The global microwave ovens market is anticipated to witness an intense competition during the forecast period 2017–2022 owing to innovation of new products along with presence of global as well as regional players in the market. The market will rise at a 5.8 percent of CAGR. The market was valued at USD 18.9 billion in 2017 and is likely to touch USD 25 billion.
Major players in the market are adopting numerous strategies to procure a larger share of market. Launch of new products, acquisition, and merging with regional players in order to get a better grip in new areas are key drivers. Generally major players have a firm grip in the market with a large customer base. Apart from these, the companies spend money on marketing activities, which makes them popular. Recently major number of players are concentrating on energy efficient appliances.
Convection microwave ovens dominate the market and are anticipated to hold the top position owing to their application in preparation of various cuisines across the world. North America is prophesized to hold the major share owing to faster acceptance of technology along with the presence of major players in the region. Growing inclination of consumer toward spending on appliances to help in doing kitchen chores has triggered the demand for microwave ovens. Rise in demand for energy efficient kitchen appliances along with increasing popularity of smart appliances have fueled the demand for microwave oven market.
The high-energy consumption of microwave is anticipated to deter global demand. In various regions, expensive electricity constrains the use of such appliances. Emerging and developing countries prefer using traditional ways of cooking and heating. Commercial microwave ovens working for hours and consuming high amount of electricity are frowned upon. Nonetheless, major companies in the market are trying to find ways to deal with the problem.