The new report by Expert Market Research titled, ‘Global Microwave Oven Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global microwave oven market, assessing the market based on its segments like products, applications, structures, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 7%
The improved living standards and the busy lifestyles of consumers are driving the use of microwave ovens. This can be attributed to the ease of cooking and heating food in a microwave oven, which helps save time. In addition, the increased disposable incomes, urbanisation, and the rising consumer preference for living in nuclear families are the major factors estimated to augment the market growth.
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Furthermore, the ability of microwave oven-cooked foods to retain more nutrients is projected to aid the market growth. According to studies, food cooked using microwave is heated in a short span of time using a small amount of water, which helps steam food from inside out, making the food more easy to digest in some cases.
Industry Definition and Major Segments
A microwave oven is a common kitchen appliance used to cook and heat food. It uses electromagnetic waves, also called microwave radiations. These electromagnetic waves are reflected on the oven’s interior, which is absorbed by the food. This helps in the quick and contamination free preparation of the food.
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The microwave oven industry, based on product, can be segmented into:
- Convection
- Grill
- Solo
Based on application, the market is classified into:
- Commercial
- Household
On the basis of structure, the market is classified as follows:
- Built-In
- Countertop
The regional markets of microwave oven include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The growing working class population and the increasing disposable incomes are driving consumers to invest in smart appliances to assist them with their busy schedules, which is estimated to support the market growth. In addition, the energy saving and cost-effective benefits of microwave oven are also expected to aid the market growth, as it only heats the food and not the air around it. In addition, the various discounts and offers provided by e-retailers are further attracting consumers, which is predicted to provide a boost to the industry. Also, the rising investments in the development of improved microwave oven technology are expected to augment the microwave oven industry in the forecast period.
Key Market Players
The major players in the market are Haier Group Corporation, Electrolux AB, Panasonic Corporation, Robert Bosch GmbH, and Whirlpool Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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