openPR Logo
Press release

Microwave Oven Market: Trends, Analysis, and Revenue Forecast (2022 to 2031) - CAGR of 4.6% - $15.6 Billion Opportunity

08-24-2023 12:35 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied market research

Microwave Oven Market: Trends, Analysis, and Revenue Forecast

"On the basis of region, Asia-Pacific accounts for the highest revenue generating region in the microwave oven market also this region would foster the growth of the global industry in the forthcoming time period. The rise in disposable incomes and purchasing power of consumers, are key factors that have boosted the demand for smart appliances/ microwave ovens, in this region. Moreover, rising working class and growing food service establishment are also some of the factors contributing to the growth of the microwave oven market. Microwave ovens are being increasingly adopted by commercial businesses such as catering, hotels and restaurants in an effort to cater the customers efficiently and provide them with swift food services "

According to a new report published by Allied Market Research, titled, "Microwave Oven Market, By Type, Production, and Structure :Global Opportunity Analysis and Industry Forecast, 2022-2031" The Microwave Oven Market Size was valued at $8,547.20 million in 2020, and is estimated to reach $15.6 Billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.

Download a sample report@ https://www.alliedmarketresearch.com/request-sample/699

Increasing disposable income paired with rising number of working population has majorly contributed to the growth microwave oven market, worldwide. The microwave oven market primarily includes three main types of ovens which include convection, grill and solo microwave oven. The convection microwave oven holds the largest market share in the global microwave oven market. Whereas, grill microwave ovens occupy the second position, with 30% of the Microwave Oven Market Share. Solo microwave ovens are used for cooking and heating purposes. However, they are not capable of providing browning and crispiness to the food as they are not equipped with grilling features. The convection microwave oven is equipped with heating element and a fan, hence is used for cooking and baking purposes. These factors would largely drive the global convection microwave oven market, during the forecast period to generate a revenue of $7.2 billion by 2031.

The global market for microwave oven is segmented, based on type, production, structure, and region. Based on types of microwave oven, the report covers convection, grill and solo. The convection microwave oven accounts for the bigger market share within the global market. Owing to its high functionality feature, convection microwave oven is witnessing a rapid growth. The report is also analysed from the perspective of application of microwave oven. Household microwave oven market accounts for a higher share than the commercial microwave oven market. The product structure segment comprises of built-in and counter top. Built-in microwave oven are expensive and involve installation charges, whereas counter top microwave ovens do not have any installation cost and can be placed conveniently in the kitchen. On the basis of region, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA.

LIMITED-TIME OFFER - Buy Now & Get Exclusive 15 % Discount on this Report @checkout link
:-https://www.alliedmarketresearch.com/checkout-final/d3fc53b21d2d29aceb544e77a97ff6f6

With respect to application, household segment accounted for larger market share and is anticipated to grow at a higher rate as compared to the commercial segment. Increasing propensity of consumers to spend on appliances which assist them in kitchen chores, would drive the growth of household microwave oven segment. The market has also been analysed from the perspective of microwave oven structure type. Counter top microwave oven accounts for major share of the microwave oven market. However, the built-in microwave oven segment is expected to grow at a CAGR of 5.3% during the forecast period. Adoption of modular kitchen and increased purchasing power of individuals would foster the growth of built-in microwave oven segment.

Key findings of the study:
:- Convection segment by type is the major contributor to the microwave oven market, growing at a CAGR of 4.7% during 2020-2031
:- The household segment would grow at a CAGR of 4.2% during the forecast period.
:- Corner top segment has the dominating market share and is likely to remain dominating during the Microwave Oven Market Forecast period.
:- North America had the largest market share in the global microwave oven market
:- Asia-Pacific is likely to be the most profitable markets, in terms of growth. The market in the region is expected to reach $6.2 billion by 2031.

Growth of the microwave oven market growth is supplemented by factors such as increasing disposable incomes, growing working class, and changing lifestyles, especially in the developing regions. Companies like Samsung, AB Electrolux, Life is Good (LG), are coming up with new and innovative appliances that are equipped with numerous features, consume less energy and are compact in size. Companies are adopting product launches, acquisitions and partnerships as their key strategies, in order to expand its reach and gain a bigger market share. Prominent companies profiled in the report include Samsung Electronics, AB Electrolux, Hoover Limited, Sharp Corporation, Illinois Tool Works Inc. (ITW), Whirlpool Corporation, Galanz Enterprise Group, LG Electronics, Alto-Shaam Inc. and Panasonic Corporation.

