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Outlook on the Microwave Oven Global Market to 2031 - Significant Increasing Disposable Income and a Growing Working Class Segment is Driving Growth
Global Microwave Oven Market
Dublin, Oct. 07, 2022 (GLOBE NEWSWIRE) -- The "Microwave Oven Market By Structure, By Production, By Type: Global Opportunity Analysis and Industry Forecast, 2020-2031" report has been added to ResearchAndMarkets.com's offering.
The global microwave oven market was valued at $8,547.20 million in 2020, and is projected to reach $15,587.10 million by 2031, growing at a CAGR of 4.6% from 2022 to 2031.
Today, microwave ovens form an integral part of kitchen appliances. Microwave oven functions on thermal energy by heating the polar molecules in food, a process also known as dialectic heating. The microwave radiations emitted from microwave ovens are of shorter wavelength, but possess enormous amount of energy which facilitate faster cooking. Microwave ovens, depending on their power output, can alternatively use for roasting, baking and grilling.
Microwave ovens are manufactured with varied features, include, touch display panels, heating chamber, vents and a glass turntable. North America is a major revenue contributing region to the global microwave oven market. The Asia-Pacific region is expected to witness an impressive growth in the microwave oven market. A significant increase in disposable income and growing working class segment would foster the growth of the Asia-Pacific microwave oven market.
Increasing propensity of consumers to spend on appliances which assist them in kitchen chores has generated an increasing demand for microwave ovens. In addition, changing lifestyle has encouraged the individuals for opting stylish and convenient appliances which complement their living standards. However, prominent use of traditional cooking equipment in developing regions limits the growth of microwave oven market. Moreover, need of energy efficient kitchen appliances and growing demand for smart appliances are factors that would drive the growth of the microwave oven market.
However, in many regions, people still use traditional cooking equipment for cooking purposes. In many developing economies, majority of the population live in the rural areas, where use of traditional cooking equipment is still prevalent. For people in these areas traditional cooking equipment are more convenient than microwave oven due to tow key factors - lack of education/awareness and shortage of power/electricity, thus restricting the growth of the market.
In addition, increased disposable income has changed the consumption patterns of consumers and has influenced them to spend more on premium products. Market players are continuously launching energy efficient appliances at affordable prices, thus; increasing the popularity of these products among the consumers. Rising cost of electricity has also enforced consumers to opt for energy-efficient appliances.
Top players are adopting various strategies in the market in order to acquire a bigger market share in the microwave oven market. Their key development strategies include product launch and acquisition & expansion. In addition, the major key players included in the microwave oven market analysis are LG Electronics, Samsung Electronics, Alto-Shaam Inc., AB Electrolux, Sharp Corporation, Hoover Limited, Illinois Tool Works Inc., Galanz Enterprise Group, Whirlpool Corporation and Panasonic Corporation.
The global microwave oven market is segmented on the basis of type, production, structure and region. Three types of microwave oven are covered in this report such as convection, grill and solo. The convection microwave oven accounts for the largest market share within the global microwave oven market. Owing to its high functionality feature, convection microwave oven is witnessing a rapid growth.
The report is also analyzed from the perspective of application of microwave oven. Household application of microwave oven accounts for a higher share than the commercial application. The product structure segment comprises built-in and counter top. Built-in microwave oven is expensive and involves installation charges, whereas counter top microwave ovens do not have any installation cost and can be placed conveniently in the kitchen. The report covers an in-depth analysis of the microwave oven market across North America, Europe, Asia Pacific and LAMEA.
Key Benefits:
A thorough analysis of current and future trends in Global Microwave Oven market elucidates the imminent investment pockets in this region.
The report provides information regarding key drivers, restraints and opportunities with impact analysis- Porter's five forces model and a SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the market
Quantitative analysis of the current market and estimations through 2020-2031 are provided to showcase the financial appetency of the market
The report provides detailed analysis of Global Microwave Oven market with respect to type of microwave oven, types of application, product structure and region to enable stakeholders take precise investment decisions
Value chain analysis in the report provides a clear understanding on the roles of stakeholders involved in the value chain
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter's five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Market Share Analysis
CHAPTER 4: MICROWAVE OVEN MARKET, BY STRUCTURE
4.1 Overview
4.1.1 Market size and forecast
4.2 Built In
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Counter Top
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
CHAPTER 5: MICROWAVE OVEN MARKET, BY PRODUCTION
5.1 Overview
5.1.1 Market size and forecast
5.2 Commercial
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Household
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
CHAPTER 6: MICROWAVE OVEN MARKET, BY TYPE
6.1 Overview
6.1.1 Market size and forecast
6.2 Convection
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Grill
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
6.4 Solo
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market analysis by country
CHAPTER 7: MICROWAVE OVEN MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 Hoover Limited
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 Alto-Shaam Inc.
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 Illinois Tool Works Inc.
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 LG Electronics
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 Samsung Electronics
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Galanz Enterprise Group
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 AB Electrolux
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 Sharp Corporation
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 Whirlpool Corporation
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Panasonic Corporation
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
For more information about this report visit https://www.researchandmarkets.com/r/dnundt
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