Market Size of GCC Microwave Oven Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
GCC Microwave Oven Market Analysis
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.
