Global Microwave Oven Market: Overview
The global microwave oven market is prognosticated to develop a solid foundation for a perpetual growth in the coming years. The occupied daily schedule of people and expanding size of the female working population could be among the top factors augmenting the growth of the market. Industry players keeping a tab on key trends of the market are expected to be aware of the fact that the demand for frozen and ready-to-eat foods could have a positive impact on that for microwave oven. As a result, changing food consumption preferences and lifestyles are predicted to up the demand in the market.
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The report presented herewith is considered to be a complete study of the global microwave oven market with important factors explained to the core. The analysts have predicted the market size until 2022, including other statistics such as CAGR, in order to help readers gain a sound understanding of future market scenarios.
Global Microwave Oven Market: Dynamics
The world microwave oven market is anticipated to experience quite a few changes, however, on the optimistic side, due to changing consumer preferences and the influence of macroeconomic and socioeconomic factors. Some of the macroeconomic factors could include increasing consumer awareness, rise in disposable income, and enlarging size of the population. In this regard, the growth of the market is envisaged to be impacted favorably in the next few years.
A surging count of consumers, not just those belonging to the working category, could be improving the demand for microwave oven on account of heavy spending on kitchen appliances that ease the pressure of regular chores. This demand is expected to be further bolstered by the rising want for convenient and stylish appliances complementing the living standards of the buyers. However, the continued usage of conventional appliances in emerging nations could restrain the demand in the market. Nevertheless, the market growth is envisioned to rise above the challenges on the back of the elevating demand for smart and energy efficient kitchen appliances.
Global Microwave Oven Market: Segmentation
The international microwave oven market is prophesied to look up to North America for a staggering growth during the forecast period 2017–2022. The developed region could exhibit an attractive CAGR of 4.9% during the aforementioned forecast timeframe. By the concluding forecast year, the region could achieve a revenue valuation of US$6.8 bn, progressing from US$5.3 bn in 2017. There could be more regions such as Europe, Asia Pacific except Japan (APEJ), and the Middle East and Africa (MEA) and also Japan contributing toward the growth of the market.
By product, convection microwave oven could be a larger market expected to achieve close to a 48.9% share until the end of 2022. The analysts have also foreseen the market to be segregated into household and commercial microwave ovens as per type of end-use and built-in and countertop microwave ovens according to structure.
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Global Microwave Oven Market: Competition
The worldwide microwave oven market could witness the success of significant industry players such as Guangdong Galanz Enterprises Co. Ltd., Illinois Tool Works, INC., Hoover Limited, Sharp Corporation, Electrolux AB, Alto-Shaam, INC., and LG Electronics