With falling price points and changing lifestyles driving growth, the relatively nascent microwave oven category grew by a sizeable 84.7 per cent during the first eleven months of the last fiscal.
According to industry data, some 231,977 microwave ovens were sold during the period. However, owing to the declining prices, the value growth in the segment at 59.7 per cent was much less than the volume growth.
According to the data, LG Electronics and Samsung India dominated the segment with a collective marketshare of about 61 per cent.
LG maintained its leadership position with a market share of 41.5 per cent in the period, followed by Samsung.
IFB with a marketshare of 9.8 per cent was the third largest brand followed by home-grown brand Kenstar, which had a share of 9.5 per cent.
Interestingly, the combined market share of the rest of the Indian brands excluding Kenstar was only about 1.5 per cent.
The competition in the category is likely to hot up further with the entry of Haier and Anchor Daewoo, and with existing players charting a range of new product launches.
The purchasing patterns in the segment also hint at the market showing signs of maturing.
Industry analysts said that though the sales are predominantly in the urban areas, semi-urban towns have emerged as a key growth driver for the category.
Further, despite the low penetration of the segment, the basic, low-end models are not the only ones accounting for the chunk of total sales.
According to industry data, while the solo microwave oven models sold some 70,838 units in the period, the combination models grew 73.1 per cent with sales of 104,545 units.
Further, the convection models grew by 101.2 per cent to 56,594 units during the period.