The Global Microwave Ovens Market will be driven by increasing customer purchasing power during the forecast period 2022-2027
Expert Market Research’s new report titled “Global microwave oven market Report and Forecast 2022-2027′, gives an in-depth analysis of the global microwave oven market, assessing the market based on its segments such as products, applications, structures and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 7%
Improved standard of living and busy life of consumers are pushing the use of microwave ovens. This can be attributed to the ease of cooking and heating food in a microwave, which saves time. Additionally, increasing disposable incomes, urbanization, and increasing consumer preference to live in nuclear families are the major factors estimated to augment the market growth. Additionally, the ability of microwave-cooked foods to retain more nutrients is expected to aid in the growth of the market. According to studies, food cooked in the microwave is heated in a short time using a small amount of water, which helps steam the food from the inside out, making the food easier to digest in some cases.
Industry definition and major segments
A microwave oven is a common kitchen appliance used to cook and reheat food. It uses electromagnetic waves, also called microwave radiation. These electromagnetic waves are reflected inside the oven, which is absorbed by the food. This helps in the quick and contamination-free preparation of food.
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The Microwave Oven industry, based on product, can be segmented into:
Based on Application, the market is categorized into:
Based on the structure, the market is classified as follows:
Regional microwave oven markets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Growing working class population and rising disposable incomes are driving consumers to invest in smart devices to help them with their busy schedules, which is expected to support the growth of the market. Additionally, the energy saving and economic benefits of the microwave oven are also expected to contribute to the growth of the market as it only heats the food and not the air around it. Also, various discounts and offers offered by online retailers are more attractive to consumers, which is expected to give a boost to the industry. Also, increasing investments in the development of improved microwave oven technology are expected to increase the microwave oven industry over the forecast period.
Main market players
Major market players include Haier Group Corporation, Electrolux AB, Panasonic Corporation, Robert Bosch GmbH, and Whirlpool Corporation, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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