The microwave oven market generated over USD 10 billion in 2014. Modifying lifestyles and preferences towards food consumption are predicted to drive the demand for frozen & ready-to-eat foods. Busy lifestyles and employed women should also positively impact the market.
Macro and socio-fiscal factors, along with modifying consumer preferences, would help microwave ovens experience upward trends. Macro-fiscal markers like escalating disposable earnings, population, and consumer awareness also support the microwave oven market.
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The market is divided into products, applications, structures, and regions. Grill, convection, and solo are the products. Convection ovens occupied around 45% of the overall demand in 2014. They are generally utilized in hotels, catering, & restaurants.
Health awareness and decent cooking alternatives fuel the microwave oven market. In terms of applications, the market is split into household and commercial. Household captured about 65% of the total demand in 2014. Demand for household ovens is predicted to augment in the forthcoming years. Their strength lies in them being able to cook foods within a short duration.
Commercial segment witnesses the use of these devices for cooking huge quantities of food. Thus, microwave ovens are made to endure constant usage and extreme electrical loads. Cook-top and built-in are the structures into which the market is fragmented. Built-in adds elegance and fits into personalized kitchen spaces.
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Built-in ovens simplify cooking and save counter space. With regards to regions, the North American microwave oven market held about 35% of the overall demand in 2014. It is well-established and brags majority of its commercial and household applications to be equipped with these appliances.
Shortage of replacements and lesser demand for innovative products due to market penetration are the regional restraints. However, Asia Pacific will grow significantly in the future. Its growing disposable earnings and employed population should fuel regional demand. Inclination for investing on quality kitchen devices could also favour Asia Pacific.
Major players of the worldwide microwave oven market comprise L.G. Electronics, Whirlpool Corporation, Sharp Corporation, Alto-Shaam Inc., and Panasonic Corporation. These focus on collaborations & acquisitions and product developments to gain foothold across the globe. High consumption of electricity and costs linked with microwave ovens can hamper the market in the years ahead.
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