The microwave ovens market is expected to undergo developments on account of changing consumer preferences coupled with socio-economic factors as well as macro-economic factors. Consumers focus more on buying new as well as innovative home appliances, which includes microwave ovens equipped with the varied advanced features. Increasing propensity of the consumers to spend more on smart appliances to make their lives convenient is expected to further increase the overall demand for convection microwave ovens. Rising disposable income is expected to be the key factors driving growth. Furthermore, Samsung’s Slim Fry microwave oven has more than 200 auto cook options and is also equipped with slim fry technology, which prepares fried food with 80% less fat. This streamline range of microwave oven offers seven different models ranging from 20L capacity 800W to 42L capacity 1550W. For instance, “Streamline” is a new range of stainless steel microwave oven launched by Sharp Electronics. In order to cater to the growing demand for energy efficient microwave ovens, companies are expected to launch innovative products which consume less energy.Ĭompanies are expected to offer new range of products to cater to ever-changing cooking requirements such as defrosting, baking, and re-heating. Smart kitchen appliances, which operate remotely, are also in high demand in the market. Microwave ovens are equipped with facilities such as auto program and easy control panel to enhance their usability. Key market players are expected to offer new as well as innovative products to cater to the growing consumers demand. Rising disposable income coupled with the growing working class population is expected to fuel market demand. Consumers focus more on buying new and innovative home appliances, such as microwave ovens that are equipped with varied advanced features. As a consequence, high tendency of consumers to spend more on smart appliances is projected to increase the overall demand further. Increasing disposable income of consumers is expected to be one of the key factors driving the market. Key market players are estimated to offer novel and innovative products such as microwave ovens equipped with the auto program and easy control panels to enhance its usability and cater to changing consumer demands. A rise in the working-class population is likely to fuel the demand for microwave oven. Also, with rising awareness about energy conservation, microwave oven manufacturers are focused on developing energy-efficient products that are ENERGY STAR rated. Smart kitchen appliances operate remotely and wirelessly in real-time through mobile and desktop applications. Market players are increasingly integrating appliances with Internet of Things (IoT) platform. Surging demand for frozen & precooked ready-to-eat food, changing eating preferences & lifestyles, and rising disposable income of consumers are among the key trends escalating market growth. The global microwave oven market size was valued at USD 11.55 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 2.8% from 2020 to 2022.
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