LONDON--(BUSINESS WIRE)--Technavio’s latest report on the microwave oven market in the US provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Poonam Saini, a lead analyst from Technavio, specializing in research on retail goods and services sector, says, “The microwave oven market in the US is highly mature with a penetration rate of more than 90%. The market is thus witnessing demand for alternate kitchen appliances. However, the growing demand for built-in and premium microwave oven range is expected to drive the market, which is likely to grow at a CAGR of approximately 4% over the next five years.”
An increasing trend of carrying homemade food to work is contributing to the sales of microwave ovens, which are used for heating food at workplaces. Bakeries and eateries, which have the frequent need for reheating their products, also contribute strongly to the sales in the form of replacement or new purchases.
The top three emerging trends driving the microwave oven market in the US according to Technavio consumer and retail research analysts are:
- Smart homes supplementing the growth of smart microwave ovens
- Technology and smart features influencing upgrade purchases
- Focus on the aesthetic factor
Smart homes supplementing the growth of smart microwave ovens
The smart microwave oven market in the US is poised for consistent growth during the forecast period owing to enhancement in the living standards of most US consumers and increasing interest in connectivity-enabled smart appliances.
“Advances in technology and the emergence of smart homes are aiding in the proliferation of smart appliances, like smart microwave ovens, which can be connected to the end-user's smartphone and monitored remotely,” says Poonam. The improvement in network infrastructure has translated into better broadband and internet penetration, and consumers are, therefore, increasingly opting for wireless and technologically advanced products, mostly for the convenience factor.
To improve their product offerings and leverage the trend of home automation, vendors are expanding their distribution channels and R&D expenditure. There is also a significant investment in the training and technical expertise of R&D personnel to create more technologically advanced products. As the trend for home automation and smart homes grows, the smart microwave oven market will gain traction in the US. For instance, SectorQube generated funds for its smart microwave oven called MAID (Make All Incredible Dishes) via Kickstarter. The product is being marketed as a multifunctional kitchen assistant. While the company aimed to generate USD 50,000 in funding, it surpassed expectations and collected over USD 75,000 within five days in November 2014.
Some of the top manufacturers in the smart microwave oven market include Breville, GE, June, LG, Samsung, Bosch, Electrolux, Panasonic, Whirlpool, and Haier. Panasonic launched its smart microwave ovens in the kitchen appliance segment at CES 2016.
Technology and smart features influencing upgrade purchases
With advances in technology, the microwave oven sector is expected to undergo significant developments, thereby encouraging upgrade purchases or replacement purchases. For instance, KitchenAid launched its convection microwave model, which has Crispwave technology and crisper pan. These features allow frying, grilling, and convection cooking. LCS0712ST model by LG uses Easy Clean technology for interiors, which enables quick cleaning without the use of any cleaning agent.
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. The company’s smart appliances, which include lightwave ovens, can be remotely controlled via near-field communication (NFC) or through Wi-Fi connectivity.
Focus on the aesthetic factor
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 is set to change with vendors having 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.
Browse Related Reports:
- Global Microwave Packaging Market 2016-2020
- Global Smart Oven Market 2016-2020
- Global Built-in Microwave Oven Market 2016-2020
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