Boston, MA -- (SBWIRE) -- 08/01/2014 -- Following the rapid rate of urbanisation, consumers are becoming busier working in big cities, which leads to a rising consumption of frozen foods. Microwaves appears to serve consumers well in terms of its ability to cook and defrost these foods in a rapid manner. Consequently, the category recorded spectacular double-digit growth during the review period. Its volume growth in 2013 was slower in comparison with the review year average, although it was higher than 2012's volume growth rate of 8%.
Sharp Electronics (Vietnam) Co Ltd dominated the competitive landscape with 27% volume share, followed by LG Electronics Vietnam Co Ltd with 19% and Haier Electrical Appliances Vietnam Co Ltd with 16%. In microwaves in particular, Sharp Electronics has always been well-known as not only the pioneer but also one of the most reliable microwave players. Its prestigious history of the first Japanese manufacturer to mass produce microwave ovens gives rise to its popularity.
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Over the forecast period, microwaves is expected to grow by a volume CAGR of 8%, while its constant value CAGR is predicted to reach 1%. Regarding the review period volume CAGR of 14% and constant value CAGR of 10%, this is quite a significant downward trend. However, in comparison with other consumer appliance categories, the prediction for microwaves is still rather positive, which presents continuous demand for microwaves over the forecast period.
Discover the latest market trends and uncover sources of future market growth for the Microwaves industry in Vietnam with research from Euromonitor's team of in-country analysts.
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The Microwaves in Vietnam market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Microwaves in Vietnam?
- What are the major brands in Vietnam?
- How are consumer cooking convenience trends going to affect the microwave industry over the medium term?
- Has there been a shift from freestanding microwaves to built-in microwaves?
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Product coverage: Built-in Microwaves, Freestanding Microwaves.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
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