The microwave ovens global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Microwave Ovens Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The microwave ovens market size has grown steadily in recent years. It will grow from $47.17 billion in 2023 to $48.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to time-efficient cooking, changing lifestyles, affordability and accessibility, increasing number of working women, rising disposable incomes.
The microwave ovens market size is expected to see steady growth in the next few years. It will grow to $54.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. The growth in the forecast period can be attributed to smart and connected appliances, cooking technology advancements, energy efficiency and sustainability, health and wellness, compact and space-saving solutions. Major trends in the forecast period include multi-function microwave ovens, voice and app control, aesthetics and design, healthy cooking and nutrition, sustainability and eco-friendly materials.
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Scope Of Microwave Ovens Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Microwave Ovens Market Overview
Market Drivers –
The increasing demand for frozen and ready-to-eat food owing to busy lifestyles is expected to drive the microwave ovens market growth during the forecast period. Frozen and prepared meals can easily be cooked in microwave ovens and taste similar to that fresh food. For instance, in November 2022, according to a report published by the American Frozen Food Institute, a US-based trade association, over the 52-week period ending June 26, 2022, sales of frozen fruits and vegetables in the US reached $7.1 billion, while the volume of the product was 271 million pounds higher than pre-pandemic levels at 3.9 billion pounds. Plain vegetables, potatoes onions, and fruit were the segment’s top-selling products, with sales of $2.9 billion, $2.3 billion, and $1.5 billion, respectively. Therefore, the increasing demand for frozen and ready-to-eat food owing to busy lifestyles drives the growth of the microwave oven market.
Market Trends –
Companies in the household cooking appliance market are increasingly launching technologically advanced multi-functional ovens to cater to the rising demand for multi-functional appliances with additional benefits. These multi-functional ovens use a wide range of methods to provide customized and easy cooking. These ovens use devices to guide and instruct users in the process of cooking. Apart from these, they also come with catalytic and pyrolytic self-cleaning functions. The catalytic self-cleaning feature allows the use of special chemically installed liners to absorb grease, while the pyrolytic self-cleaning function of these ovens allows them to clean the dirt and grease using high temperatures. For instance, Electrolux’s EOY5851AAX oven uses different programs and functions to make the cooking process easy and customized. It has pyrolytic cleaning technology that allows self-cleaning.
The microwave ovens market covered in this report is segmented –
1) By Product: Grill, Solo, Convection
2) By Structure: Counter Top, Built-In
3) By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Online Channel, Other Distribution Channels
4) By Application: Commercial, Household
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Regional Insights –
Asia-Pacific was the largest region in the microwave ovens market in 2023. Western Europe was the second-largest region in the microwave ovens market. The regions covered in the microwave ovens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the microwave ovens market include Sharp Corporation, LG Electronics Inc, Electrolux AB, Alto-Shaam Inc, Panasonic Corporation, Samsung Electronics, Dongbu Daewoo Electronics, Whirlpool Corporation, SMEG, Haier Group Corporation, AB Electrolux, Hoover Limited, Illinois Tool Works Inc., Galanz Enterprise Group, Amana, Bosch, Cuisinart, Frigidaire, GE Appliances, Kenmore, KitchenAid, Ali Group, Midea Group, Vulcan-Hart, Bakers Pride Oven Co. Inc., Kenwood Limited, IFB Industries Ltd., Toshiba Corporation., Breville Group Limited, Cuisinart, Hamilton Beach Brands Holding Company, Morphy Richards, Moulinex, Philips, Russell Hobbs, Sunbeam Products Inc., Tefal, Black & Decker, Daewoo Electronics, Gorenje Group, Hitachi, Indesit Company
Table of Contents
1. Executive Summary
2. Microwave Ovens Market Report Structure
3. Microwave Ovens Market Trends And Strategies
4. Microwave Ovens Market – Macro Economic Scenario
5. Microwave Ovens Market Size And Growth
…..
27. Microwave Ovens Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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