Farmington, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The Global Residential Microwave Oven Market size is projected to grow at a CAGR of 5.5% during the forecast period, 2023-2030. A household microwave oven is a small home equipment that cooks food by heating it with microwaves. Most are designed to be placed on worktops however some can be concealed in cupboards. Cooking a variety of items, including meats, vegetables, and even frozen foods, is one of the many capabilities of a microwave oven.
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This market is expanding because more and more individuals desire smart home equipment and have more disposable income. During the forecast period, the market for microwave ovens with smart connections is anticipated to expand at a faster rate than the market for microwave ovens without smart connections.
Residential Microwave Oven Market Recent Developments:
- In August 2000: With the launch of two top-end microwave oven models, white goods giant Electrolux India Limited has signaled its entry into the fiercely competitive microwave oven market. The Swedish major's move is a clear attempt to consolidate its position in India as a complete home appliances company.
- In November 2016: Haier has just launched two new Microwave ovens Model Number HIL2810EGCF and HIL2001 CSPH in India.
- In October 2022: LG Electronics, India’s leading consumer durable brand today unveiled the new range of 2022 MICROWAVE OVENS with sophisticated designs, smart features and the latest technology. The all-new range of Charcoal Microwaves by LG offers a healthier way of cooking while keeping the authentic smoky taste.
Residential Microwave Oven Market Segmentation Analysis:
A microwave oven is a kitchen appliance used for cooking meals quickly. Water, fat, and solid foods absorb microwaves, a form of electromagnetic energy, in order for the process to work. A microwave oven with smart connectivity functions similarly to a conventional oven, except it obtains its power from a 2G, 3G, or 4G mobile data network instead of the plug-in adapter.
In 2017, built-in applications accounted for more than 70 percent of overall revenue, and it is projected that they would continue to dominate throughout the forecast period. This can be attributed to a growth in end-user demand for built-in microwave ovens with user-friendly operation features and novel technological capabilities. As a result of its simple installation and operation, the device is gaining popularity. This quality renders it suitable for use in home kitchens with little funds.
Regional Outlook:
The Asia-Pacific region maintained its leading position on the global market in 2019 with a revenue share of 40 percent. This is because there is a huge demand for easy-to-use cooking solutions in the region, as well as a growing presence of internet-connected smart devices. It is anticipated that the growing trend of nuclear families, together with an increase in consumer expenditure on kitchen equipment, will be a major factor in the regional expansion during the upcoming year. North America accounted for more than 20% of the global revenue due to the high level of consumer awareness regarding health and hygiene in the region, as well as the widespread adoption of cutting-edge technology in the region's diverse product categories, such as built-in and free-standing microwave ovens.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 5.5% from 2023 to 2030 |
| Market Size in 2022 | USD 508.82 Million |
| Revenue Forecast by 2030 | USD 1,305.3 Million |
| By Type |
|
| By Applications |
|
| By Companies | Electrolux, Haier, LG Electronics, Panasonic Corporation, Robert Bosch, Whirlpool Corporation, Foxconn, Samsung, The Middleby Corporation, Group SEB, Electrolux, FELIX STORCH INC, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Growth Factor:
More individuals desire meals that may be prepared fast. Increasing desire for quick-to-prepare foods is one of the primary growth drivers for the home microwave oven industry. Microwave ovens are frequently used to cook food rapidly and are generally seen as time-saving tools. With more money in their pockets, customers are purchasing pricier kitchen items such as microwave ovens.
The increasing number of single-person households: The increasing number of one-person households is one of the most significant factors driving the growth of the residential microwave oven industry. As more people choose to live alone, there is a growing need for small, space-saving kitchen appliances, such as microwaves, that save time and don't take up much area.
Residential Microwave Oven Market Key Segments Covered:
Top Market Players:
Electrolux, Haier, LG Electronics, Panasonic Corporation, Robert Bosch, Whirlpool Corporation, Foxconn, Samsung, The Middleby Corporation, Group SEB, Electrolux, FELIX STORCH INC, and Others.
By Type:
- Microwave oven with smart connectivity
- Microwave oven without smart connectivity
By Application:
- Built-in
- Counter top
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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