Microwave Ovens Global Market Opportunities and Strategies Report, with Asia-Pacific Leading Global Expansion to 2032

DUBLIN, Jan. 16, 2024 /PRNewswire/ -- The "Microwave Ovens Global Market Opportunities and Strategies to 2032" report has been added to  ResearchAndMarkets.com's offering.

The global microwave ovens market reached a value of nearly $11.69 billion in 2022, having grown at a compound annual growth rate (CAGR) of 3.48% since 2017. The market is expected to grow to $14.23 billion in 2027 at a rate of 4.02%. The market is then expected to grow at a CAGR of 3.52% from 2027 and reach $16.92 billion in 2032.

Growth in the historic period resulted from rising awareness of food products with extended shelf lives, growing urbanization and increased e-commerce growth. Factors that negatively affected growth in the historic period included increased tariffs on raw materials such as steel and aluminum.

Going forward, the rising number of hotels and restaurants, growing demand for frozen foods and increasing government initiatives for energy efficient appliances will drive the market. Factors that could hinder the growth of the microwave ovens market in the future include high power consumption associated with microwave ovens.

The microwave ovens market is segmented by product into a grill, solo and convection. The convection market was the largest segment of the microwave ovens market segmented by product, accounting for 48.3% or $5,647.73 of the total in 2022. Going forward, the solo segment is expected to be the fastest growing segment in the microwave ovens market segmented by product, at a CAGR of 4.27% during 2022-2027.

The microwave ovens market is segmented by application into commercial and household. The household market was the largest segment of the microwave ovens market segmented by application, accounting for 64.7% or $7.56 billion of the total in 2022. Going forward, the commercial segment is expected to be the fastest growing segment in the microwave ovens market segmented by application, at a CAGR of 4.54% during 2022-2027.

The microwave ovens market is segmented by distribution channel into specialty stores, supermarkets/hypermarkets, online channel and other distribution channels. The online channel market was the largest segment of the microwave ovens market segmented by distribution channel, accounting for 32.9% or $3.84 billion of the total in 2022. Going forward, the online channel segment is expected to be the fastest growing segment in the microwave ovens market segmented by distribution channel, at a CAGR of 5.13% during 2022-2027.

The microwave ovens market is segmented by structure into counter top and built-in. The counter top market was the largest segment of the microwave ovens market segmented by structure, accounting for 67.3% or $7.86 billion of the total in 2022. Going forward, the built-in segment is expected to be the fastest growing segment in the microwave ovens market segmented by structure, at a CAGR of 4.71% during 2022-2027.

The top opportunities in the microwave ovens market segmented by product will arise in the convection segment, which will gain at $1.25 billion of global annual sales by 2027. The top opportunities in the microwave ovens market segmented by application will arise in the household segment, which will gain $1.51 billion of global annual sales by 2027. The top opportunities in the microwave ovens market segmented by structure will arise in the counter top segment, which will gain $1.55 billion of global annual sales by 2027. The top opportunities in the microwave ovens market segmented by distribution channel will arise in the online channel segment, which will gain $1.09 billion of global annual sales by 2027. The microwave ovens market size will gain the most in China at $913.9 million.

Market-trend-based strategies for the microwave ovens market include focus on launching technologically advanced multi-functional ovens, developing innovative ovens with advanced features such as a pickle mode, introducing microwave ovens with a charcoal lighting feature, introducing advanced features such as a scan-to-cook feature in microwave ovens and developing innovative ovens with advanced technological solutions such as AI.

The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider microwave ovens market; and compares it with other markets.

Report Scope

Markets Covered:

• By Product: Grill; Solo; Convection
• By Application: Commercial; Household
• By Distribution Channel: Specialty Stores; Supermarkets/Hypermarkets; Online Channel; Other Distribution Channels
• By Structure: Counter Top; Built-In

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; microwave ovens indicators comparison.

Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Companies Profiled

• Panasonic Holdings
• Samsung Electronics
• Haier Smart Home
• LG Electronics
• Midea Group
• AB Electrolux
• Robert Bosch
• Sharp
• Whirlpool
• Illinois Tool Works
• Godrej Appliances
• Toshiba
• Guangdong Galanz Enterprises
• Qingdao Smad Electric Appliances
• Ningbo Jinlong Electric Appliance
• Shanghai Meiling Microwave Oven
• Kueppersbusch Home
• Regale Microwave Ovens Ltd
• A.C.E. Engineering (UK) Ltd
• Miele
• BSH Hausgerate
• Mora Moravia
• Regale Microwave Ovens
• Danby Products Limited
• Bosch Home Appliances Canada
• KitchenAid Canada
• Frigidaire Canada
• Brastemp
• Electrolux
• Consul
• BGH
• Haier Group
• TCL Electronics
• Siemens Home Appliances
• Daewoo Electronics

For more information about this report visit https://www.researchandmarkets.com/r/z3mazi

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected] 

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets