GCC Microwave Oven Market Analysis
The GCC Microwave Oven Market is expected to register a CAGR of greater than 3% during the forecast period.
The COVID-19 pandemic has significantly affected the GCC Microwave Oven market in 2020 and 2021. The outbreak of COVID-19 has affected 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. 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 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, while 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 their traditional counterparts. The rising trend of connectivity between home appliances and innovations, such as inverter-based microwave ovens, 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.
GCC Microwave Oven Market Trends
United Arab Emirates is the Largest Market for Microwave Oven in GCC
Customers' rising standard of living, an increasing number of nuclear families, and surging demand for frozen and ready-to-eat food are some 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 people's changing lifestyles and food consumption preferences, with more consumers shifting toward ready-to-eat and frozen food products. Many new households comprise working singles who prefer dining 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 is expected to work in favor of the market.
GCC Microwave Oven Industry Overview
The GCC microwave oven market is fragmented. The competition in the market is estimated to intensify, with innovations in new products and the presence of national and international companies. The most important players in the microwave oven market are Samsung, Hitachi, Pansonic, Electrolux, and LG., among others.
GCC Microwave Oven Market Leaders
Hitachi, Ltd.
Panasonic Corporation
Electrolux AB
Samsung Electronics
Whirlpool
- *Disclaimer: Major Players sorted in no particular order
GCC Microwave Oven Market News
- In May 2022, Midea Group disclosed the progress of the full acquisition and privatization of KUKA equity. KUKA held an annual general meeting on May 17 local time to consider the proposal of Guangdong Midea Electric Co., Ltd. fully acquire the remaining shares of KUKA held by minority shareholders in cash.
- In April 2022, The commercial food service equipment manufacturer Alto-Shaam partnered with Allied Technologies Food Equipment as its new manufacturer's representative in MAFSI Region 6.
