, Whirlpool Corporation, LG Electronics, Samsung Electronics, Alto-Shaam Inc., AB Electrolux, Sharp Corporation, Hoover Limited, Illinois Tool Works Inc. (ITW), and Galanz Enterprise Group. The market is dominated by a few of the key players, leading to the low intensity of competitive rivalry in the global microwave oven market.
Key Points to be considered
- The convection oven segment is expected to garner a total revenue of $12.54 billion by the end of the forecast period, thus accounting for the largest market share.
- With respect to the compound annual growth rate, the built-in microwave oven segment is expected to grow at the highest CAGR of 6.9%
- Grill microwave oven segment is anticipated to occupy 30% of the total market share.
- During the forecast period, Asia-Pacific will be the most lucrative market for potential investors and stakeholders
- Based on the application, the household segment is foreseen to continue its dominating streak during the period 2015–2020.
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Global Microwave Oven Market to Prosper with the Changing Lifestyle of the Working Class
The global microwave oven market is set to flourish during the forecast period owing to a remarkable increase in the disposable income of the working class. The growing preferences of the consumers for kitchen appliances with advanced technological features that simplify the cooking process have led to a surge in the demand for microwave ovens, globally. The changing lifestyle of the urban population, which consists mainly of the working class, has resulted in the growth of the packaged and ready-to-eat food products market. With the growing demand for packaged food, the microwave oven market has witnessed a surge.