LONDON–(BUSINESS WIRE)–Technavio’s latest report on the global
built-in microwave oven market provides an analysis on
the key trends expected to impact the market outlook through 2020. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
The top four emerging trends driving the global built-in microwave oven
market according to Technavio new
research areas analysts are:
- Growth of modular kitchens in emerging economies
- Recycling initiatives
- Improvement in distribution channels
- Increased investments in research and development and advertising
Growth of modular kitchens in emerging economies
Modular kitchens are gaining traction not only in developed countries
but also in emerging nations like India. Therefore, companies are
engaging in joint ventures with international players to foray into the
market in this region.
“MNCs like Hafelle have entered into India and are distributing their
products with the help of local retailers. However, local firms benefit
from the quality and technological efficiency of international players.
This trend has created market opportunities for appliances like built-in
microwave ovens,” says Jhansi Mary, a lead home,
kitchen, and large appliances analyst at Technavio.
Canada has had recycling programs for appliances that involve retailers,
private companies, and local governments. These bodies participate in
channeling the appliances to processors and metal scrap collectors.
There are stewardship programs like the MARR (Major Appliance Recycling
Roundtable) under process to ensure that substances of concern like
mercury are properly handled. The MARR initiatives are funded by APFs
(administrative program fee) and cover costs associated with
implementation of standards, certification system, and education
initiatives. The implementation of this plan has ensured that the
recycling of major appliances is done efficiently and a proper
decommissioning of waste substances is carried out.
Improvement in distribution channels
With the growing preference among people to spend their time online,
consumers increasingly research product features and conduct a price
comparison before buying a product. Also, the growth in e-commerce is
leading brands to focus on delivering improved sales experience. There
is increased investment in devising account management and supply chain
management strategies along with enhancement in product assortments.
“Players are launching informative and interactive websites to enhance
customer reach. These websites provide expert advice on the usage of
products along with product promotions. Another advantage of shopping
online is the opportunity to voice opinions about products as well as
read customer reviews to take informed decisions before the purchase,”
Increased investments in research and development and advertising
With improving economic conditions in Europe, vendors in the market are
increasingly investing in R&D. The market is witnessing the introduction
of many innovative applications and solutions. In addition, the main aim
of vendors is to reduce the cost of expansion, storage, and maintenance
of inventory. Changes in consumer preferences are forcing vendors to
deliver innovative built-in microwave ovens with high energy efficiency
to survive in the market. This trend will help vendors to stay
competitive in the market across the globe.
In 2013, Whirlpool invested more than USD 1 billion in R&D and
capital. Whirlpool also spent more than USD 90 million on advertising in
the same year. The company introduced 50 new products in the market and
improved its delivery capabilities. Another key vendor GE invested
around USD 4.55 billion in 2013.
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