Increased demand for technical specialized domestic conveniences will fuel the India Microwave Oven market through 2028.
According to TechSci Research report, “India Microwave oven Market - By Type (Convection, Grill, Solo), By Capacity (Below 25 Liters, 25-30 Liters, Above 30 Liters), By End Use (Residential and Commercial), By Distribution Channel (Multi Branded Stores, Supermarkets/hypermarkets, Exclusive Stores, Online, and Others (Direct Sales, Wholesales, etc.), By Region (North, West, South and East), Competition, Forecast & Opportunities, 2028F” the India microwave oven market is forecast to grow at an impressive CAGR of around 7.91% in the forecast period because of rapidly surging demand from the consumer durables industry. Rapid urbanization stimulates market growth. Increasing number of nuclear families with rising disposable income, increasing working women in urban areas, and increasing demand for ready-to-eat and frozen foods are some factors fueling the demand for microwave ovens in India. The demand for microwave ovens in the projected period is likely to register sustainable growth due to the increasing working population and preference for modernity in the living standard. Rising demand for bakery items is prompting the adoption of the microwave and is likely to drive the development of the worldwide microwave market. Moreover, the desire for a modern lifestyle with the simple accessibility of an advanced microwave is pushing the adoption of the oven. This, in turn, is fueling the growth of the Indian microwave oven market.
Over the years, microwave ovens have been used across households and commercial establishments for reheating cooked food, cooking the food with ease, and baking, grilling, and roasting. They are available in various types based on their features, size, and applications. With the rising awareness among customers, they seek "value options" that balance the characteristics of price, quality, convenience, consistency, and innovation. The demand for microwave ovens is expected to increase in the forecast years. Furthermore, microwave oven companies are now in India, focusing on innovative products to attract end-users. Nowadays, in addition to cooking and defrosting food quickly, the microwaves of 2021 double as convection ovens, air fryers, and broilers. Some offer innovative technology, controllable by voice ("Alexa, cook popcorn!") or an app. The rise of the sector has been fueled by new-age people because of the ease of use and convenience of microwaves, as these are the primary selling points. At the same time, there are numerous other benefits to using a microwave oven, including quick reheating, cooking programs, easy cleaning and defrosting food, low energy consumption, no change in taste and nutrition, and safety for children. The growing income of the middle class is driving demand for advanced products and leading to an upgrade in people's lives. Additionally, the need for a modular house coupled with the demand for a modular kitchen is growing and is leading to a boost in the microwave oven market.
During the COVID-19 pandemic, the microwave oven market was positively influenced by volume sales. Microwave Ovens is anticipated to grow in 2022. After the pandemic, LG Electronics announced its new 2021 range of charcoal microwave ovens. These latest entrants in LG's health and hygiene portfolio have been thoughtfully designed to help consumers live a healthier lifestyle. On the other hand, e-commerce has seen significant growth as companies could generate revenue from microwave ovens through online channels as consumers continued to work from home during the second COVID wave.
Browse over 28 market data Figures spread through 70 Pages and an in-depth TOC on "India Microwave Oven Market" https://www.techsciresearch.com/report/india-microwave-oven-market/10611.html
The India microwave oven market is segmented by type, capacity, end-use, distribution channel, and region. Regarding capacity, the India microwave oven market is segmented below 25 liters, 25–30 liters, and above 30 liters. Based on end-use, the residential segment is expected to grow fast during the forecast period. The distribution channel segment is divided into multi-branded stores, supermarkets/hypermarkets, exclusive stores, online, and others (direct sales, wholesales, etc.). Multi-brand stores have dominated the Indian microwave oven market, but online channels have gained popularity after the COVID-19 pandemic.
Key market players in the India Microwave Oven market include:
- LG Electronics India Pvt. Ltd.
- Samsung India Electronics Private Ltd.
- IFB Industries Limited
- Whirlpool of India Ltd.
- Panasonic India Pvt. Ltd.
- Godrej & Boyce Manufacturing Company Limited
- Haier Smart Home Co. Ltd.
- Bajaj Electricals Ltd
- Ken Lifestyles Private Limited etc.
LG Electronics India Pvt. Ltd. is one of the leading companies and an owned subsidiary of the South Korea-based company LG Electronics, established in January 1997 in India. It is the most trusted brand for Indian customers in consumer electronics, home appliances, etc. It engages clients to intensify their actual limits and value life by empowering them to be more liberated through its innovative and convenient technology.
Samsung deals in consumer electronics, IT & mobile communications that follow a simple theory. i.e., to give its ability and innovation to making better products and services that contribute to a superior worldwide society. To accomplish this, Samsung highly values its knowledge and innovations. LG and Samsung continue to share the largest segment in India Microwave Oven Market, whereas IFB, Whirlpool, and Panasonic are the other three aggressive players.
In terms of region, the India microwave oven market is segmented into North, West, South and East but the demand of microwave ovens is mainly more in urban areas in terms of sales volume.
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“The demand for microwave ovens in India is growing steadily due to the rising propensity of consumers to spend on appliances that help them with kitchen errands, which has created a rising interest in microwaves. Also, the changing lifestyle of consumers has urged the users to decide on stylish and convenient appliances that supplement their expectations for everyday comforts. Microwave ovens are a common kitchen appliance famous for reheating cooked foods and cooking various foods. Once seen as luxury appliances, microwaves are progressively finding favor with young people and those residing away from their hometowns. These are integral to modern kitchens with different pay levels in Tier I and II cities. So, the microwave oven has recently emerged as a high growth segment in the Indian market with changing lifestyles and family structures.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Microwave oven Market, By Type (Convection, Grill, Solo), By Capacity (Below 25 Liters, 25-30 Liters, Above 30 Liters), By End Use (Residential and Commercial), By Distribution Channel (Multi Branded Stores, Supermarkets/hypermarkets, Exclusive Stores, Online, and Others (Direct Sales, Wholesales, etc.), By Region (North, West, South and East), Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of microwave ovens in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India microwave oven market.
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