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Global Microwave Oven Market Forecasted to Reach US$ 15.52 Billion by 2032, Driven by Increasing Consumer Penchant for Convenience and Efficiency
Global Microwave Oven Market
Dublin, May 03, 2024 (GLOBE NEWSWIRE) -- The "Global Microwave Oven Market Report by Type, Application, Structure, Power, Distribution Channel, Regions and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
Global microwave oven market is forecasted to escalate at a compound annual growth rate (CAGR) of 3.99% from 2024 to 2032. The market's value, having been estimated at US$ 10.91 billion in 2023, is anticipated to reach a notable US$ 15.52 billion by the end of the forecast period in 2032.
This substantial growth is driven by the increasing consumer penchant for convenience and efficiency in cooking methods, amplified by the demand for advanced technology in kitchen appliances. Noteworthy technology integrations, such as voice control, artificial intelligence, and smart connectivity, have redefined the functionality of these appliances, placing them in line with the smart home ecosystem trend. For instance, the GE Profile series launched by GE Appliances symbolizes this cutting-edge evolution.
China at the Forefront
Underscoring the growth in the microwave oven market is China's significant adoption rate, attributed to the changing lifestyle needs of urbanized families and technological embracement. Chinese manufacturers are meeting this demand by incorporating innovative features such as inverter technology and sensor-based cooking, reflecting consumer consciousness towards health and technology-oriented living.
Major Market Players
The market is currently led by major players, including Illinois Tool Works Inc., Sharp, LG Electronics, Whirlpool Corporation, GE Appliances, Panasonic Corporation, Samsung Electronics, and Midea Group. These corporations are consistently releasing new products with advanced features, such as the self-cleaning Miele Steam Oven with HydroClean and LG Electronics' contribution to the 'Net-Zero House' with a new line of energy-efficient home appliances.
Segmental Insights
The market can be segmented by type into grill, solo, and convection microwave ovens, showcasing an array of options suitable for diverse cooking requirements. Additionally, the market is bifurcated based on application between commercial and household sectors, further delineating its extensive reach across various consumer segments. The report also segments the market by structure, power, and distribution channel, offering a granular view of its multifaceted nature.
Global Presence
In terms of geographical footprint, the market spans key regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. These territories demonstrate varying consumer behaviors and market penetration, contributing to the global landscape of microwave oven usage and trends.
As the microwave oven market continues to expand, its influence on modern living is becoming increasingly significant, driven by consumer demand for convenience, efficiency, and advanced technology integration in kitchen appliances.
Key Attributes:
Report Attribute | Details |
No. of Pages | 215 |
Forecast Period | 2023 - 2032 |
Estimated Market Value (USD) in 2023 | $10.91 Billion |
Forecasted Market Value (USD) by 2032 | $15.52 Billion |
Compound Annual Growth Rate | 3.9% |
Regions Covered | Global |
Companies Featured
Illinois Tool Works Inc.
Sharp
LG Electronics
Whirlpool Corporation
GE Appliances
Panasonic Corporation
Samsung Electronics
Midea Group
For more information about this report visit https://www.researchandmarkets.com/r/x47xti
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