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 to a home network usually via Wi-Fi and expanded facilities like moisture sensors to avoid drying out food and can communicate with smartphones. Development in the network infrastructure has increased the use of broadband and the internet has shifted consumers rapidly towards smart appliances for a technologically advanced product, better convenience and remote location access to the appliance is a major factor for the growth of the market. The internet of Things is a major driver for the growth of the market during the forecast period. On the other hand, concerns related to secure connectivity and higher prices will restrain the global market.
In terms of end-user of a smart microwave oven, the global market is segmented as commercial and personal. Among this end-user, the personal use market is more prominent due to remote location access energy-efficient and user-friendly interface. The increasing disposable income is also a major factor in the growth of smart microwave ovens.
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 of augmented cooking methodologies across North America and other European countries will raise the market for smart microwave ovens.
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 displays, motion sensors, music libraries 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, and BSH Home Appliances Corporation, Dacor Inc., SAMSUNG and LG Electronics.
The global smart microwave oven market is segmented by technology, end-user and geography.
By End User
Middle East and Africa
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