Microwave Oven Market Size is Anticipated to Reach $15.58 Billion by 2030 with Rising at a CAGR of 4.6% during the forecast period of 2022 to 2031

Surge in disposable income and an increase in the working class section drive the growth of the global microwave oven market. Asia-Pacific contributed the highest share in 2020, and is expected to continue its dominant share in terms of revenue by 2030. The outbreak of the Covid-19 pandemic had a favorable impact on the microwave oven market.

According to the report published by Allied Market Research, the global microwave oven market generated $8.54 billion in 2020, and is estimated to generate $15.58 billion by 2030, witnessing a CAGR of 4.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.

Surge in disposable income and increase in the working class section drive the growth of the global microwave oven market. However, widespread use of conventional cooking equipment in Asia's less developed regions hampers the growth of the market. On the contrary, increase in demand for energy-efficient kitchen appliances and the surge in popularity of smart appliances create new opportunities in the coming years.

Covid-19 Scenario:

The Covid-19 pandemic and global lockdown had a negative influence on the market. Manufacturing and supply networks were restricted as a result of the lockdown and sales were hampered during the first quarter of the pandemic because of restrictions and disruptions in the supply chain.
However, the microwave oven sales improved gradually. This is due to the emergence of the work-from-home culture, which has encouraged customers to stay at home and cook more simply.

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The report offers detailed segmentation of the global microwave oven market based on structure, type, and region.

Based on structure, the counter top segment held the highest market share in 2020, accounting for more than two-thirds of the total share, and is projected to maintain its leadership status during the forecast period. However, the built in segment is estimated to grow at the fastest CAGR of 5.3% from 2022 to 2031.

Based on type, the convection segment accounted for the largest share in 2020, contributing to nearly half of the global microwave oven market, and is expected to maintain its lead position during the forecast period. However, the solo segment is projected to portray the highest CAGR of 5.7% from 2022 to 2031

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Based on region, Asia-Pacific contributed the highest share in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. Moreover, this same region is projected to manifest the largest CAGR of 5.2% during the forecast period.

Leading players of the global microwave oven market discussed in the research include Alto-Shaam Inc., Hoover Limited, Illinois Tool Works Inc., Samsung Electronics, LG Electronics, Galanz Enterprise Group, Sharp Corporation, AB Electrolux, Panasonic Corporation, and Whirlpool Corporation.

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Allied Market Research is market research, consulting, and advisory firm of Allied Analytics LLP. Founded in 2013, the firm has been instrumental in offering high-quality syndicated and customized market research reports, consulting services, and useful insights to leading market players, startups, investors, and stakeholders. Driven by the aim to eliminate sub-standard data and become a successful partner for organizations, Allied Market Research has been innovating continuously, expanding the product & service portfolio, and implementing the client-first approach since its inception. With the clientele spanning more than 7,000 organizations that also include a majority of Fortune 500 companies, AMR has a proven track record of helping and serving the global clientele and playing a major role in their success.

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