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    Microwave Oven Market Analysis | 2022-2028

    Microwave Oven Market Analysis | 2022-2028
    Report code - SRCG178 Delivery - 2 Weeks
    Microwave Oven Market Size, Share, Trend, Forecast, & Industry Analysis: 2022-202 See more...

    "Microwave Oven market is projected to grow from USD 12.63 billion in 2021 to USD 16.46 billion by 2028 at a CAGR of 3.66% during the forecast period of 2022-2028".

    Microwave-Oven-Market-Size

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    Market Dynamics

    Introduction

    A microwave oven is a kitchen appliance that cooks or heats food by exposing it to electromagnetic radiation in the microwave frequency range. This radiation causes water molecules in the food to vibrate, generating heat through friction, which then cooks or reheats the food quickly and efficiently. Microwave ovens are commonly used for reheating leftovers, defrosting frozen foods, and cooking various dishes. They are known for their convenience, speed, and energy efficiency compared to traditional cooking methods.

    Microwave Oven Market Report Overview

    Market Size in 2028

    USD 16.46 Billion

    Market Size in 2021

    USD 12.63 Billion

    Market Growth (2023-2028)

    CAGR of 3.66%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

     

    Market Drivers 

    The global microwave oven market is expected to experience significant growth soon due to rising disposable income and a rise in the working class in emerging markets. Consumers are spending more on kitchen appliances, leading to a surge in demand for microwave ovens. However, traditional cooking equipment in less developed Asian countries limits market growth. The demand for energy-efficient appliances and smart appliances is expected to drive market growth. North America is a major revenue contributor, while the Asia-Pacific region is expected to experience significant growth in the microwave oven industry.

    High disposable income, particularly in developing countries, has positively impacted the microwave oven market. Consumers are more willing to spend on technology-driven appliances, such as microwave ovens, as they prefer multipurpose and hassle-free options, making kitchen chores easier and driving their adoption.

    Companies are investing heavily in R&D to develop energy-efficient microwave ovens with internet access, aiming to strengthen their market presence. Consumers prefer less power-consuming appliances and are encouraged to choose these energy-efficient and easy-to-use kitchen appliances. This allows them to try new cuisines without consuming much time on cooking, leading to increased demand for microwave ovens.

    Microwave-Oven-Market-Snapshot

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    Segment Analysis

    By Product Type

    "Onvection segment is expected to remain dominant in the market during the forecast period"

    Based on the product type, the market is segmented as grill, solo, and convection. The convection segment is expected to remain dominant in the market during the forecast period, owing to its wider usage in commercial applications, such as restaurants and hotels, and also in residential applications.

    By Application Type

    "Residential segment is likely to remain the larger application of the market during the forecast period"

    Based on the application type, the microwave oven market is segmented as commercial and residential. The residential segment is likely to remain the larger application of the market during the forecast period, propelled by the changing lifestyle of individuals coupled with rising demand for energy-efficient and compact cooking applications.

    By Region

    "North America is likely to maintain its supremacy in the market during the forecast period"

    North America is likely to maintain its supremacy in the market during the forecast period, mainly driven by high demand for advanced technologies in the USA and Canada. Robust supply chain across the region with the presence of a large number of microwave oven manufacturers, component suppliers as well a large consumer base are the key growth propellers of the market.

    Asia-Pacific is projected to witness the highest growth in the market during the forecast period. The rising population coupled with an increasing standard of living an increase in disposable income, and growing awareness among individuals is likely to boost the region’s market over the next five years.

    SEGMENTATION

    The microwave oven market is segmented into the following categories. 

    By Product Type:

    • Grill
    • Solo
    • Convection

    By Distribution Channel Type:

    • Multi-brand Stores
    • Exclusive Stores
    • Online Stores
    • Others

    By Distribution Channel Type:

    • Multi-brand Stores
    • Exclusive Stores
    • Online Stores
    • Others

    By Distribution Channel Type:

    • Commercial
    • Residential

    By Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Key Players

    The following are the key players in the Microwave Oven Market (arranged alphabetically)

    • Alto-Shaam, Inc.
    • Electrolux AB
    • Guangdong Galanz Enterprises Co., Ltd.
    • Haier Electronics.
    • Illinois Tool Works Inc.
    • LG Electronics Inc.
    • Panasonic Corporation
    • Samsung Group
    • Sharp Corporation
    • Whirlpool Corporation

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Microwave Oven Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the application types by product type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Microwave oven market is expected to witness an impressive growth of 3.66% CAGR during 2022-2028.

    The microwave oven market size is expected to reach USD 16.46 billion in 2028.

    Illinois Tool Works Inc., Sharp Corporation, Guangdong Galanz Enterprises Co., Ltd., Whirlpool Corporation, Electrolux AB, LG Electronics Inc., Alto-Shaam, Inc., Panasonic Corporation, Samsung Group, and Haier Electronics are among the key players in the market.

    Asia-Pacific is expected to witness the highest growth in the market during the next five years.

    The convection segment is expected to remain dominant in the market in the coming years.