In a recent research report by Maximize Market Research, the India Microwave Oven Market is expected to surpass US $xx million by the year 2026, from US $xx million in 2019.
Despite a huge decline in the sales of Types during the initial phase of pandemic spread and lockdown restrictions all over the region, the market is observed to pick up a quick pace for registering a CAGR of almost more than 8.96%, during the tenure of 2021 – 2027.
The Indian customer is no more captivated of cooking in a microwave. With customers choosing to buy basic models online over high-end convection models from the stores, the price points are also fronting a downward trend. The class, opened by MNCs like LG & Samsung some twenty years back, currently has Indian players like Godrej & Onida, who endure to stock microwaves which face a miserable future compared with rising categories like washing machines & air-conditioners.
Demonetization result:
According to MMR Report, the microwaves category was in a decline, sales were improving till the 3rd quarter of 2016. Demonetization squeezed this recovery &, overall, the microwaves category declined by 6.9 % (by volumes) in the year 2016 over the year 2015. Sales sustained to drop in the 1st quarter of the year 2017 but started to improve in the 2nd, with a surge in June (+29 % over the last month & 39 % over June 2016) possibly owing to the pre-GST sales presented by retailers. There were signs that these may have been stock clearance sales. Yet, the microwave class dropped by 8.49 % for 2017 compared with H1 in the year 2016. LG had a part in building the class when it used to teach customers how to use the microwave for Indian cuisine.
But over the years, the Korean players stopped pushing them, & India is one of the rare emerging countries where the class has vanished ground compared to the established nations where it is a stagnant segment. LG said the class had been degrading for the last 2 years as customers were not using microwaves for cooking but only to re-heat & did not consider it a need like a refrigerator or an AC.
The report published by Maximize encompasses the market dynamics, which could affect the market growth of India Elevator in the region, the Value – Chain analysis, and the PORTER’s analysis for the India Microwave Oven Market at an India level.
The study is consolidated on the basis of segments and further into sub-segments,
Lastly, the market research report provides a regional comparison and a complete country level analysis for the latest trends, along with the major key players –
You can browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “India Microwave Oven Market.”
https://www.maximizemarketresearch.com/market-report/india-microwave-oven-market/113757/
Contact:
MAXIMIZE MARKET RESEARCH PVT. LTD.
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Sinhagad Road, Pune – 411051,
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+91 9607195908.