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DUBLIN--(BUSINESS WIRE)--Oct 12, 2022--
The "Microwave Oven Market By Structure, By Production, By Type: Global Opportunity Analysis and Industry Forecast, 2020-2031" report has been added to ResearchAndMarkets.com's offering.
The global microwave oven market was valued at $8,547.20 million in 2020, and is projected to reach $15,587.10 million by 2031, growing at a CAGR of 4.6% from 2022 to 2031.
Today, microwave ovens form an integral part of kitchen appliances. Microwave oven functions on thermal energy by heating the polar molecules in food, a process also known as dialectic heating. The microwave radiations emitted from microwave ovens are of shorter wavelength, but possess enormous amount of energy which facilitate faster cooking. Microwave ovens, depending on their power output, can alternatively use for roasting, baking and grilling.
Microwave ovens are manufactured with varied features, include, touch display panels, heating chamber, vents and a glass turntable. North America is a major revenue contributing region to the global microwave oven market. The Asia-Pacific region is expected to witness an impressive growth in the microwave oven market. A significant increase in disposable income and growing working class segment would foster the growth of the Asia-Pacific microwave oven market.
Increasing propensity of consumers to spend on appliances which assist them in kitchen chores has generated an increasing demand for microwave ovens. In addition, changing lifestyle has encouraged the individuals for opting stylish and convenient appliances which complement their living standards. However, prominent use of traditional cooking equipment in developing regions limits the growth of microwave oven market. Moreover, need of energy efficient kitchen appliances and growing demand for smart appliances are factors that would drive the growth of the microwave oven market.
However, in many regions, people still use traditional cooking equipment for cooking purposes. In many developing economies, majority of the population live in the rural areas, where use of traditional cooking equipment is still prevalent. For people in these areas traditional cooking equipment are more convenient than microwave oven due to tow key factors - lack of education/awareness and shortage of power/electricity, thus restricting the growth of the market.
In addition, increased disposable income has changed the consumption patterns of consumers and has influenced them to spend more on premium products. Market players are continuously launching energy efficient appliances at affordable prices, thus; increasing the popularity of these products among the consumers. Rising cost of electricity has also enforced consumers to opt for energy-efficient appliances.
Key Benefits:
Key Market Segments
By Structure
By Type
By Production
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/t1431a
View source version on businesswire.com:https://www.businesswire.com/news/home/20221012005741/en/
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KEYWORD:
INDUSTRY KEYWORD: RETAIL HOME GOODS
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/12/2022 09:30 AM/DISC: 10/12/2022 09:32 AM
http://www.businesswire.com/news/home/20221012005741/en