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Companies are investing heavily to develop advanced, sophisticated and efficient appliances in order to meet consumers’ desire for smart, innovative and efficient products. Such products with modern features indicate consumers’ desire for innovative home appliances and willingness to spend on modern, sophisticated gadgets that make accomplishment of daily tasks easy and efficient.
Panasonic’s new Smart Inverter Countertop Microwave Oven, capable of being activated through Alexa, is an example of such a product. Panasonic announced the product at CES 2022 in Las Vegas in the first week of January 2022, along with many other new products, including its new compact oven. The oven seeks to optimize convenience when performing multiple errands in the kitchen (understanding over one hundred common commands) and enables quick movement in the kitchen, especially when there is a lot of preparation to do. This smart microwave oven also has convenient manual controls and is able to monitor a food item’s humidity level, offering features to defrost, cook, or rewarm meals swiftly and evenly. Similarly, Samsung is offering extra personalized product experiences. The company announced more customization alternatives for its Bespoke line-up of domestic appliances, including over-the-range microwaves among Samsung's Family Hub and French 3-door and 4-door refrigerators, dishwashers and ranges.
Advancements in technology, demand for smart kitchen and related appliances, increased disposable incomes, and consumers’ desire for higher standards of living, ease of performing tasks in the kitchen, and multi-tasking are expected to drive the global microwave oven market. Analysts opine that quick technological advancements and competitive prices drive the buying of electronic and electrical devices in Europe. Indeed, of all ovens, microwaves represent the greatest sales percentage in the European Union (EU). Further, it has been observed that consumers have a tendency to acquire new gadgets before present appliances serve their useful lives, suggesting that such devices are considered status symbols or indicators of higher standards of living.
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Market Analysis by Product, Application, Structure, and Region:
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