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The global smart microwave oven market is projected to witness a CAGR of 21.82% during the forecast period to reach a total market size of US$2.633 billion by 2023, increasing from US$0.806 billion in 2017.
A smart microwave oven connects with home network usually via Wi-Fi and expanded facilities like moisture sensor to avoid drying out food and can communicate with smart phones. Development in the network infrastructure has increased the use of broadband and internet has shifted consumers are rapidly towards the smart appliances for technologically advanced product, better convenience and remote location access to appliance is major factor for the growth of the market. The internet of thing is major driver for the growth of the market during the forecast period. On the other hand, concerned related to the secure connectivity and higher prices will restrain the global market.
By End User
In terms of end user of smart microwave oven, the global market is segmented as commercial and personal. Among these end user, personal use market is more prominent due to remote location access energy efficient and user-friendly interface. The increasing disposable income is also major factor for the growth of smart microwave oven.
Geographically, the global smart microwave oven market is segmented as North America, Europe, Middle East & Africa, Asia -Pacific and South America. Owing to the technological advancement and their acceptance for augmented cooking methodologies across North America and other European countries will raise the market of smart microwave oven.
The global smart microwave oven market is competitive owing to the presence of well diversified global players. However, some big global players dominate the market with their advancing technology like LED display, motion sensor, music library and cooking recipe instruction. Some of the key players in the smart microwave oven market are June Life Inc., General Electric, Breville USA Inc., Electrolux AB, Panasonic, Sharp, whirlpool Corporation, Tovala, BSH Home Appliances Corporation, Dacor Inc., SAMSUNG and LG Electronics.
Global smart microwave oven market is segmented on by technology, end user and geography.
By End User
- North America
- ·United States
- South America
- ·United Kingdom
- Middle East and Africa
- ·Saudi Arabia
- ·South Africa
- Asia Pacific