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Microwave Oven Market was valued at US$ 3.8 Bn. in 2020, with a CAGR of 4.6% for the period 2021-2027, thanks to the growing trend of convection oven use which has boosted demand for Global Microwave Ovens Market.
Microwave Oven Market Overview:
Microwave Oven is a kitchen appliance that converts electricity into electromagnetic waves called a microwave. The heat produced by the microwave causes water molecules present in the food to vibrate then cook food. Different types of microwaves present in the market are built-in microwave, convection microwave oven, over-the-range microwave, and smart microwaves, etc. These are used to reheat food, sanitize kitchen items, roast garlic, etc. microwaves are the safe and highly effective way of cooking method, helps in preserving nutrients, reduce cooking time, use less energy compared to the conventional method. As a result global microwave oven market is expected to reach US$ 5.20 Bn during the forecast period.
The main focus of this research report is to through the light on the locally and internationally competing players, their performance graph in the past, and their potential in the future. Interestingly, the Market study presents strategies implemented the key players for promoting their products and services in international Markets, along with demand forecasting, related information on Market share, Market size, anticipated GDP, and more. The report details the current export and import conditions, products traded and manufactured, growth trends, identifies new Markets, potential products for business expansion, existing concerns in the Microwave Oven Market including trade restrictions and other, operational challenges and constraints hindering the growth of the Market.
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Microwave Oven Market Scope:
Report is a compilation of UpToDate information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent Market trends, macro-economic indicators, and governing factors, along with Market attractiveness as per segment. The report also maps the qualitative impact of various Market factors on Market segments and geographies.
Microwave Oven Market Key Players:
• Panasonic Corporation
• Whirlpool Corporation
• LG Electronics
• Samsung Electronics
• Alto-Shaam Inc.
• AB Electrolux
• Sharp Corporation
• Hoover limited
• Illinois Tool Works Inc. (ITW)
• Galanz Enterprise Group
• Godrej
• IFB
• Miele
• Haier
• Beko
• Bosch
• Electrolux
Microwave Oven Market Segmentation:
Based on the Oven Type, The market is segmented as convection, grill, solo. Convection oven dominates the market. Convection ovens consist of fans that circulate air around the food to quick heating so these ovens cook 25% faster than a traditional oven.
Based on the Application, The Microwave Oven market is segmented as household and commercial. The household oven market dominates the global market by having a share of more than 60%. Factors attracting to the household oven market growth are less expensive compared to the commercial oven, quick use, consist of a turntable, easy to control, easy to clean, etc. But commercial microwave ovens are designed to fulfill the professional demand and they use stirrer systems to distribute energy.
Based on the Structure Type, The market is segmented as built-in and countertop. The built-in oven dominates the market and it is expected to grow a CAGR of 5.2% during the forecast period. These ovens are known for their hygienic and healthy cooking, futuristic design and features, high durability, free up maximum workspace because of installing in walls. The counterpart microwave ovens are placed on the top of the kitchen table and it needs adequate air clearance to work properly.
Regional Analysis:
Asia-Pacific(Vietnam, China, Malaysia, Japan, Korea, Thailand, India, Philippines, Indonesia, and Australia)
Europe(Turkey, Russia UK, Italy, Germany, France, etc.)
North America(the United States, Mexico, and Canada.)
South America(Brazil etc.)
The Middle East and Africa(Egypt and GCC Countries.)
PESTEL Analysis:
Report provided by Maximize Market Research gives PESTEL Analysis which helps you in designing the business strategies. Political factors will determine the extent to which a government may influence the Microwave Oven Market. Economic factors tell you in analysing determinants to economy’s performance that impacts Microwave Oven Market. Social factors help in planning Marketing analytics and strategies. Legal factors focus on understanding effect of the surrounding environment and the influence of ecological aspects for Microwave Oven Market.
Reasons for Investing in this Report:
• The report gives a better understanding of the current situation of the Market, and studies external and internal factors affecting the industry.
• The report conducts a SWOT analysis on the Market which helps identifying strengths, weaknesses, threats, challenges, and competitive Markets underlying the Market.
• The report measures the performance of Microwave Oven Market on economic indicators such as production, annual sales, and total revenue, Market size, total CAGR, annual GDP, and different parameters like investment opportunities and more in the Market which helps to understand the Market situation more clearly.
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| By | geeta |
| Added | Dec 6 '21 |
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