LONDON, Sept. 06, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company, the global smart microwave oven market is set to experience substantial growth over the coming years, driven by rising consumer demand for technologically advanced appliances that enhance convenience and ease of use. According to market research, the global smart microwave ovens market size will expand from $3.33 billion in 2022 to $3.56 billion in 2023, reflecting a compound annual growth rate (CAGR) of 7.1%. By 2027, the smart microwave oven market is projected to reach an impressive $4.65 billion at a CAGR of 6.9%.
The Rise of Smart Microwave Ovens
The surge in the adoption of smart home appliances, including smart microwave ovens, can be attributed to their user-friendly interfaces and remote accessibility. These innovative appliances can seamlessly communicate with popular platforms like Alexa, iOS, Droid, Dash, Nest, and Google Home, enabling users to operate them remotely and effortlessly. In a significant development, Sharp Home Electronics Company of America (SHCA) launched the first smart countertop microwave oven with Wi-Fi connectivity and Alexa compatibility in 2020. This groundbreaking product responds to voice commands, further enhancing the user experience.
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Scan-to-Cook Technology Revolutionizes Cooking
One of the standout features contributing to the growth of the smart microwave oven market is the scan-to-cook technology. This innovation simplifies the preparation and cooking of pre-packaged and frozen foods by allowing users to scan the barcode on the packaging using a smartphone app. The associated app sends customized and recommended cooking instructions to the microwave oven, ensuring perfectly cooked meals. In 2021, LG introduced the Double Oven Gas Slide-in Range and Over-the-Range Microwave Oven with the scan-to-cook feature in partnership with Foodspace Technology, an AI startup. This feature eliminates guesswork from cooking, making it especially appealing to busy families who rely on frozen foods.
Regional Dominance and Market Segmentation
Asia-Pacific emerged as the largest region in the smart microwave oven market in 2022, followed by Western Europe. The smart microwave oven market analysis also covers Eastern Europe, North America, South America, the Middle East, and Africa.
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The global smart microwave oven market is segmented as follows:
- Product Type: Grill Microwave Oven, Convection Microwave Oven, Microwave/Light-wave Oven, Other Product Types
- Technology: Bluetooth, Wi-Fi, NFC
- Distribution Channel: Hypermarket and Supermarket, Specialty Store, Online Store, Other Distribution Channels
- End User: Commercial, Personal
As consumer lifestyles become increasingly fast-paced and convenience-driven, the demand for smart microwave ovens with innovative features is expected to rise steadily. Market leaders in this industry, including Electrolux AB, Whirlpool Corporation, LG Electronics, Breville USA Inc., Panasonic, GE (Haier), Sharp, SAMSUNG, Robert Bosch, BSH Home Appliances Corporation, and Dacor Inc., are well-positioned to capitalize on this growing trend.
Smart Microwave Ovens Global Market Report 2023 by The Business Research Company provides insights on the smart microwave oven market size, smart microwave oven market segments, smart microwave ovens market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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