The COVID-19 pandemic has significantly affected the GCC Microwave Oven market in 2020 and 2021. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations, travel bans and quarantines, restaurants closed, and all indoor/outdoor events restricted. Over fifty countries declared lockdown and health emergency causing massive falling business confidence, growing panic among the population, and uncertainty about the future. All of these circumstances have severely affected production, supply chain, shipping, import & export, and other market activities.
In GCC major players Samsung, Sharp, Siemens, and LG Electronics all gained Shares. While Samsung’s overall lead is traditionally supported by positive reviews on independent review sites in addition to offering innovative products in sleek designs for both freestanding and built-in formats, second-ranked Sharp, whilst only focusing on freestanding microwaves, maintains an advantage over other competitors by offering models with sufficient functionality at affordable prices, a relevant factor behind the purchasing decisions of many Dutch consumers.
The adoption of kitchen and home appliances is forecast to witness robust growth, owing to the increasing rate of urbanization. High power consumption is expected to be a dominant restraint for the growth of the microwave oven market. However, several companies are expected to develop products that consume less energy and offer a greater advantage over the traditional counterparts. The rising trend of connectivity between home appliances and innovations, such as inverter-based microwave oven, is projected to create new opportunities in the market. The steady growth of sales of smart kitchen appliances is also an opportunity for the market players.
The rising standard of living of customers, an increasing number of nuclear families, and surging demand for frozen and ready-to-eat food are some of the key factors driving the market growth. The robust growth of the hospitality sector and rising catering contracts for large-scale functions, seminars, and other social gatherings are also expected to drive the demand for commercial appliances over the forecast period. Economic factors, such as the rising population, increasing disposable income of consumers, and growing awareness about different cooking appliances, such as microwave ovens, grills, and barbeques, are projected to impact the market positively. The convection segment of the market is poised to account for half of the overall market. The demand for a microwave oven may gain strong support from the rising consumer spending on kitchen appliances. The adoption of kitchen and home appliances is forecast to witness robust growth, owing to the increasing rate of urbanization.
In the case of the residential application segment, the most significant driver is the changing lifestyles and food consumption preferences of people, with more consumers shifting toward ready-to-eat and frozen food products. A large part of new households comprises working singles who prefer to dine out rather than setting up their kitchens. This may be a drawback for the residential segment of the market. However, this trend is estimated to boost the culture of quick-service restaurants, cafes, and small eateries, which in turn, is expected to work in favor of the market.
The GCC microwave oven market is fragmented. The competition in the market is estimated to intensify, with innovations in new products and presence of national and international companies. Some of the most important players in the microwave oven market are Samsung, Hitachi, Pansonic, Electrolux, and LG., among others.
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In GCC major players Samsung, Sharp, Siemens, and LG Electronics all gained Shares. While Samsung’s overall lead is traditionally supported by positive reviews on independent review sites in addition to offering innovative products in sleek designs for both freestanding and built-in formats, second-ranked Sharp, whilst only focusing on freestanding microwaves, maintains an advantage over other competitors by offering models with sufficient functionality at affordable prices, a relevant factor behind the purchasing decisions of many Dutch consumers.
The adoption of kitchen and home appliances is forecast to witness robust growth, owing to the increasing rate of urbanization. High power consumption is expected to be a dominant restraint for the growth of the microwave oven market. However, several companies are expected to develop products that consume less energy and offer a greater advantage over the traditional counterparts. The rising trend of connectivity between home appliances and innovations, such as inverter-based microwave oven, is projected to create new opportunities in the market. The steady growth of sales of smart kitchen appliances is also an opportunity for the market players.
Key Market Trends
United Arab Emirates is the Largest Market for Microwave Oven in GCC
The rising standard of living of customers, an increasing number of nuclear families, and surging demand for frozen and ready-to-eat food are some of the key factors driving the market growth. The robust growth of the hospitality sector and rising catering contracts for large-scale functions, seminars, and other social gatherings are also expected to drive the demand for commercial appliances over the forecast period. Economic factors, such as the rising population, increasing disposable income of consumers, and growing awareness about different cooking appliances, such as microwave ovens, grills, and barbeques, are projected to impact the market positively. The convection segment of the market is poised to account for half of the overall market. The demand for a microwave oven may gain strong support from the rising consumer spending on kitchen appliances. The adoption of kitchen and home appliances is forecast to witness robust growth, owing to the increasing rate of urbanization.
Commercial Application is Dominating the Market
In the case of the residential application segment, the most significant driver is the changing lifestyles and food consumption preferences of people, with more consumers shifting toward ready-to-eat and frozen food products. A large part of new households comprises working singles who prefer to dine out rather than setting up their kitchens. This may be a drawback for the residential segment of the market. However, this trend is estimated to boost the culture of quick-service restaurants, cafes, and small eateries, which in turn, is expected to work in favor of the market.
Competitive Landscape
The GCC microwave oven market is fragmented. The competition in the market is estimated to intensify, with innovations in new products and presence of national and international companies. Some of the most important players in the microwave oven market are Samsung, Hitachi, Pansonic, Electrolux, and LG., among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS AND INSIGHTS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- LG Electronics
- Samsung Electronics
- Whirlpool Corporation
- Hitachi, Ltd.
- Panasonic Corporation
- Midea
- AB Electrolux
- Hoover Limited.
- Alto-Shaam Inc.
- Sharp Corporation*
Methodology
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