Request For Customization !!! Speak to an analyst and personalize your report according to your needs :- https://www.alliedmarketresearch.com/request-for-customization/699

Explore More related insights in Consumer Electronics

o Residential Washing Machine Market through 2022 to 2031 :- https://www.alliedmarketresearch.com/residential-washing-machine-market

o Europe 900 Series Cooking Equipment Market By 2018-2025 :- https://www.alliedmarketresearch.com/europe-900-series-cooking-equipment-market

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): 1-800-792-5285, 1-503-894-6022, 1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research

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.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Microwave Oven Market: Trends, Analysis, and Revenue Forecast (2022 to 2031) - CAGR of 4.6% - $15.6 Billion Opportunity here

News-ID: 3179612 • Views:

More Releases from Allied market research

Global Urinary Drainage Bags Market: Trends, Growth, and Insights to 2031
Global Urinary Drainage Bags Market: Trends, Growth, and Insights to 2031
The global urinary drainage bags market is experiencing robust growth, with its market size valued at $1.4billion in 2021 and projected to reach $2billion by 2031. This expansion represents a compound annual growth rate (CAGR) of 3.8% from 2021 to 2031, highlighting the increasing demand for these essential medical devices. Get a Sample Copy of this Report: https://www.alliedmarketresearch.com/request-sample/A17529 What Are Urinary Drainage Bags? Urinary drainage bags are specialized medical devices designed to collect
Cream Powder Market to Reach $8.9 Billion by 2031 with 6.4% CAGR
Cream Powder Market to Reach $8.9 Billion by 2031 with 6.4% CAGR
The global cream powder industry was estimated at $4.8 billion in 2021 and is expected to hit $8.9 billion by 2031, registering a CAGR of 6.4% from 2022 to 2031. The cream powder market is experiencing growth due to various factors, including the increasing popularity of bakeries and HoReCa (hotels, restaurants, and cafes) and rising consumer demand for natural products. The dairy-based segment is a significant contributor to the market's growth
Micro Drone Market Valued at $6.71 Billion in 2020, Expected to Reach $28.91 Billion by 2030; Growing at a CAGR of 17.2%
Micro Drone Market Valued at $6.71 Billion in 2020, Expected to Reach $28.91 Bil …
The global micro drone industry generated $6.71 billion in 2020, and is expected to reach $28.91 billion in 2030, witnessing a CAGR of 17.2% from 2021 to 2030. The report provides an extensive analysis of changing market dynamics, top segments, top investment pockets, regional landscape, value chain, and competitive scenario. Increased operational efficiency and rise in demand for improved surveillance drive the growth of the global micro drone market. However, strict
Microwavable Foods Market to reach $230.93 billion by 2031, growing at a CAGR of 5.6%
Microwavable Foods Market to reach $230.93 billion by 2031, growing at a CAGR of …
The global microwaveable foods industry was accounted for $120.45 billion in 2020, and is expected to reach $230.93 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. Rise in popularity of fast-food restaurants and large population base coupled with increase in number of quick-service restaurants drive the global microwaveable foods market. However, lack of awareness about microwavable foods hinders the market growth. On the contrary, rise in

All 5 Releases


More Releases for Microwave

Microwave Absorber Panel market: Complete Company Profiling of Dominant Players …
"The Microwave Absorber Panel global market is thoroughly researched in this report, noting important aspects like market competition, global and regional growth, market segmentation and market structure. The report author analysts have estimated the size of the global market in terms of value and volume using the latest research tools and techniques. The report also includes estimates for market share, revenue, production, consumption, gross profit margin, CAGR, and other key
Coaxial Circulators Market | Admotech, Atlantic Microwave, Connecticut Microwave …
The global coaxial circulators market report is a comprehensive report that provides a detailed analysis of the current status and future trends of the coaxial circulators market worldwide. This report provides valuable information to industry stakeholders by offering an in-depth perspective on market dynamics, competitive landscape, growth opportunities, and key challenges faced by industry participants. From the perspective of market dynamics, this report explores the factors driving the growth of the
Times Microwave Systems Announces InstaBend™ 141 High-Performance Microwave As …
Times Microwave Systems Announces InstaBend™ 141 High-Performance Microwave Assemblies Enables Extreme Bending from the Back of the Connector for Minimal Footprint in Inside-the-Box and Between-Box Connections March 20, 2023 WALLINGFORD, CT - Times Microwave Systems, the preeminent brand in innovative RF and microwave interconnect assemblies, cables, and connectors, introduces its new InstaBend™ 141 (IB-141) high-performance microwave assembly. InstaBend 141 provides a larger-diameter, lower-loss addition to Times Microwave's Systems InstaBend family of microwave assemblies,
Microwave Attenuator Market by Product Type, Application, Key Manufacturers - Mi …
Microwave Attenuator Market report provides the broader perspective of the marketplace with its comprehensive market insights and analysis which eases surviving and succeeding in the market. This market report brings into focus plentiful of factors such as the general market conditions, trends, inclinations, key players, opportunities, and geographical analysis which all aids to take the business towards growth and success. Moreover, Microwave Attenuator Market report explains better market perspective in
Gloobal RF and Microwave Filter Market Insights Report 2020-2026 | Networks Inte …
The Global RF and Microwave Filter market report gives an incredible source to survey the RF and Microwave Filter market and other basic nuances relating to it. The examination reveals the overall appraisal and genuine subtleties of the RF and Microwave Filter market. The report shows a simple case of the RF and Microwave Filter market, that includes applications, plans, industry chain structure, and definitions. Moreover, it includes a comprehensive
Microwave Imaging Market Projected to Witness Vigorous Expansion by 2018 to 2028 …
Microwave Imaging is a pioneering innovation for various medical applications for healthcare management. Microwave Imaging play a very important role in checking or monitoring organ movement, monitoring water content level in tissue and various other medical application for improving healthcare management. Microwave Imaging provide qualitative and quantitative information in various medical application for diagnosis and used in treatment based on observation. The Microwave Imaging are much more effective than other