In this report, Technavio’s home, kitchen, and large appliances research experts announce their key market highlights for the global smart microwave oven market. Their findings include:
Global smart microwave oven market expected to grow at a CAGR of nearly 28% during the forecast period
The global smart microwave oven market is expected to reach USD 8.60 billion by 2019, growing at a tremendous CAGR of close to 28%. Enhanced living standards of end-users and increased interest in connectivity-enabled smart appliances are some of the major factors contributing to the growth of the market.
The IoT will be a trend that will influence any vendor associated with the field of technology during the forecast period. With the increase in digitization in homes, consumers will spend more on home automation. “As wireless technology becomes global and smartphones become commonplace, end-users will increasingly switch to home security devices that are Wi-Fi enabled and keep them notified about intruders and activities at their residence,” says Faizan Akhtar, one Technavio’s lead analysts for home, kitchen, and large appliances research.
Adoption of broadband and home network is another major driver highlighted by Technavio that is expected to boost the global smart microwave oven market over the next few years. The spread of network infrastructure to homes is driven by the increase in the number of smartphones and the ubiquitous use of the Internet across the globe. The increased Internet penetration has resulted in an increase in the use of the Internet for home automation as well. High use of wireless technologies like ZigBee and Wi-Fi is also making interoperability between devices possible.
“As the use of the Internet and technology becomes widespread across the globe, the use of connected home appliances will also gain traction, leading to the burgeoning growth of appliances like smart microwave ovens,” says Faizan.
US, Canada, Australia, New Zealand: major markets for smart microwave oven
The global smart microwave oven market is highly concentrated in North America, which dominated the market, followed by APAC and Europe. The smart microwave oven market in North America will continue to grow at a consistent pace as the US and Canada will see high penetration of smart appliances in the future as broadband and connected devices will be available in more houses.
The market in APAC is growing at a consistent pace, with major growth coming from emerging countries like China and India. Populous South Asian countries like South Korea, the Philippines, and Vietnam will show tremendous growth during the forecast period. The market in Australia and New Zealand will also contribute to the smart microwave oven market in APAC.
Innovative and customer-centric products by vendors to boost market growth
The report states that by developing innovative and customer-centric products by the vendors, the market will show tremendous growth in the next five years. The global smart microwave oven market boast of well-diversified international and regional vendors. However, with international players increasing their footprint in the market, regional vendors are finding it increasingly difficult to compete with them in terms of quality, technology, and pricing.
“Companies with better technical and financial resources can manufacture products that may render competitors’ merchandise non-competitive even before it is launched or their costs are recovered. Therefore, vendors have to incorporate new product innovations and stay up-to-date with emerging technologies in food preparation that have a bearing on their product lines,” says Faizan.
Top international vendors in the market include:
- Breville
- GE
- June
- LG
- Samsung
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