Microwaves: Key market research findings
- Increasing preference for simplified cooking options propels market growth
- Convection microwaves account for a majority of the market’s revenue
- Key vendors – Electrolux, GE, Sharp, and Whirlpool
Technavio’s market research analysts predict the microwaves market in the US to grow at a CAGR of around 4% between 2016 and 2020. The growth of this market can be accredited to the increasing preference for multifunctional and pre-programmed cooking options among end-users. Almost all mircowave models available in the market currently sport several one-touch settings that can be used for a wide range of functions, ranging from defrosting meat products to making popcorns. Manufacturers in the market are adding new features at reasonable prices, targeted mainly at replacement customers. Besides the ease of operation, vendors are now focusing on features such as auto cook and auto reheat, and child lock.
The new market research report from Technavio presents a breakdown and analysis of the microwaves segments based on the application.
“Technology and smart features play a vital role in replacement purchases made by customers. Advances in technology is resulting in significant developments the microwave oven sector. Such developments with respect to the product influence and encourage upgrade purchases or replacement purchases. In 2014, as a part of its strategy to enhance end-user experience, LG introduced its premium segment of smart appliances, which have HomeChat messaging services. Through this service, end-users can monitor, operate, as well as communicate with their smart appliances,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
During 2015, the convection microwave segment accounted for around 47% of the overall market share to become the key revenue generating vertical of the microwaves market in the US. In convection microwave models, the oven features a microwave function, the coils are used for grilling, and heaters with a blower are used for baking. These heaters are connected to a thermostat to control the cavity temperature. Users have the advantage of using all these functions independently or in combination to suit their cooking needs.
The key vendors in the microwaves market in the US include Electrolux, GE, Sharp, and Whirlpool. The competition in the market is expected to intensify during the forecast period, with the entry of several new players, price wars, and mergers and acquisitions. Technological advances and a growing demand for built-in microwave ovens will play a key role in the growth of the market in the coming years. However, the growing preference for alternate kitchen appliances will likely affect the market’s growth negatively.
A more detailed analysis is available in the Technavio report, Microwaves Market in the US 2016-2020.
We can customize reports by other regions and specific segments upon request.
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