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The Future of Microwave Ovens Market: Analyzing Size, Current Scenario, and Exciting Prospects || Sharp Corporation, LG Electronics Inc., Electrolux AB
Microwave Ovens Market
The Business Research Company's Microwave Ovens Global Market Report 2023 identifies increasing demand for frozen and ready-to-eat food owing to busy lifestyles is the major driver for the microwave ovens market's growth in the forecast period. Frozen and prepared meals can easily be cooked in microwave ovens and taste similar to that 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 oven market.
The global microwave ovens market size will grow from $45.07 billion in 2022 to $47.08 billion in 2023 at a compound annual growth rate (CAGR) of 4.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global microwave ovens is expected to grow to $53.16 billion in 2027 at a CAGR of 3.1%.
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Major competitors in the microwave ovens market report are Sharp Corporation, LG Electronics Inc., Electrolux AB, Alto-Shaam Inc., Panasonic Corporation, Samsung Electronics, Dongbu Daewoo Electronics, Whirlpool Corporation, SMEG, and Haier Group Corporation.
A key trend in the microwave ovens market includes increasingly launching technologically advanced multi-functional ovens. 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 chemically 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 cooking process easy and customized.
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The microwave ovens market is segmented -
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 Channels
5) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the microwave ovens market.
The Business Research Company's "Global Microwave Ovens Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Microwave Ovens Market Include:
1. Executive Summary
2. Microwave Ovens Market Characteristic
3. Microwave Ovens Market Trends And Strategies
4. Microwave Ovens Market - Macro Economic Scenario
5. Microwave Ovens Market Size And Growth
……………
27. Microwave Ovens Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Microwave Ovens Market
29. Microwave Ovens Market Future Outlook And Potential Analysis
30. Appendix
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