A microwave oven is a kitchen appliance used for heating food with the use of electromagnetic radiation within the microwave spectrum. The process of dielectric heating takes place causing heating of food. Microwave oven heats food efficiently and quickly. Display panels, glass turntable, heating chamber and vents are some basic components of microwave ovens. The lifestyle of people is becoming busier, especially for the people living in cities. They cook food in advance and heat it as per need; thus, these practices are creating demand for microwave ovens.
Rising popularity of the microwavable food is driving the demand for microwave ovens. Microwavable foods are the food type which can be heated using microwave ovens. Along with it, developing market for home and kitchen appliances is offering growth potential for microwave ovens market. Furthermore, with the economic development and rising disposable incomes, living standard of people is increasing leading to the use of advanced kitchen and home appliances. Consumer spending on kitchen appliances is increasing leading to the growth of microwave market. In addition to it, increasing urbanization across the globe is leading to the adoption of household and kitchen appliances driving the market. Furthermore, demand for energy efficient kitchen appliances is leading to the growth in demand for technologically advanced microwave ovens. Demand for inverter based microwave ovens and connectivity in household appliances has grown strongly in last few years and is further expected to drive the microwave ovens market in coming time. In addition, more and more smart kitchen appliances are appearing in the appliances market and their sales are increasing steadily. Thus, development of smart household and kitchen appliances holds immense potential for players in microwave ovens market for future growth. Along with it, rise in replacement sales is driving the growth of microwave ovens in developed markets.
Global microwave ovens market is segmented on the basis of product type, size, placement, technology and geography. On the basis of product type microwave ovens market is segmented into solo microwave ovens, grill microwave ovens and convection microwave ovens. Further, on the basis of size the market for microwave oven is segmented into residential microwave ovens and commercial microwave ovens. On the basis of placement microwave ovens market is segmented into countertop microwaves and over the range microwaves. Regular microwave oven and Convection microwaves are the two major types of technologies used into microwave ovens market. North America is the leading market segment in terms of market revenue for microwave ovens market. However, Asia Pacific is experiencing strong growth in terms of sales.
The market for microwave ovens is fragmented with high competition among a large number of players. Alto-Shaam, Inc., Bonnet International, Bakers Pride Oven Co. Inc., Sharp Corporation, Frigidaire, Kenwood Limited, GE Appliances, Hoover Limited, Samsung Electronics Co Ltd, Manitowoc Foodservice, LG Electronics, Inc., Electrolux AB, Maytag Corporation, Panasonic Corporation, and Vulcan-Hart, among others are some of the major players in global microwave oven market.