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Panasonic sees growth in microwave oven market

Virendra Pandit Ahmedabad | Updated on January 18, 2018 Published on July 31, 2016

Microwave ovens, once seen as luxury appliances, are increasingly finding favour with youths and those living away from hometowns. These entry-level ovens are becoming an integral part of modern kitchens of various income levels in tier I and II cities.

Panasonic recently entered the solo microwave range keeping in mind the needs of young, single professionals and students whose cooking requirements are limited.

“Many of our customers are students, young professionals and migrants, who find it easier to cook using microwave ovens. Our entry-level solo microwave ovens that come at a price range of ₹5,790-6,390, has picked up traction in these segments,” Gaurav Minocha, Head - Appliances, Panasonic India, told Business Line.

Solo microwave has emerged as a high-growth segment in Indian market recently with the changing lifestyles and family structure, he said.

Nearly 12 lakh microwave units were sold in India in 2015-16. The market is dominated by convection microwave ovens that account for 70 per cent of sale, mainly in urban areas, followed by grill oven (20 per cent) and solo (10 per cent). The lower-end units (21 litres or less) contributed to volume and the higher-end (32 litres and above) to value.

He said the fast-growing solo category constitutes 10-12 per cent of the market in volume terms. The household microwave ovens market in India will increase by 15 per cent by 2017, he said. Seventy per cent of solo ovens are bought by the young and first-time buyers in smaller cities.

However, the overall penetration of microwave ovens in India is only 4 per cent of the population. In the next five years, the solo oven segment is expected to grow at 15 percent per annum.

Published on July 31, 2016
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