Fri. Dec 3rd, 2021

Growing urbanization, increasing disposable income of consumers, and rising demand for smart kitchens to drive the growth of microwave ovens globally.

According to TechSci Research report, “Global Microwave Oven Market By Product (Convection, Grill and Solo), By Application (Household and Commercial), By Structure (Free-Standing and Built-in), By Region, Competition, Forecast & Opportunities, 2026F”, the global microwave oven market is forecast to grow at a rate of over 4.31% to reach USD36,098.67 million by 2026F. Growth in the market can be attributed to the increasing population and growing demand of people towards technology and smart kitchens. Furthermore, the consumers are being attracted to smart technologies, and the increase in the disposable income helps them to purchase the desired products, thus, increasing the demand for microwave ovens. The demand for microwave ovens across the globe is expected to register strong growth during the forecast period as many factors are promoting its growth such as rising population, increasing number of nuclear families, growing awareness among consumers about smart kitchen appliances, such as microwave ovens, are projected to impact the market positively.

Globally, the microwave oven market is increasing at a robust scale, owing to rapid economic development, enhancing standard of living of consumers, rising number of working women, and preoccupied life schedule of people in urban cities. With the introduction of new technology, many companies are likely to launch products that use less energy and offer better benefits over the usual counterparts. Advanced products bring along inverter-based microwave ovens which can escalate the market in the future. Moreover, surging demand for frozen and pre-cooked, ready-to-eat food, changing eating preferences & lifestyles, and the rising number of hotels, restaurants, and cafes are among the key trends escalating the market growth. However, factors such as increase in the price of raw material, heavy tax burden levy on import and export are further expected to restrict the market growth over the next few years. The requirement for a microwave oven may gain great support from the rising consumer spending on kitchen appliances. The adoption of kitchen and home appliances is forecast to witness robust growth, owing to the increasing rate of urbanization.

The busy schedule of people, increasing number of working members in the family is among the top factor affecting the growth of the microwave oven market as they make cooking simpler and quick. The vigorous growth has been witnessed in the hospitality sector and soaring catering contracts for large-scale functions, seminars, and other social gatherings which also drives the demand for commercial appliances over the forecast period. The trend of quick-service restaurants, cafes, and dining out are expected to be in the favour of the market.

The restraints to the market are the upgrading and change in technology which is dynamic in nature, increase in the import and export taxes leading to high price of the product, which decreases the demand in the market.

Browse 104 market Figures spread through 110 Pages and an in-depth TOC on ” Global Microwave Oven Market “

https://www.techsciresearch.com/report/microwave-oven-market/7405.html

The global microwave oven market is segmented based on product, application, structure, and region. In terms of product, the market can be segregated into convection, grill, and solo. Out of these, the convection segment registered a market share of 52.61% in 2020 due to its multipurpose uses, offering functions like defrosting, heating, cooking, grilling, baking, and roasting, and also convection automatically adjusts the temperature when the optimum cooking level is reached. The application segment is split up into household and commercial, where the household segment is dominating due to rapid increase in the population whereas, the commercial sector is the fastest growing due to the swift increase in number of hotels, bars, cafes and restaurants. Based on structure, the market is divided into Free-Standing and Built-in. Among which, Free-Standing is dominating the market as it is budget friendly, and can be carried from one place to another, whereas built-in microwaves are expensive and require installation cost.

In terms of regional analysis, North America is dominating the market due to high per capita income and higher living standard of people. The North America region has a market share of 34.42% in 2020. Asia-Pacific is the fastest-growing region among the global microwave oven market and the region is projected to grow at a CAGR of 5.33%, in value terms, during the forecast period. The growing country in the region is India, due to improving lifestyle and standard of living of people. India has seen an increase in the disposable income of consumers which facilitates the growth of the microwave oven market.

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“The expanding size of the population, consumer likeliness about smart kitchen appliances, and growing number of working population are the major factors driving the global microwave oven market. With this, the per capita income is rising which increases the purchasing power of the consumers which makes them approach stylish kitchen appliances, complementing the living standard of people.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Microwave Oven Market By Product (Convection, Grill and Solo), By Application (Household and Commercial), By Structure (Free-Standing and Built-in), By Region, Competition, Forecast & Opportunities, 2025, has evaluated the future growth potential of microwave oven globally and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global microwave oven market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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