Rapid urbanization and
customers' rising standards of living are influencing the India microwave oven
market, which is expected to grow at a CAGR of 7.91% during the forecast
period, reaching around USD376.37 million by the forecast period 2028. Furthermore,
increasing demand for ready-to-eat foods, a rise in the number
of working people, a rise in awareness of different cooking appliances, rising
disposable income, and the advancement of modular kitchens are expected to boost
the Indian microwave oven market during the forecast period.
A microwave oven is a
machine mainly used for reheating cooked food and cooking food. It prepares
food through electromagnetic radiation rather than heat. One of the advantages
of using microwave oven is that the cooking time is moderately short with a
microwave oven compared to regular cooking by gas or electric means; therefore,
it saves time and energy. It is used for reheating, cooking, baking, roasting,
grilling, etc. The convection microwave oven type has dominated the market,
with a majority of the market share of around 62.72% in 2022, because of its
all-in-one feature, as it can be used for cooking, reheating, grilling, baking,
etc. Convection ovens can also cook at a lower temperature because they use
heat more effectively.
The rising number of
working women and the entangled schedules of individuals in metropolitan areas
will fuel the interest in microwave ovens. Simultaneously, economic factors,
such as the rising population, increasing disposable income of consumers, and
developing awareness about various cooking appliances, such as microwave ovens,
grills, and barbeques, are projected to decidedly influence the market. The
convection segment of the market contributes half of the overall market.
During the COVID-19
pandemic, the continuation of work-from-home culture and lectures/classes being
directed web-based, the demand for goods that improve comfort at home, like
microwave ovens, refrigerators, washing machines, and ACs, were positively
impacted. Microwave ovens grew in 2021 in terms of volume sales. Additionally,
the average selling price grew twice in 2021 over 2019. One of the primary
reasons is the impact of western food, the most recent trend, convincing Indian
consumers to prepare western food at home when all the restaurants were shut
down in the pandemic. People were avoiding outside food items then, and they
started cooking various food items at home, due to which the market grew during
the pandemic.
Increased Demand for Technical
Specialized Domestics Conveniences Will Drive the Market Growth
It is expected that
these food-related appliances will keep developing over the next five years
because of the quicker speed of residence among Indian customers, driven by an
expansion in double-income families in India and a demand among Indians to
remain healthy by preparing food at home. Higher disposable incomes in India
due to urbanization are driving the purchase of microwave ovens to make their
lives more convenient. Also, the rising younger population of the country leads
a hectic life with continued busy schedules. It is dependent on convenient
appliances like microwave ovens for their food cooking requirements—benefits of
microwave ovens such as widespread applications and the ability to cooking and
bake by saving time.
Growing
Rapid Urbanization with Changing Lifestyles
Driving
the Market Growth
People are shifting to urban areas because of their
economic development and education, leading to the growth of home appliances in
India because nowadays people have more than one family income, so it is easy
to afford by people. The changing lifestyle of modernity encourages people to
select stylish and convenient appliances. Nowadays, the bakery is also becoming
popular among India consumers, due to which the demand for microwaves is
increasing. Developing connected homes energizes the interest in advanced
features in new-age microwave ovens because there are numerous different
improvements in microwave ovens, such as advanced features, cost, energy
efficiency, etc., which lead to the increased demand for microwave ovens in the
Indian market.
Growing Working Class Population and Disposable Incomes Fueling the Market Growth
A growing working
population is investing in smart appliances to assist them with their busy
schedules. The technology and smart features of the microwave oven have become
essential and affordable electric appliances for many households in India. A
microwave oven is a multi-tasker for people who can bake and cook. It also
fulfills all their needs.
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Market
Segmentation
The India microwave oven
market is segmented on type, capacity, end-use distribution channel, region,
and competitional landscape. The market is further segmented based on type into
convection, solo, and grill. The capacity is further segmented into below 25
liters, 25-30 liters, and above 30 liters. The end-use segment is further
segmented into residential and commercial. The distribution channel is
segmented into multi-branded stores, supermarkets/ hypermarkets, exclusive
stores, online, and others (direct sales, wholesales, etc.). The market
analysis also studies the regional segmentation divided into north, west,
south, and east.
Company
Profiles
LG Electronics India
Pvt. Ltd., Samsung India Electronics Private Ltd., IFB Industries Limited,
Whirlpool of India Ltd., Panasonic India Pvt. Ltd., Godrej & Boyce
Manufacturing Company Limited, Haier Smart Home Co. Ltd., Bajaj Electricals
Ltd, Ken Lifestyles Private Limited, Siemens Limited, etc. are some of the
leading market players of the India microwave oven market. New market players have
also been actively entering the market in recent years, further strengthening
future market growth.
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Attribute
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Details
|
|
Market Size
Value in 2022
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USD243.10 Million
|
|
Revenue
Forecast in 2028
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USD376.37 Million
|
|
Growth Rate
|
7.91%
|
|
Base Year
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2022
|
|
Historical Years
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2018–2022
|
|
Estimated
Year
|
2023E
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|
Forecast
Period
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2024F –2028F
|
|
Quantitative
Units
|
Revenue in USD Million, Volume
in Thousand Units and CAGR for 2018-2022 and 2023E- 2028F
|
|
Report Coverage
|
Revenue forecast,
company share, competitive landscape, growth factors, and trends
|
|
Segments Covered
|
·
Type
·
Capacity
·
End Use
·
Distribution Channel
·
Region
·
Company
|
|
Regional Scope
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North, West,
South and East
|
|
Key Companies
Profiled
|
LG
Electronics India Pvt. Ltd., Samsung India Electronics Private Ltd., IFB
Industries Limited, Whirlpool of India Ltd., Panasonic India Pvt. Ltd.,
Godrej & Boyce Manufacturing Company Limited, Haier Smart Home Co. Ltd.,
Bajaj Electricals Ltd, Ken Lifestyles Private Limited etc.
|
|
Customization Scope
|
10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail customized purchase options to
meet your exact research needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel through Email (We can
also provide the editable version of the report in PPT/pdf format on special
request)
|
Report Scope:
In this report, India microwave oven market
has been segmented into following categories, in addition to the industry
trends which have also been detailed below:
- India Microwave oven Market, By Type:
- India Microwave oven Market, By Capacity:
- Below
25 Liters
- 25-30
Liters
- Above
30 Liters
- India Microwave oven Market, By End User:
- India Microwave oven Market, By Distribution Channel:
- Multi-Branded Stores
- Supermarkets/Hypermarkets
- Exclusive Stores
- Online
- Others
- India Microwave oven Market, By Region:
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in India microwave oven market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company
Information
Detailed analysis and
profiling of additional market players (up to five).