PROSPECTS AND OPPORTUNITIES
Potential for higher penetration rate and falling replacement cycle
The overall outlook for microwaves in Hong Kong is positive for the forecast period, with potential for this major appliance to gain higher penetration of local households. There is also potential for a fall in the replacement rate, as consumers are increasingly attracted to new models with additional features and multifunctionality, thereby offering specific value that would encourage them to upgrade more frequently than before.
Smart home appliance innovation to play key role in the future of microwaves
The role of microwaves in Hong Kong is likely to be increasingly shaped by the integration of smart home technology. Many current cooking and food storage appliances such as built-in hobs and fridge freezers all have smartphone/tablet integration that allow consumers to seamlessly integrate them into a unified home system, with microwaves another key category with potential for smart technology.
E-commerce offers further growth potential as distribution channel
E-commerce is expected to play an increasingly important role in the distribution of microwaves over the forecast period, as local consumers have become more comfortable with shopping online since the pandemic. Many retailers have adopted an omnichannel approach to sales, allocating greater resources to developing their own digital platforms or visibility to leverage local consumers’ changing demands, including improving their customer service options as well as offering extended aftersales service.
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Overview:
Understand the latest market trends and future growth opportunities for the Microwaves industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Microwaves industry in Hong Kong, China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Microwaves in Hong Kong, China report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Microwaves in Hong Kong, China?
- Which are the leading brands in Hong Kong, China?
- How are products distributed in Hong Kong, China?
- To what extent has COVID-19 and accordant macroeconomic and retail disruption impacted demand?
- How are considerations such as urban development and the rise in single-person households determining sales growth?
- Where is future growth expected to be most dynamic?
Microwaves in Hong Kong, China - Category analysis
KEY DATA FINDINGS
Demand for microwaves rises, driven by limited living space and ease of use
Whirlpool gains leadership of competitive landscape
Potential for higher penetration rate and falling replacement cycle
Smart home appliance innovation to play key role in the future of microwaves
E-commerce offers further growth potential as distribution channel
Consumer Appliances in Hong Kong, China - Industry Overview
Consumer appliances in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for consumer appliances?
DISCLAIMER
The following categories and subcategories are included:
Microwaves
- Built-in Microwaves
- Freestanding Microwaves
Microwaves
Microwaves use electromagnetic waves to heat food. When the waves are absorbed by water, fats or sugars, they‘re converted directly into atomic motion – or heat. Unlike conventional ovens, in which heat is conducted from the outside of the food towards the centre, the microwave‘s radio waves target the water and fat molecules evenly, throughout the food.
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This report originates from Passport, our Microwaves research and analysis database.
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