The global Microwave Ovens market is anticipated to reach $132.2 billion by 2026, exhibiting a CAGR of 7.02% over the forecast period.
Microwave ovens are a necessary part of any kitchen. The polar molecules in food are heated in a microwave oven using thermal energy, a method is known as dialectic heating. Microwave radiation produced by microwave ovens has a shorter wavelength but a large amount of energy, allowing for faster cooking. It may be used for roasting, baking, or grilling, depending on their power output. Microwave ovens come with a range of features, including touch display screens, a heating chamber, vents, and a glass turntable, to name a few.
Due to a large increase in disposable income and an increasing working-class segment in emerging markets, the global microwave oven market is expected to expand significantly soon. Microwave ovens are in high demand due to consumers' growing willingness to spend on appliances that help them with kitchen tasks. Furthermore, consumers' changing lifestyles have prompted them to select fashionable and convenient appliances that fit their living standards. Microwave oven sales have benefited from increased disposable income, especially in developing countries. Consumers with more discretionary income have more money to spend on technology-driven luxury kitchen appliances, such as microwave ovens.
The Microwave Oven Market is segmented by Product Type (Convection, Grill, Solo), by Application (Commercial, Household). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest
- Within the global market, the convection microwave oven has the highest market share. Convection microwave ovens are gaining popularity due to their high functionality.
- The most important factor driving the residential application segment is people's shifting habits and food consumption preferences, with more consumers gravitating toward ready-to-eat and frozen food items.
- Over the forecast period, Asia Pacific is projected to rise at a rate of about 6%. The demand is being driven by rising disposable income and improving consumer standards of living.
Key Participants like Amana, Bosch, Cuisinart, Frigidaire, GE, Kenmore, KitchenAid, LG, Magic Chef, Maytag, Oster, Panasonic, Samsung, Sharp, Whirlpool.
For this report, Introspective Market Research have segmented the Microwave Oven market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM