The North America Microwave Oven Market was valued at USD XX in 2020 and the market is projected to register a CAGR of 4.03% during the forecast period (2021-2026). The market is expected to witness strong growth during the forecast period.
The rise in the numbers of restaurants, house constructions, and renovations all across the North American region is driving the market with more transactions. Increasing technological advancements including smart connectivity, less energy consumption, etc, have led to a boost in the microwave oven presence in every house, bakeries, office, and restaurant. The efficient way of baking and cooking with the help of microwave ovens in residential and commercial workplaces has increased its demand, thus boosting the North American microwave oven market.
Also, the modernization and contemporary kitchens at workplaces and houses have helped a large number of international franchises to enter the markets of the United States and Canada during the review period. Similarly, with the number of immigrants is increasing at a very fast pace in the region which is witnessing a rise in number of households, and thus helping in the the growth in the number of modern, smart, in-built and technological advanced -much efficient microwave ovens. An increasing the per capita average household annual expenditure of Canadian households which witnessed a record increase by 8.37 % in FY 2019 from FY 2018 is also driving the total sales of microwaves in the market. The upward trend in North America Microwave Oven Market is also expected to be seen in forecast period.
COVID-19 impacted every industry badly and also affected the North America Microwave Oven Market adversely. The corona-virus pandemic has shown an impact on the proper functioning of various industries in North America due to reduced sales because of lock-down being imposed and thus halt in logistics and electronic manufacturing. The halt in dining-out and shutting down of various small restaurant enterprises affected the commercial segment of the microwave oven market in the region. The growth in work from home practice also led to the closure of office spaces, which resulted in a sudden drop in revenue from the commercial segment of the market. However, the e-commerce and pulling back the restrictions has pushed the market back on the track and the trend is anticipated to continue in the forecast period as well.
Key Market Trends
Canada's Increasing Average Annual Household Expenditure Driving the Market
The average expenditure of Canadian households is witnessing growth in the North America Microwave Oven Market. From the past 5 years, the average annual spending of households in Canada experienced a constant increase. The smart kitchens and modernization has brought Canada household notice towards the expenditure over kitchen stuff as well. This continuously increasing expenditure behavior of Canada's population towards the households is signifying that the market of microwave ovens there remains in an upward trend throughout the forecast period.
Increasing E-Commerce During COVID-19 Witnessing Growth in North America Microwave Oven Market
The e-commerce giant Amazon, took the top spot in various product segments during FY 2020 in North America, including food and personal care, electronics, and media. In 2018, retail e-commerce sales in North America amounted to be one of the largest region of e-Commerce Based on the double-digit growth, industry experts project the North American e-retail market to surpass 1 trillion USD in 2022. The e-Commerce market in The United States is the second largest market for e-Commerce with a revenue in 2020 due to precautions and restrictions because of COVID-19, placing ahead of Japan and behind China. With an increase of 20%, the U.S. e-Commerce market contributed to the worldwide growth rate of 26% during COVID-19 in 2020. This signifies the increased online purchase of Microwave Oven Market across the North America countries, hence, growing the North America Microwave Oven Market in upward trend.
The North America Microwave Oven Market is very competitive and highly fragmented across the different countries with continuous demanding for new innovation and smart products, like Canada and the United States offering a huge number of competitive players dominating the market, nowadays grabbing market more powerfully by the mergers and acquisitions and introducing new innovation with highly efficient features along with AI. This market is highly competitive due to the presence of both international and local players operating across the country such as Whirlpool, Bosch Global, Electrolux, Samsung, and many more. Competition in the market is expected to intensify with the vendors coming up with innovative products to meet the changing consumer demands and to increase their customer base. The market will also witness the entry of several new players resulting in price wars and increased M&As during the forecast period. Moreover, the growing focus on premium microwave ovens will play a key role in the growth of the market in the forecast period.
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Table of Contents
1.2 Scope of Study
4.2 Market Drivers
4.3 Market Restraints/ Challenges
4.4 Value Chain/ Supply Chain Analysis
4.5 Porters Five Forces Analysis
4.5.1 Threat of new Entrants
4.5.2 Bargaining Power of Buyers/ Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Consumer Buying Behaviour in North America Microwave Oven Market
4.7 Insights on Technological Disruption in North America Microwave Oven Market
4.8 Impact of Covid-19 on the Market
5.2 By Structure
5.2.2 Counter Top
5.3 By Distribution Channel
5.3.1 Multi-Brand Stores
5.3.2 Exclusive Stores
5.3.4 Other Distribution Channel
5.4 By End Users
5.5.1 United States
6.2 Company Profiles
6.2.1 Bosch Global
6.2.3 Panasonic India
6.2.5 General Electronics Corporation
A selection of companies mentioned in this report includes:
- Bosch Global
- Panasonic India
- General Electronics Corporation