The global microwave oven 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.
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)
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.
