Following the growing trend towards smart homes and connected devices, the adoption of smart homes appliances has increased exponentially, which simultaneously fueled the growth of the global smart microwave oven market, posting a massive CAGR of nearly 28% during the forecast period. Development in network infrastructure has increased the use of broadband and internet and consumers are increasingly shifting to wireless and technologically advanced products to ensure more convenience while cooking for their families.
With advancement in technology and emergence of smart homes, there is an increase in smart appliances which can be connected to smart phones and enable the monitoring of cooking procedures from remote locations. One of the major drivers is the Internet of things (IoT), which is expected to drive any vendor associated with the field of technology during the forecast period.
Geographical segmentation of the smart microwave oven market
- North America
The smart microwave oven market is dominated by North America accounting for over 38% of the revenue generated in 2014, followed by APAC and Europe. The market is expected to grow at a consistent pace in North America as US and Canada will see a high penetration of smart appliances in the future as broadband and connected devices will be available in more houses.
Competitive landscape and key vendors
The smart microwave oven market includes well-diversified international and regional vendors. However, as international players are increasing their outline in the market, regional vendors are finding it increasingly difficult to compete with them in terms of quality, technology, and pricing.
Top vendors in this market are -
Other prominent vendors included in this report are Bosch, Electrolux, Haier, Panasonic, Sharp, and Whirlpool.
Growth drivers, challenges, and upcoming trends: Smart microwave oven
The market research analysts highlight the introduction of many innovative applications and solutions such as advances in video asset management solutions. The changes in consumer preferences are forcing vendors to deliver innovative residential security solutions with high efficiency to survive the commoditization in the market.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the global smart microwave oven market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Key questions answered in the report include
- What will the market size and the growth rate be in 2019?
- What are the key factors driving the global smart microwave oven market?
- What are the key market trends impacting the growth of the global smart microwave oven market?
- What are the challenges to market growth?
- Who are the key vendors in the global smart microwave oven market?
- What are the market opportunities and threats faced by the vendors in the global smart microwave oven market?
- What are the trending factors influencing the market shares of North America, Europe, APAC, and ROW?
- What are the key outcomes of the five forces analysis of the global smart microwave oven market?