The Microwave Ovens Global Market Report 2023 by The Business Research Company, provides microwave ovens market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Microwave Ovens Global Market Report 2023, the market size will grow from $45.07 billion in 2022 to $47.08 billion in 2023 at a compound annual growth rate (CAGR) of 4.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global microwave ovens is expected to grow to $53.16 billion in 2027 at a CAGR of 3.1%.
The increasing demand for frozen and ready-to-eat food owing to busy lifestyles is expected to drive the microwave ovens market growth during the forecast period.
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The microwave ovens market is segmented:
1) By Product: Grill, Solo, Convection
2) By Application: Commercial, Household
3) By Structure: Counter Top, Built-In
4) By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Online Channel, Other Distribution Channels
Companies in the household cooking appliance market are increasingly launching technologically advanced multi-functional ovens to cater to the rising demand for multi-functional appliances with additional benefits. These multi-functional ovens use a wide range of methods to provide customized and easy cooking. These ovens use devices to guide and instruct users in the process of cooking. Apart from these, they also come with catalytic and pyrolytic self-cleaning functions. The catalytic self-cleaning feature allows the use of special chemically installed liners to absorb grease, while the pyrolytic self-cleaning function of these ovens allows them to clean the dirt and grease using high temperatures. For instance, Electrolux’s EOY5851AAX oven uses different programs and functions to make the cooking process easy and customized. It has pyrolytic cleaning technology that allows self-cleaning.
The microwave ovens market report table of contents includes:
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