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Smart Microwave Ovens Global Market Report 2022

Smart Microwave Ovens Global Market Report 2022

  • March 2022
  • 175 pages
  • ID: 6247525
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the smart microwave oven market are Electrolux AB, Whirlpool Corporation, LG Electronics, Breville USA Inc., Panasonic, GE(Haier), Sharp, SAMSUNG, Robert Bosch, BSH Home Appliances Corporation, Dacor Inc.

The global smart microwave ovens market is expected grow from $3.11 billion in 2021 to $3.33 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.3 billion in 2026 at a CAGR of 6.9%.

The smart microwave oven market consists of sales of smart microwave oven and related products which include Grill Microwave Oven, Convection Microwave Oven, Microwave/Light-wave Oven and more.Smart microwave ovens are programmed to connect to smart appliances such as phone apps, phone, smart dishwashers, smart speakers and more by which instructions to oven can be given through smart phones and without the need for manual instructions.

The companies engaged in manufacturing of smart microwave ovens design, manufacture and market smart microwave oven with Bluetooth, Wi-Fi-enabled, near-field communication and more technologies which enables the consumer to operate the smart device from anywhere for household and business users.

The main types of smart microwave ovens are grill microwave oven, convection microwave over, microwave/light-wave over and others and use technology such as Bluetooth, Wi-Fi and NFC.Grill microwave oven use smart technology for grilling and help save time and space.

The smart microwave ovens are distributed through hypermarket and supermarket, specialty store, online store and other channels and used by both commercial and personal users.

Asia Pacific was the largest region in the smart microwave oven market in 2021.Western Europe was the second-largest region in the smart microwave oven market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

With increasing consumer preference for technologically advanced products there is a rise in penetration of smart home appliances like smart microwave ovens.The smart microwave oven is gaining interest among consumers as it is remotely accessed and operated with a user-friendly interface.

Most manufacturers smart home appliances can communicate with Alexa, iOS, Droid, Dash, Nest and Google Home through which instructions can be given to the smart oven.In 2019, GE announced that its microwave ovens can be operated with Google Assistant using voice commands.

Manufacturers are being encouraged to produce innovative and advanced products with customer interest to accept and adopt emerging technology which is expected to drive the market growth.In 2020, Sharp Home Electronics Company of America (SHCA) announced the launch of first smart countertop microwave oven that feature Wi-Fi connectivity and Alexa compatibility for easy hands-free operation.

The new smart microwave also responds to voice commands.

Cybersecurity paves risk to any smart appliance market with hackers providing a way to operate the appliance to cause harm to the user in any means.The smart microwave ovens can be set to pre-heat or can be controlled for temperature adjustments remotely which means a hacker can potentially cause harm to the user.

In 2019, hackers targeted Sony’s X800G smart TV, using a Javascript OOB read bug to exploit the television’s built-in web browser, by doing this the team earned $15,000.In 2019, June Oven, a smart oven of June was reported to pre-heat by itself without the interference of the user overnight.

The safety issues arising due to cyber-attacks might hinder the market growth during the forecast period.

Scan-to-cook feature is a technology which makes the preparation and cooking of pre-packaged and frozen foods easier with a scan of the barcode over the package by the smart phone with the use of an associated app.The customized and recommended instructions are sent to the microwave oven with a barcode scan which results in perfection of the meals being prepared.

In 2019, Amazon launched Alexa smart oven with Scan-to cook feature which is a combination of microwave, convection cooker, air fryer, and food warmer which works well with many pre-packaged foods those by Amazon-owned Whole Foods as well.Whirlpool introduced the first scan-to-cook technology into the market.

Further, in 2021, LG announced the launch of Double Oven Gas Slide-in Range and Over-the-Range Microwave Oven with scan-to-cook feature.The brand has partnered with Boston-based AI start-up Foodspace Technology to develop scan-to-cook feature.

With a busy lifestyle globally, many families prefer frozen foods for meals and with the advantage of Scan-to-cook feature the user need not depend on frozen food preparation instructions which takes guesswork out of cooking and results in perfection which is expected boost the demand of smart microwave oven market.

In 2019, LG Electronics USA, Inc., a South Korea-based leading manufacturer of home appliances, consumer electronics and mobile communications partnered with Tovala. The partnership of integrating Tovala IQ™ technology into LG smart ovens benefits both the companies and the customers as the customers can scan the Tovala’s food package barcode to extract the data from Tovala’s database for the final preparation of the food. Tovala, a US-based all-in-one appliance and gourmet meal service which aims at simplifying home cooking with the meals prepared by professional chefs and delivered to doorstep which require few minutes for final preparation.

The countries covered in the smart microwave oven market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

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