Microwave Ovens Market 2021 Global Insights and Business Scenario – Sharp Corporation, LG Electronics Inc, Electrolux AB, Alto-Shaam Inc, Panasonic Corporation

The “Microwave Ovens Market” report is an in-depth study of the market, along with an analysis of its key segments. The relationship is built through extensive primary and secondary research. In-depth market data is generated through interviews and data collection from industry experts and professionals. The study is a detailed document on key aspects of the markets including trends, segmentation, growth prospects, opportunities, challenges, and competitive analysis.

The report is updated with the impact of the currently ongoing COVID-19 pandemic. The pandemic has dynamically affected key market segments and changed the growth pattern and demands in the Microwave Ovens market. The report covers an in-depth analysis of these changes and provides an accurate estimate of the market growth forecast after the impact of the pandemic.

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The study includes market share analysis and profiles of players such as Sharp Corporation, LG Electronics Inc, Electrolux AB, Alto-Shaam Inc, Panasonic Corporation, Samsung Electronics, Dongbu Daewoo Electronics, Whirlpool Corporation, SMEG and Haier Group Corporation.

The global microwave ovens market is expected to grow from $34.04 billion in 2020 to $36.51 billion in 2021 at a compound annual growth rate (CAGR) of 7.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $47.13 billion in 2025 at a CAGR of 7%.

Executive Summary:

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. About 79% of urban citizens tend to include ready-to-eat food in their daily meals in 2020. Therefore, the increasing demand for frozen and ready-to-eat food owing to busy lifestyles drives the growth of the microwave ovens market.

Increased tariffs on raw materials such as steel and aluminum is 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 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.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the Microwave Ovens market.

The study objectives of this report are:

To study and analyze the global Microwave Ovens size (value and volume) by the company, key regions/countries, products and application, history data from 2020 to 2024, and forecast to 2025.
To understand the structure of Microwave Ovens by identifying its various sub-segments.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
Focuses on the key global Microwave Ovens manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
To analyze the Microwave Ovens with respect to individual growth trends, future prospects, and their contribution to the total market.
To project the value and volume of Microwave Ovens submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.

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