Microwave Ovens Market Outlook 2024: Exclusive Report By The Business Research Company |>Sharp Corporation, LG Electronics Inc, Electrolux AB, Alto-Shaam Inc, Panasonic Corporation

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Microwave Ovens Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The microwave ovens market size has grown steadily in recent years. It will grow from $47.17 billion in 2023 to $48.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to time-efficient cooking, changing lifestyles, affordability and accessibility, increasing number of working women, rising disposable incomes.

The microwave ovens market size is expected to see steady growth in the next few years. It will grow to $54.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. The growth in the forecast period can be attributed to smart and connected appliances, cooking technology advancements, energy efficiency and sustainability, health and wellness, compact and space-saving solutions. Major trends in the forecast period include multi-function microwave ovens, voice and app control, aesthetics and design, healthy cooking and nutrition, sustainability and eco-friendly materials.

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Market Segmentation:
The main product types of microwave ovens are grill, solo, and convection. A grill microwave has radiant heating on the top, which is useful for grilling or roasting. The baked item would be a combination of raw and burned due to the heat of the microwave. Microwave ovens have various applications, such as commercial and household. Microwave ovens are further classified based on their design such as countertop or built-in. Microwave ovens can be distributed by specialty stores, supermarkets/hypermarkets, online sales, or other distribution channels.

Major Driver - The Demand For Frozen And Ready-To-Eat Foods Driving The Microwave Oven Market
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 fresh food. For instance, in November 2022, according to a report published by the American Frozen Food Institute, a US-based trade association, over the 52-week period ending June 26, 2022, sales of frozen fruits and vegetables in the US reached $7.1 billion, while the volume of the product was 271 million pounds higher than pre-pandemic levels at 3.9 billion pounds. Plain vegetables, potatoes onions, and fruit were the segment's top-selling products, with sales of $2.9 billion, $2.3 billion, and $1.5 billion, respectively. Therefore, the increasing demand for frozen and ready-to-eat food owing to busy lifestyles drives the growth of the microwave oven market.

Competitive Landscape:
Major companies operating in the microwave ovens market include Sharp Corporation, LG Electronics Inc, Electrolux AB, Alto-Shaam Inc, Panasonic Corporation, Samsung Electronics, Dongbu Daewoo Electronics, Whirlpool Corporation, SMEG, Haier Group Corporation, AB Electrolux, Hoover Limited, Illinois Tool Works Inc., Galanz Enterprise Group, Amana, Bosch, Cuisinart, Frigidaire, GE Appliances, Kenmore, KitchenAid, Ali Group, Midea Group, Vulcan-Hart, Bakers Pride Oven Co. Inc., Kenwood Limited, IFB Industries Ltd., Toshiba Corporation., Breville Group Limited, Cuisinart, Hamilton Beach Brands Holding Company, Morphy Richards, Moulinex, Philips, Russell Hobbs, Sunbeam Products Inc., Tefal, Black & Decker, Daewoo Electronics, Gorenje Group, Hitachi, Indesit Company

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Top Trend - Rise Of Technologically Advanced Multi-Functional Ovens
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 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. It has pyrolytic cleaning technology that allows self-cleaning.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Microwave Ovens Market Characteristics
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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