Dublin, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The "United States Microwave Oven Market Report by Type (Grill, Solo, and Convection), Application (Commercial and Household), Structure (Built-In and Counter Top), Distribution Channel (Online and Offline), States and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The United States microwave oven market has seen a surge in demand spurred by a rapid transformation in lifestyle and an increase in dual-income households. With over 90% of American homes owning a microwave, the market value stood at $3.22 billion in 2023.
This trend aligns with the busy lifestyles and growing need for convenience, subsequently driving the market growth with a projected Compound Annual Growth Rate (CAGR) of 3.66% from 2024 to 2032. The evolution of American urban living sees continuous advancement in the microwave oven industry, catering to the efficient and quick culinary needs of the populace.
The entrance of more women into the workforce marks a significant shift in the demographic, impacting consumer patterns in the household appliance market. With rising labor force participation rates among women, there is a corresponding increase in the demand for ready-to-eat food and time-saving kitchen appliances such as microwave ovens. These trends highlight the indispensable role of microwave ovens in contemporary kitchens, uniquely positioning them as essential for families and individuals with active schedules.
Innovation Drives Market Expansion
Technological advancements in the sector, from sensor cooking to convection microwave ovens, continue to enhance the functionality and user experience, introducing scopes of versatility that were previously unattainable. High-profile introductions to the market emphasize the integration of kitchen appliances with smart technologies, as seen with new products featuring compatibility with voice assistants such as Alexa, and fruitfully responding to the smart home trend.
Commercial Adoption Bolsters Growth
Commercial utilization of microwave ovens further accelerates market growth due to their utility in various settings such as cafeterias, restaurants, and convenience stores. Aided by their efficiency and ease of use, microwave ovens support the fast-paced nature of commercial food service environments effectively.
California's Market Dominance
California remains a significant player in the microwave oven market. The state's large population, tech-savvy consumers, and higher than average discretionary income fuel demand for advanced microwave oven features. Emphasis on energy efficiency also leads to a preference for more environmentally friendly models.
Leading Companies Spearheading Innovation
The United States Microwave Oven Market is characterized by robust competition and continuous innovation by leading companies such as Illinois Tool Works Inc., Sharp, LG Electronics, Whirlpool Corporation, GE Appliances, Panasonic Corporation, Samsung Electronics, and Midea bound to solidify their market positions with strategic partnerships, product launches, and consumer-centric offerings.
The microwave oven market in the United States is flourishing, supported by significant lifestyle changes, higher female workforce engagements, and technological advancements within the product category. With a considerable portion of the market based in California, industry players are focusing their innovations on catering to the demands of rapid urbanization and smart technology integration. The overall industry outlook remains positive, anticipating substantial growth and advancements in the years ahead.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 215 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $3.22 Billion |
| Forecasted Market Value (USD) by 2032 | $4.45 Billion |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | United States |
Companies Featured
- Illinois Tool Works Inc.
- Sharp
- LG Electronics
- Whirlpool Corporation
- GE Appliances
- Panasonic Corporation
- Samsung Electronics
- Midea Group
For more information about this report visit https://www.researchandmarkets.com/r/38g6wr
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