Major players in the smart microwave oven market are Electrolux AB, Whirlpool Corporation, LG Electronics, Breville USA Inc., Panasonic, GE(Haier), Sharp, SAMSUNG, Robert Bosch, and BSH Home Appliances Corporation.
The Global
Smart Microwave Oven Market is expected to grow from USD 1.86 billion
in 2019 and to USD 1.91 billion in 2020 at a growth rate of 2.76%. The slow
growth in 2020 is mainly due to the economic slowdown across countries owing to
the COVID-19 outbreak and the measures to contain it. The market is then
expected to grow and reach USD 3.06 billion in 2023 at CAGR of 16.9%.
The smart microwave oven market consists of sales of smart microwave oven and related products which include Grill Microwave Oven,Convection Microwave Oven, Microwave/Light-wave Oven and more. Smart microwave ovens are programmed to connect to smart appliances such as phone apps, phone, smart dishwashers, smart speakers and more by which instructions to oven can be given through smart phones and without the need for manual instructions. The companies engaged in manufacturing of smart microwave ovens design, manufacture and market smart microwave oven with Bluetooth-, Wi-Fi-enabled, near-field communication and more technologies which enables the consumer to operate the smart device from anywhere for household and business users.
North America was the largest
region in the smart microwave oven market in 2019. Asia Pacific was the second
largest region in the smart microwave oven market in 2019.
In 2019, LG Electronics USA, Inc.,
a South Korea-based leading manufacturer of home appliances, consumer
electronics and mobile communications partnered with Tovala. The partnership of
integrating Tovala IQ technology into LG smart ovens benefits both the
companies and the customers as the customers can scan the Tovala's food package
barcode to extract the data from Tovala's database for the final preparation of
the food. Tovala, a US-based all-in-one appliance and gourmet meal service
which aims at simplifying home cooking with the meals prepared by professional
chefs and delivered to doorstep which require few minutes for final
preparation.
Cybersecurity paves risk to any
smart appliance market with hackers providing a way to operate the appliance to
cause harm to the user in any means. The smart microwave ovens can be set to
pre-heat or can be controlled for temperature adjustments remotely which means
a hacker can potentially cause harm to the user. In 2017, hackers could control
smart home appliances of LG including smart ovens of millions of customers due
to a security flaw in the smart home appliances. The vulnerability in the LG
Smart ThinQ mobile app and cloud application Home Hack allowed to control
user's smart appliances. LG in 2016 sold around 80 million smart home
appliances including smart ovens to customers all of which were effected by
security flaw. In 2019, June Oven, a smart oven of June was reported to
pre-heat by itself without the interference of the user overnight. The safety
issues arising due to cyber-attacks might hinder the market growth during the
forecast period.
Scan-to-cook feature is a
technology which makes the preparation and cooking of pre-packaged and frozen
foods easier with a scan of the barcode over the package by the smart phone
with the use of an associated app. The customised and recommended instructions
are sent to the microwave oven with a barcode scan which results in perfection
of the meals being prepared. In 2019, Amazon launched Alexa smart oven with
Scan-to cook feature which is a combination of microwave, convection cooker,
air fryer, and food warmer which works well with many pre-packaged foods those
by Amazon-owned Whole Foods as well. Whirlpool introduced the first
scan-to-cook technology into the market. With a busy lifestyle globally many
families prefer frozen foods for meals and with the advantage of Scan-to-cook
feature the user need not depend on frozen food preparation instructions which
takes guesswork out of cooking and results in perfection which is expected
boost the demand of smart microwave oven market.
With increasing consumer preference
for technologically advanced products there is a rise in penetration of smart
home appliances like smart microwave ovens. The smart microwave oven is gaining
interest among consumers as it is remotely accessed and operated with an
user-friendly interface. Most manufacturers smart home appliances can
communicate with Alexa, iOS, Droid, Dash, Nest and Google Home through which
instructions can be given to the smart oven. In 2018, LG introduced Neo Chef
microwave oven which is equipped with LG's unique Smart Inverter technology
which helps in preserving nutrients and retaining the flavor. This also
exhibits an enhanced feature like Anti-Bacterial Easy Clean that helps in
maintaining the oven clean. In 2019, GE announced that its microwave ovens can
be operated with Google Assistant using voice commands. Manufacturers are being
encouraged to produce innovative and advanced products with customer interest
to accept and adopt emerging technology which is expected to drive the market
growth.
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Global
Smart Microwave Oven Market
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