Global Residential Microwave Oven Market 2018-2022
About Residential Microwave Oven
Residential regular microwave ovens are convection, over-the-range or built-in, countertop microwave ovens. Counter-top microwave ovens are placed on the kitchen shelf and are best suitable for bigger and wider kitchen whereas built-in microwave oven is placed between the cabinets and do not take up space from the kitchen counter and are best suitable for modular kitchen and smaller kitchens. Manufacturers have come up with customizable panels of microwave ovens and are available in various designs and features like smart connectivity. The penetration of these ovens is also very high as they are priced low. The residential microwave oven market is moderately fragmented due to the presence of several international and regional players. Key residential microwave oven manufactures offer a diverse portfolio of innovative products.
Technavio’s analysts forecast the global residential microwave oven market to grow at a CAGR of 6.73% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global residential microwave oven market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of residential microwave oven.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Residential Microwave Oven Market 2018-2022
Technavio recognizes the following companies as the key players in the global residential microwave oven market: Electrolux, Haier, LG Electronics, Panasonic Corporation, Robert Bosch, and Whirlpool Corporation.
Other Prominent Vendors in the market are: Foxconn, Samsung, The Middleby Corporation, Group SEB, Midea Group, SMEG, and FELIX STORCH INC.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is easy compatibility and portability of these ovens. With the growing population of working individuals, the demand for quick and convenient cooking is increasing. To cater to the growing consumer demand, the manufacturers are developing residential combination steam-ovens that offer advantageous features such as multiple cooking, smart connectivity, steam cleaning, and more. Moreover, these ovens use steam for cooking while locking the moisture and nutrients.”
According to the report, one of the major drivers for this market is product superiority and advantages over other ovens. Manufacturers in the microwave convection oven market are extensively developing technologically-advanced products at a very fast pace. Microwave ovens offer better functionality while consuming significantly lesser amount of energy and electricity. In addition to technological advancements, manufacturers are also focusing on enhancing the safety of microwave ovens to protect both adults and children. This led to the introduction of microwave ovens equipped with auto-switch off buttons that protect children from unintentional use.
Electrolux, Haier, LG Electronics, Panasonic Corporation, Robert Bosch, Whirlpool Corporation, Foxconn, Samsung, The Middleby Corporation, Group SEB, Midea Group, SMEG, and FELIX STORCH INC.
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