Date : August 25, 2021
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Change of lifestyle- to aid a value CAGR of over 10% in India Microwave Oven, OTG & Toaster Market: Bonafide Research

Change of lifestyle- to aid a value CAGR of over 10% in India Microwave Oven, OTG & Toaster Market: Bonafide Research

The increase in the tendency of consumers to spend on appliances that assist in kitchen chores is facilitating the growth of the microwave oven market. The changing lifestyle of consumers has encouraged them to select stylish and convenient appliances. The recently uploaded report by Bonafide Research – India Microwave Oven, OTG & Toaster Market Outlook, 2027-28, provides insights on the market, through market size by value & volume and market share by category, region, sales channel & company. A large part of new households comprises working singles that prefer to dine out rather than setting up their kitchen. This may be a drawback for the market. However, opposed to this, increasing awareness about the benefits of eating healthy, is to have a positive impact on the market. The market of Microwave ovens & OTG is expected to be growing at an anticipated CGAR of more than 10% by value. Other factors such as growing population, rising disposable income, and increasing interest in different cuisines are to impact the microwave oven, grills, and toaster market positively.

High-energy consumption by microwave ovens is one of the major restraining factors in the Indian market. In many regions, high electricity cost limits the use of such appliances for household purposes. However, companies are now offering innovative microwave ovens, which consume less energy for cooking food faster and efficiently. The market is to grow to over 7.5 Million Units by the end of the forecasted period. Product innovation is the key to stay ahead of the competition and expand reach. Appliances that have technologically advanced features, and at the same time are user-friendly with ease of use are in demand. Widely classified into the normal and pop-up toasters, the market is led by the normal toaster with more than 70% of the market share. In the recent few years, the government authorities are pushing for energy-efficient appliances along with the growing demand from consumers. Toaster consumes less energy compared to ovens. The toaster is very popular owing to its features such as auto-close ability to retain heat inside the appliance.

Smart appliances have made an appearance in the market, an increasing number of companies have been offering products that can be integrated into the user’s smartphone and other connected devices. The northern region dominates the market with a marginal share difference from the southern region. However, the prominent use of traditional cooking equipment in the Eastern regions of the country limits the growth of the market. Classified into four major segments of- Up to 20L, 21-25L, 26-30L, and 31L & more, based on capacity the market is led by the 21-25L segment. 
Companies are offering energy-efficient microwave ovens owing to the growing market demand. Consumers prefer less power-consuming microwave ovens. Companies are investing heavily in R&D to develop energy-efficient microwave ovens equipped with features such as access to the internet. Key Players mentioned in the report are Bajaj Electricals Limited, Godrej Appliances, IFB Industries Limited, LG Electronics, Maharaja Whiteline (Groupe SEB India Pvt. Ltd.), Panasonic India Private Limited, Philips India Limited, Preethi Kitchen Appliances Private Limited, Samsung India Electronics Private Limited, Stove Kraft Private Limited, TTK Prestige Limited, Whirlpool Of India Limited, Wonderchef Home Appliances Pvt. Limited.

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Change of lifestyle- to aid a value CAGR of over 10% in India Microwave Oven, OTG & Toaster Market: Bonafide Research

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