Microwave Oven Market in the US 2016-2020
About Consumer Preferences for Microwave Ovens
Consumers are now preferring microwave ovens, which are energy-efficient and have a high visual appeal. Consumers have started preferring built-in microwave ovens and are willing to pay premium prices for products that offer smart features or better aesthetic appeal. Consumers prefer buying electronic and household appliances during seasonal sales such as Black Friday and Cyber Monday.
Technavio’s analysts forecast the microwave oven market in the US to grow at a CAGR of 3.75% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the microwave oven market in the US for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of microwave ovens in the residential and commercial segments.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Microwave Oven Market in the US 2016-2020
Technavio recognizes the following companies as the key players in the microwave oven market in the US: Electrolux, GE, Sharp, and Whirlpool.
Other Prominent Vendors in the market are: Bosch, Breville, Galanz, Haier, LG Electronics, Miele, Panasonic, and Samsung.
Commenting on the report, an analyst from Technavio’s team said: “Focusing on the aesthetic factors will be a key trend for market growth. With the market for microwaves being highly mature and reaching the declining stage in the product lifecycle, vendors are coming up with different color options, styles, and designs to differentiate their product offerings. One of the major roadblocks faced by the vendors in this market is the uniformity maintained across all large and small players. This allows players to come up with new designs and colors. Most of these ovens come with advanced speed-cook modes, interactive recipe databases, and in colors that complement the kitchen décor, as well as in varying sizes, which enable them to be used on the countertop or over the range. Some of the vendors following this trend include Samsung, Panasonic, Kenmore, LG, and Whirlpool. For instance, LG released the LG Studio Over-the-Range Microwave Oven in 2015. This over-the-range microwave is aesthetically pleasing, with its sleek flat door design, glass touch controls, distinctive handles, metal dial knob, and a stainless steel finish. Another appliance manufacturer, Smeg, focuses on the aesthetic factor of the microwave ovens, with the Classic and the LINEA models in stainless steel for the US market.”
According to the report, multi-functional and pre-programmed cooking options will be a key driver for market growth. A number of vendors operating in this space are now coming up with multi-functional microwave ovens, which can be used for cooking, baking, as well as grilling. For example, convection models have inbuilt baking grills and pre-programmed options for ease of operation. Integrated turntables are designed to ensure that food cooks evenly. These turntables have a grid for grilling meat products, an enameled metal tray, and a baking tray in addition to the glass plate.
Further, the report states that one of the challenges for the market will be growing popularity of alternate kitchen gear. Growing interest in haute cuisines has led to a high popularity of alternative kitchen equipment such as slow cookers, griddles, rice makers, and crock pots. The small appliance category has increased by over 51% since 2000. Hence, with the growth of these niche kitchen appliances, customers now have a wide range of cooking appliances to choose from, which is affecting the microwave oven market in the US negatively. Significant growth has been noted in slow cookers, rice cookers, and other kitchen devices. More competition for countertop space will impact the demand for the microwave ovens in the coming years. Sales of toaster ovens, which are considered to be a microwave oven’s closest kitchen competitor, have been up by over 80% since 2000.
Electrolux, GE, Sharp, Whirlpool, Bosch, Breville, Galanz, Haier, LG Electronics, Miele, Panasonic, Samsung.