Global Microwave Ovens Market to be Driven by Rising Disposable Incomes in Asia Pacific

Press release   •   Apr 25, 2016 07:47 EDT

The global market for microwave ovens has been analyzed in a recent market research report by Transparency Market Research. The report, titled “Microwave Ovens Market - Global Industry Size, Market Share, Trends, Analysis And Forecasts 2012 – 2018,” presents a thorough overview and projects the growth prospects of the market and its crucial elements over the period between 2012 and 2018.

The global microwave ovens market is being driven by a host of factors, including rising disposable incomes, busy lifestyles of the urban population around the globe – which is driving the popularity of microwaveable food products that can be heated quickly and efficiently – the rising numbers of product varieties and options available in the market, and the high number of market vendors manufacturing products suiting specific requirements of regional consumers.

Economic development and rising disposable incomes in developing regions are also the key reasons why expenditure on kitchen and home appliances has witnessed a continuous rise in the past few years. This factor has significantly benefitted the global microwave ovens market in the past few years.

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The rising demand for inverter-based ovens is a lucrative market opportunity for market vendors to cash in on. Development of the sector of smart home appliances is also an opportunity market vendors should focus on.

The report segments the global microwave ovens market on the basis of five criteria: placement, product type, size, technology, and geography.

According to product type, the market is further examined on the basis of the performance of segments such as convection microwave ovens, solo microwave ovens, and grill microwave ovens. Based on the placement of these devices, the market is segmented into over the range and countertop microwave ovens. Convection microwave ovens and regular microwave ovens are the two major microwave oven technologies analyzed in the report. From a geographical standpoint, the report analyzes the microwave ovens market in the following regions: North America, Asia Pacific, Europe, and Rest of the World (RoW).

Of the key regional markets for microwave ovens examined in the report, North America leads the market in terms of revenue. However, the market is projected to witness the fastest growth in Asia Pacific over the report’s forecast period, owing to factors such as rising disposable incomes and changing dietary preferences of the population in the region.

The report states that the global microwave ovens market is highly fragmented and features high competition among the numerous prominent vendors. Companies such as Bonnet International, Sharp Corporation, Bakers Pride Oven Co. Inc., Alto-Shaam, Inc., Hoover Limited, Electrolux AB, Frigidaire, GE Appliances, Kenwood Limited, Samsung Electronics Co Ltd, Vulcan-Hart, Maytag Corporation, Panasonic Corporation, LG Electronics, Inc., and Manitowoc Foodservice are the Major Companies in the market.

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