Key players in the global countertop microwaves market include Panasonic Corporation, Samsung Electric Co Ltd, Bonnel International, Sharp Corporation, and Frigidaire.
Countertop microwaves are a type of kitchen appliance required for heating food, which work on the principle of electromagnetic radiation. With the increasing shortage of kitchen space and improvements in cooking technology, there is increasing demand for them presently. These microwaves are available in different kinds, with the most popular ones differing in terms of power usage capacity. Nonetheless, countertop microwaves with lower power capacities are no less efficient.
One of the major driving forces of countertop microwaves is the growing trend of microwavable food. This is accompanied by the rising urbanization and subsequent disposable income which lead to an increased purchasing power in urban citizens, who can therefore spend more on home and kitchen appliances, increasing the prospects for countertop microwaves. With demand for energy-efficient microwaves and growing technological developments, the global market for countertop microwaves is expected to expand during the forecast period.
The main hindrance, however, is the requirement of a special variety of utensils, which makes cooking and heating food using countertop microwaves slightly expensive. Hence, this market is limited to particular consumer groups such as the upper middle class.
With rising concerns for gender equality, the female labor force is growing, which contributes to the expansion of the global countertop microwave market. Presently, women focus on striking the right balance between work and home. Since cooking food in the microwave saves time, demand for countertop microwaves is estimated to rise in the future. Moreover, cooking food using microwaves is also cost-effective, safe, and energy-efficient.
The global countertop microwave market is segmented on the basis of power usage capacity into five categories: 700 watts, 750 watts, 900 watts, 1250 watts, and others, with demand increasing for the latter since it involves less cooking time. Countertop microwaves running at 750 and 700 watts are considered to be less efficient for cooking food, and could instead be used to heat up tea and coffee. Those with capacities of 900 watts and 1250 watts are projected to record higher growth trends as they offer consumers greater efficiency at affordable prices.
In terms of technological applications, the market is divided into the inverter and non-inverter categories. Microwaves equipped with the inverter technology exhibit a high growth pattern as they offer better performance and capacities. Although they are slightly expensive, the unique features they possess such as long durability and high quality are anticipated to fuel the demand for them during the forecast period.
Geographically, this market is distributed over North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. The market in Asia Pacific is likely to expand with the rise in the investments on consumer electronics and rapid developments in the energy sector. However, the economies of North America and Europe are predicted to follow a favorable growth pattern over the forecast period as well.