Microwave Ovens Market Growth Outlook and Future Scope to 2026 | Sharp Corporation, LG Electronics Inc, Electrolux AB

Global Microwave Ovens Market, delivering a must-read report for industry stakeholders wanting to understand the strategic landscape of this increasing sector. Readers will find an in-depth analysis of the market and how it will impact existing traditional markets, as well as insights into future development and opportunities across the globe.

The microwave ovens market includes sales of electric ovens that cook food by exposing it to electromagnetic radiation in the microwave frequency range.

The global microwave ovens market was worth $21.8 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 13.04% and reach $35.6 billion by 2023.

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Key Players:

Sharp Corporation, LG Electronics Inc, Electrolux AB, Alto-Shaam Inc, Panasonic Corporation, Samsung Electronics, Dongbu Daewoo Electronics, Whirlpool Corporation, SMEG, Haier Group Corporation, request sample for a complete list of companies.

The leading players of the industry, their market share, product portfolio, company profiles are covered in this report. The competitive market scenario among players will help the industry aspirants in planning their strategies.

The microwave ovens market covered in this report is segmented by product into grill, solo, and convection. The microwave ovens market in this report is segmented by application into commercial and household. The microwave ovens market in this report is segmented by structure into a countertop and built-in. The microwave ovens market in this report is segmented by distribution channels into specialty stores, supermarkets/hypermarkets, online channels, and others.

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 of fresh food. According to a survey by Assocham (The Associated Chambers of Commerce and Industry of India), India’s packaged food market is expected to reach $50 billion by 2017 from $32 billion in 2015 due to the increasing popularity of ready-to-eat packaged foods.

Increased tariffs on raw materials such as steel and aluminum are acting as a restraint on the market for microwave ovens. Galvanized or stainless steel is predominantly used in the manufacture of microwave ovens. Increasing import tariffs on raw materials such as steel hindered the market for microwave ovens. For instance, in 2018, the USA imposed tariffs of 25% on the import of steel.

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 chemical 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 process of cooking easy and customized. It has the pyrolytic cleaning technology that allows self-cleaning.

Markets Covered:

1) By Product: Grill; Solo; Convection
2) By Application: Commercial; Household
3) By Structure: Counter Top; Built-In
4) By Distribution Channel: Specialty Stores; Supermarkets/Hypermarkets; Online Channel; Other Distribution Channel

Market Segment by Regions:

Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia

These segments are thoroughly evaluated on an individual basis and a team of analysts has ensured to give a crystal clear idea about various lucrative segments of the industry. This detailed analysis using segmentation by providing precise results on industry-related markets.

The report also analyzed the evolution of industry trends. Several macroeconomic factors such as Gross domestic product (GDP) and the increasing inflation rate is expected to affect directly or indirectly in the development of the industry.

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Frequently Asked Questions about “Microwave Ovens market” :

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Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or 3 countries or nearly 40 analyst hours. 

Note:

All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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This release was published on openPR.