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.
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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.
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.
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.
List of Key Players Mentioned in the Report:
LG Electronics Inc.
Alto-Shaam Inc.
Panasonic Corp
Samsung Electronics Co., Ltd.
IFB Industries Ltd
Browse Detailed Research Report Summary: https://www.fortunebusinessinsights.com/microwave-oven-market-103868
