Microwave Oven Market Set to Soar Past USD 22.4 Billion by 2030 | Skyquest Technology
The Global Microwave Oven Market size is expected to reach USD 22.4 billion by 2030 and exhibit a CAGR of 4% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing demand for smart and connected appliances, increased focus on energy efficiency and sustainability, and expansion of cooking preset and automation features for convenience fuel the market’s growth.
Westford, USA, Aug. 07, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Microwave Oven market, increasing urbanization and busy lifestyles, rising preference for convenient and time-saving cooking solutions, growth of small households and single-person households, expanding food delivery and takeout culture, technological advancements leading to improved cooking performance and features, affordability and accessibility of microwave ovens across various income segments, and changing consumer preferences towards quick and efficient meal preparation are the trends that aid in the market’s growth.
Browse in-depth TOC on the “Microwave Oven Market”
- Pages – 235
- Tables – 88
- Figures – 76
A microwave oven is an electronic appliance that uses microwaves to heat food. Microwaves are a form of non-ionizing radiation that can penetrate food and cause the water molecules in the food to vibrate, which generates heat. Microwave ovens are a convenient way to cook food quickly and evenly, and they are a popular appliance in many homes.
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Prominent Players in Microwave Oven Market
- LG
- Samsung
- Panasonic
- Whirlpool
- Sharp
- Beko
- Electrolux
- Haier
- GE Appliances
- Mitsubishi
- Candy
- Daewoo
- Oster
- Russell Hobbs
- Morphy Richards
- Cuisinart
- Hamilton Beach
- Breville
- Kenmore
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Countertop microwave ovens Demand to Grow Substantially in the Forecast Period
Countertop microwave ovens dominated the global online market as they are simple to install and do not require any specialized setup. This ease of installation makes them a popular choice for both homeowners and renters.
Residential is the Leading Application Segment
In terms of application, the residential is the leading segment as they have become a staple in residential kitchens, serving as a convenient and versatile cooking tool for various cooking and reheating tasks.
Asia Pacific is the leading Market Due to the Technological Advancements
The Asia-Pacific region, particularly countries like China, India, Japan, and South Korea, has witnessed rapid urbanization, changing lifestyles, and an increasing middle-class population. These factors contribute to a growing demand for convenience-oriented kitchen appliances like microwave ovens. Additionally, the expansion of e-commerce and consumer electronics retail in this region supports market growth.
A recent report thoroughly analyzes the major players operating within the Microwave Oven market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Microwave Oven.
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Key Developments in Microwave Oven Market
- In January 2023, Whirlpool, a major appliance manufacturer, acquired Insignia, a brand of microwave ovens and other small kitchen appliances sold by Best Buy. The acquisition was valued at $350 million. Whirlpool said that the acquisition would strengthen its position in the microwave oven market and expand its reach to new customers.
- In March 2023, Haier, a Chinese appliance manufacturer, acquired GE Appliances, a division of General Electric. The acquisition was valued at $5.4 billion. Haier said that the acquisition would strengthen its position in the global appliance market and expand its product portfolio.
Key Questions Answered in Microwave Oven Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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