Worldwide Microwave Oven Trade By 2025 – By Product Kind, Construction, Utility, Distribution Channel, and Geography – ResearchAndMarkets.com – Enterprise Wire
DUBLIN – (BUSINESS WIRE) – The report “Microwave Oven Market – Forecasts from 2020 to 2025” has been added ResearchAndMarkets.com Offer.
The global microwave oven market was estimated at $ 60.155 billion in 2019.
Rising purchasing power and rising living standards combined with increasing urbanization are the main drivers of the global market for microwave ovens. The growing workforce and hectic lifestyle are shifting consumer preference towards innovative kitchen appliances, which in turn increases the demand for microwave ovens. With busy lifestyles, people increasingly consume ready-to-eat, pre-cooked, and frozen foods. It is also leading to an increase in microwave oven sales as the need for stylish and practical kitchen appliances increases with changing consumer preferences and lifestyles. Growing concerns about increasing energy consumption are also forcing consumers to choose innovative, inexpensive and energy efficient kitchen appliances, which has a positive impact on the demand for microwave ovens.
However, many people in developing and underdeveloped economies still do not know how to use these kitchen utensils, so they prefer traditional methods and cooking utensils. This hinders the global market growth of microwave ovens. The robust growth of the global hospitality industry and the increasing popularity of catering contracts for major events, seminars, and other social gatherings continue to drive demand for microwave ovens for the convenience of making a variety of foods, driving market growth. The improved functionality and increased use of innovative cooking methods using various kitchen appliances, including microwave ovens, are also accelerating the global microwave oven market growth.
The global microwave oven market has been segmented based on product type, structure, application, distribution channel and geography. By product types, the global microwave oven market has been divided into Solo, Grill and Convection. Structurally, the market segmentation was carried out as built-in and worktop. Through the application, the market was divided into residential and commercial areas. The global microwave oven market has also been segmented according to sales channels as online and offline.
The commercial segment dominates the market
The application made the commercial segment the largest market share in 2019. The increasing number of restaurants and hotels around the world, largely due to the booming travel and tourism industries and increasing globalization, is driving the demand for microwave ovens in commercial businesses, where food is prepared in large quantities and requires reheating and defrosting. However, the residential segment will have a decent CAGR over the forecast period as people try different healthy and nutritious recipes at home that require microwave ovens. In addition, microwave ovens help defrost and reheat food at home. The steadily increasing consumption of frozen food and pre-cooked ready meals is driving the market growth of microwave ovens in this segment.
APAC witnessed a remarkable CAGR over the forecast period
Geographically, the global microwave market has been divided into North America, South America, Europe, the Middle East and Africa, and the Asia-Pacific region. North America had a significant market share due to the early adoption of new technologies and the presence of key market players in the region. The high level of use of innovative microwave ovens both as residential and commercial space is driving the demand for microwave ovens in the region. Established restaurants in countries like the United States and Canada are also contributing to the microwave oven market growth in the North American region. However, this regional market is likely to grow more slowly, due to the already high penetration of microwave ovens in the region.
Main topics covered:
1.1. Market definition
1.2. Market segmentation
2. Research methodology
2.1. Research data
3.1. Research highlights
4. Market dynamics
4.1. Market leader
4.2. Market restrictions
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining power of suppliers
4.3.2. Bargaining power of buyers
4.3.3. Threat from new entrants
4.3.4. Replacement threat
4.3.5. Competitive rivalry in the industry
4.4. Analysis of the industry’s value chain
5. Global Microwave Oven Market Analysis by Product Type
6. Global Microwave Ovens Market Analysis by Structure
7. Global Microwave Ovens Market Analysis By Application
8. Global Microwave Oven Market Analysis By Distribution Channel
9. Global Microwave Ovens Market Analysis by Geography
9.2. North America
9.3. South America
9.5. Middle East and Africa
9.6. Asia Pacific
10. Competitive Environment and Analysis
10.1. Main actors and strategy analysis
10.2. Emerging Players and Market Reliability
10.3. Mergers, acquisitions, agreements and collaborations
10.4. Matrix for the competitiveness of providers
11. Company profiles
11.1. LG Electronics
11.4. Haier Inc.
11.6. BSH Hausgerte GmbH
11.8. Sharp Corporation
11.9. Midea Group
11.10. DAEWOO Electronics UK Ltd.
Please visit https://www.researchandmarkets.com/r/ar5f29 for more information on this report