LONDON--(BUSINESS WIRE)--The global residential microwave oven market is expected to grow at a CAGR of close to 7% from 2018-2022, according to a new market research report by Technavio.
Global residential microwave oven market segmentation by product type and technology
Technavio’s report on the global residential microwave oven market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by technology, including microwave oven with smart connectivity and microwave oven without smart connectivity. As projected in 2017, around 77% of the market share originated from microwave oven without smart connectivity by technology. When compared to normal appliances, smart-connected appliances are more expensive. Due to this, most consumers prefer not to buy such smart-connected products.
Based on product, the global residential microwave oven market has been segmented into regular microwave oven and microwave combination oven. As of 2017, 75% of the market share came from regular microwave oven.
“The different types of residential regular microwave ovens are convection, over-the-range or built-in, countertop microwave ovens. For bigger and wider kitchens, countertop ovens are best suitable whereas built-in microwaves are placed in between cabinets. The penetration of such microwaves are high due to their low pricing and is expected to drive the market during the forecast period,” says a senior analyst at Technavio for home, kitchen, and large appliances research.
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Residential microwave oven market: competitive landscape
Due to the presence of top and small-sized players, the global residential microwave oven market is concentrated moderately. Electrolux, Haier, LG Electronics, Panasonic, Robert Bosch, and Whirlpool Corporation are some of the major players in the market. These players offer a diverse range of products. Samsung, Groupe SEB, FELIX STORCH, INC, The Middleby Corporation, Midea Group, and Foxconn are some of the other companies offering residential microwave oven devices.
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Other topics covered in the report:
Market drivers:
- Technology innovation and product line extension leading to product premiumization
- Growing home improvement market and demand for modular and designer kitchen
Market trends:
- Increase in focus on multiple features and aesthetic appeal of microwave ovens
- Integration of smart connectivity and IoT
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