Market outlook of the smart microwave oven
Following the growing trend towards smart homes and connected devices, the adoption of smart homes appliances has increased exponentially, which simultaneously fueled the growth of the global smart microwave oven market, posting a massive CAGR of nearly 28% during the forecast period. Development in network infrastructure has increased the use of broadband and internet and consumers are increasingly shifting to wireless and technologically advanced products to ensure more convenience while cooking for their families.
With advancement in technology and emergence of smart homes, there is an increase in smart appliances which can be connected to smart phones and enable the monitoring of cooking procedures from remote locations. One of the major drivers is the Internet of things (IoT), which is expected to drive any vendor associated with the field of technology during the forecast period.
Geographical segmentation of the smart microwave oven market
Technavio Announces the Publication of its Research Report – Global Smart Microwave Oven Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Smart Microwave Oven Market: Breville, GE, June, LG and Samsung
Other Prominent Vendors in the market are: Bosch, Electrolux, Haier, Panasonic, Sharp, and Whirlpool.
Commenting on the report, an analyst from Technavio’s team said: “With the improving economic conditions in Europe, vendors in the market are increasingly investing in R&D. The market is witnessing the introduction of many innovative applications and solutions, for instance, advances in video asset management solutions. In addition, the main aim of vendors is to reduce the cost of expansion, storage, and maintenance of security solutions.”
According to the report, with the increase in the purchasing power of people, there has been an increase in the discretionary spending of consumers. This trend has led to an increase in expenditure on household appliances and will affect the market for microwave ovens as well. As people opt for energy-efficient appliances with user-friendly interfaces for easy and less time-consuming cooking, the market for smart appliances will gain traction.
Further, the report states that the lack of awareness about the cost and energy savings enabled by the smart microwave ovens as well as about the convenience offered in cooking is affecting the growth of the market.
Breville, GE, June, LG, Samsung, Bosch, Electrolux, Haier, Panasonic, Sharp, Whirlpool.
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