Portland, OR, June 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global microwave oven market generated $8.54 billion in 2020, and is estimated to generate $15.58 billion by 2030, witnessing a CAGR of 4.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Surge in disposable income and increase in the working class section drive the growth of the global microwave oven market. However, widespread use of conventional cooking equipment in Asia’s less developed regions hampers the growth of the market. On the contrary, increase in demand for energy-efficient kitchen appliances and the surge in popularity of smart appliances create new opportunities in the coming years.
Covid-19 Scenario:
- The Covid-19 pandemic and global lockdown had a negative influence on the market. Manufacturing and supply networks were restricted as a result of the lockdown and sales were hampered during the first quarter of the pandemic because of restrictions and disruptions in the supply chain.
- However, the microwave oven sales improved gradually. This is due to the emergence of the work-from-home culture, which has encouraged customers to stay at home and cook more simply.
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The report offers detailed segmentation of the global microwave oven market based on structure, type, and region.
Based on structure, the counter top segment held the highest market share in 2020, accounting for more than two-thirds of the total share, and is projected to maintain its leadership status during the forecast period. However, the built in segment is estimated to grow at the fastest CAGR of 5.3% from 2022 to 2031.
Based on type, the convection segment accounted for the largest share in 2020, contributing to nearly half of the global microwave oven market, and is expected to maintain its lead position during the forecast period. However, the solo segment is projected to portray the highest CAGR of 5.7% from 2022 to 2031
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Based on region, Asia-Pacific contributed the highest share in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. Moreover, this same region is projected to manifest the largest CAGR of 5.2% during the forecast period.
Leading players of the global microwave oven market discussed in the research include Alto-Shaam Inc., Hoover Limited, Illinois Tool Works Inc., Samsung Electronics, LG Electronics, Galanz Enterprise Group, Sharp Corporation, AB Electrolux, Panasonic Corporation, and Whirlpool Corporation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
