LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global built-in microwave oven market provides an analysis on the key trends expected to impact the market outlook through 2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The top four emerging trends driving the global built-in microwave oven market according to Technavio new research areas analysts are:
- Growth of modular kitchens in emerging economies
- Recycling initiatives
- Improvement in distribution channels
- Increased investments in research and development and advertising
Growth of modular kitchens in emerging economies
Modular kitchens are gaining traction not only in developed countries but also in emerging nations like India. Therefore, companies are engaging in joint ventures with international players to foray into the market in this region.
“MNCs like Hafelle have entered into India and are distributing their products with the help of local retailers. However, local firms benefit from the quality and technological efficiency of international players. This trend has created market opportunities for appliances like built-in microwave ovens,” says Jhansi Mary, a lead home, kitchen, and large appliances analyst at Technavio.
Canada has had recycling programs for appliances that involve retailers, private companies, and local governments. These bodies participate in channeling the appliances to processors and metal scrap collectors. There are stewardship programs like the MARR (Major Appliance Recycling Roundtable) under process to ensure that substances of concern like mercury are properly handled. The MARR initiatives are funded by APFs (administrative program fee) and cover costs associated with implementation of standards, certification system, and education initiatives. The implementation of this plan has ensured that the recycling of major appliances is done efficiently and a proper decommissioning of waste substances is carried out.
Improvement in distribution channels
With the growing preference among people to spend their time online, consumers increasingly research product features and conduct a price comparison before buying a product. Also, the growth in e-commerce is leading brands to focus on delivering improved sales experience. There is increased investment in devising account management and supply chain management strategies along with enhancement in product assortments.
“Players are launching informative and interactive websites to enhance customer reach. These websites provide expert advice on the usage of products along with product promotions. Another advantage of shopping online is the opportunity to voice opinions about products as well as read customer reviews to take informed decisions before the purchase,” says Jhansi.
Increased investments in research and development and advertising
With 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. In addition, the main aim of vendors is to reduce the cost of expansion, storage, and maintenance of inventory. Changes in consumer preferences are forcing vendors to deliver innovative built-in microwave ovens with high energy efficiency to survive in the market. This trend will help vendors to stay competitive in the market across the globe.
In 2013, Whirlpool invested more than USD 1 billion in R&D and capital. Whirlpool also spent more than USD 90 million on advertising in the same year. The company introduced 50 new products in the market and improved its delivery capabilities. Another key vendor GE invested around USD 4.55 billion in 2013.
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