Global Residential Microwave Oven Market - Price Sensitivity Limits Consumers to Spend on Smart-connected Products | Technavio

Technavio has published a new market research report on the global residential microwave oven market from 2018-2022. (Graphic: Business Wire)

LONDON--()--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.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

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.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

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

Get a sample copy of the global residential microwave oven market report free of cost

Access Technavio’s continuously growing home, kitchen, and large appliances research library and find expert analysis on hundreds of markets.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The global residential microwave oven market is expected to grow at a CAGR of close to 7% from 2018-2022, according to Technavio.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com