San Francisco, 15
November 2018: The global microwaveoven market size is anticipated to reach USD 12.70 billion
by 2022, according to a new report by Grand View Research, Inc., rising at a
CAGR of 2.8% during the forecast period. Improving standard of living of
consumers, growing number of nuclear families, and increasing demand for frozen
and ready-to-eat food are some of the key factors stimulating market growth.
Growing number of working women and
preoccupied schedule of people in urban cities are likely to fuel the demand
for ovens. A large part of new households comprises working singles who prefer
to dine out rather than setting up their kitchen. This may be a drawback for
the residential appliance market. However, this trend is estimated to boost the
culture of quick service restaurants, cafes, and small eateries, which in turn
will work in favor of the market.
Robust growth of the hospitality sector and
rising catering contracts for large-scale functions, seminars, and other social
gatherings are also expected to stir up the demand for commercial appliances
over the forecast period. In case of the residential application segment, the
most significant driver is the changing lifestyles and food consumption
preferences of people, with more consumers shifting towards ready-to-eat and frozen
food.
Macroeconomic factors such as growing
population, rising disposable income of consumers, and increasing awareness of
different cooking media such as microwave oven, grills, and barbeques are
projected to impact the market positively.
Access
Research Report of Microwave Oven Market @
www.grandviewresearch.com/industry-analysis/microwave-oven-market
Further key findings from the report suggest:
· The convection segment is poised to account
for half of the overall market value by 2022
· The grill microwave oven market is
anticipated to be valued at around USD 4.50 billion by 2022
· In 2016, North America was the leading
revenue contributor in the market, with a valuation of around USD 3.5 billion
· The household application segment accounted
for a larger revenue share in 2016 and is likely to expand at a CAGR of around
3.0% over the forecast period
· The key players in the market include
Robert Bosch GmbH, Haier Group Corporation, Hobart, Hamilton Beach, Middleby
Corporation Company, Whirlpool Corporation, and Sharp Corporation.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/electronic-devices
Grand View Research has segmented the
global microwave oven market into product, application, structure, and region.
Microwave Oven Product Outlook (Revenue,
USD Billion, 2012 - 2022)
·
Convection
·
Grill
·
Solo
Microwave Oven Application Outlook
(Revenue, USD Billion, 2012 - 2022)
·
Commercial
·
Household
Microwave Oven Structure Outlook (Revenue,
USD Billion, 2012 - 2022)
·
Built-in
·
Counter top
Microwave Oven Regional Outlook (Revenue,
USD Billion, 2012 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
Rest of the World (RoW)
Access Press Release of
Microwave Oven Market@ www.grandviewresearch.com/press-release/global-microwave-oven-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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