Microwave Oven Market Revenue, Future Growth, Trends, Top Key Players, Business Opportunities, Industry Share, Size Analysis by Forecast 2029

The global microwave oven market size is predicted to elevate during the forecast period of 2022-2029.

This information is provided by Fortune Business Insights, in its report titled, “Microwave Oven Market, 2022-2029.”

One of the main factors boosting the market demand for microwave ovens is the growing trend of ready-to-eat food. The British Journal on Nutrition claims that consuming prepared foods like pre-packaged meals, dining at fast food establishments, and shopping at convenience stores is a habit connected to our current fast-paced way of life.

COVID-19 Impacts:

Sales Dropped amid Pandemic due to Shutting Down of Production Facilities

The market for microwave ovens benefited from the COVID-19 outbreak. However, because to the restrictions and supply channel interruption during the first quarter of the pandemic, sales were negatively harmed. Despite this, sales gradually increased. This is due to an increase in the work-from-home culture, which has encouraged consumers to stay at home and prepare meals more quickly.

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Fortune Business Insights™ lists out all the microwave oven market companies that are presently striving to reduce the impact of the Covid-19 pandemic on the market:

  • LG Electronics Inc.
  • Alto-Shaam Inc.
  • Panasonic Corp
  • Samsung Electronics Co., Ltd.
  • IFB Industries Ltd.

Report Coverage:

The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report.

Drivers and Restraints:

Rise in Working-Class Women to Spur Demand for Ovens

The market's expansion may benefit greatly from the rising rate of use of portable microwave ovens. Because the portable ovens can perform as well as a regular one, has a long battery life, and is more affordable, it may be in higher demand, which will help the market grow. As there are more working-class women in the world and as most people have less time to prepare a proper meal, ready-to-eat foods are becoming more popular. Additionally, since these foods need to be heated in order to be cooked, ready-to-eat foods are one of the main drivers of market expansion.

Microwave oven consumes a large amount of electricity, this, in turn, is predicted to hinder the global microwave oven market growth.

Segmentation:

Based on type, the global market is segmented into grill, solo, and convection. Solo microwave oven is anticipated to hold the major microwave oven market share, because it is the simplest and cheapest type of oven.

On the basis of application, the market is divided into commercial and residential. Residential is projected to be larger segment due to the increase in consumption of fast food and ready to eat food items which needed to be reheated.

based on the distribution channel the market is segmented into online and offline. An online distribution channel is estimated to be a greater segment as compare to offline distribution channels.

Geographically, the global market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

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Microwave Oven Market Size Highlights of the Report:

  • Market Penetration: Comprehensive information on the product portfolios of the top players in the Microwave Oven market.
  • Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the market
  • Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
  • Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Microwave Oven market

The Global Microwave Oven Market Research/Analysis Report Contains Answers to your following questions:

  • Which Manufacturing Technology is used for Microwave Oven ? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Microwave Oven Market? What are Their Company Profile, Their Product Information, and Contact Information?
  • What Was Global Market Status of Microwave Oven Market? What Was Capacity, Production Value, Cost and PROFIT of Microwave Oven Market?
  • What Is Current Market Status of Microwave Oven Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Microwave Oven Market Trends by Taking Applications and Types in Consideration?
  • What Are Projections of Global Microwave Oven Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
  • What Is Microwave Oven Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is Economic Impact On Microwave Oven Industry? What are Global Microwave Oven Analysis Results? What Are Global Microwave Oven Development Trends?
  • What Are Market Dynamics of Microwave Oven Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Microwave Oven Industry?

Regional Insights:

North America to Lead Backed by Elevating Demand for Ovens

During the projected period, North America is likely to maintain its position as the largest dominant region in the market. One of the key influencing factors that is encouraging demand for microwave ovens is the adoption of fast-food culture.

The promotion of locally made cookies and cakes, the requirement for using a microwave to prepare European meals, among other things, are some of the factors that are expected to make Europe the second-dominating region.

Competitive Landscape:

Innovative Launch Announcement by Key Players to Bolster Market Growth

The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.

Key Industry Development:

  • June 2022: "SmartThings Home Life" will launch globally, according to Samsung Electronics. By implementing connectivity between smart devices and enhancing daily routine operations at home, it aims to provide customers with an all-encompassing smart home experience. This will streamline it intelligently. The programme is designed with a view to globalise the services and empower users in their everyday activities.

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