Microwave ovens are electronic devices that utilize electromagnetic waves to cook and heat food & beverage products in a short period of time. The electromagnetic waves or microwaves radiate heat in the form of microwave energy, this energy is exposed to the water molecules present in food products.
Global microwave oven market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of microwave oven market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Global microwave oven market is expected to rise to an estimated value of USD 21.73 billion by 2026, registering a steady CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the rise in the disposable income of individuals.
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Key Market Competitors:
Few of the major competitors currently working in the microwave oven market are DAEWOO Electronics UK Ltd; Panasonic Corporation; SMEG S.p.A.; BSH Hausgeräte GmbH; LG Electronics; Whirlpool Corporation; Haier lnc.; SHARP CORPORATION; Electrolux; Alto-Shaam, Inc.; Illinois Tool Works Inc.; Galanz; Midea Group; SAMSUNG; Brandt; Moulinex and Breville Site.
- Increased consumption of convenience foods caused by a change in the lifestyle of individuals are positively affecting the growth of the market
- Enhanced functionality and greater methods of cooking food through these appliances are factors positively affecting the growth of the market
- High consumption of energy associated with the usage of these products amid concerns regarding energy conservation globally are factors restraining the growth of the market
Global Microwave Oven Market is segmented By Product Type,Application, Structure , Size, Geography .
Key Developments in the Market:
- In August 2018, BSH Hausgeräte GmbH announced that they had partnered with The Home Depot for the distribution of their home appliances all over the United States. The high-end enhanced quality products available through a wider network of distribution center will be able to reach a greater consumer group and expand the market share of BSH.
- In November 2016, Haier lnc. Announced the launch of two new models of Microwave Ovens, namely “HIL2810EGCF” and “HIL2001 CSPH” for the Indian market. This launch will help strengthen and enhance the position of the company as a leader globally for home appliances.
Table of Contents
Market Size-by Manufacturers
Market Size-by Type
Market Size-by Application
Upstream, Industry Chain and Downstream Customers Analysis
Opportunities & Challenges, Threat and Affecting Factors