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.
Full Research Report On Microwave Oven Market Analysis:
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.
View
More Reports Of This Category By Grand View Research At: https://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 Full Press Release of this Report:
https://www.grandviewresearch.com/press-release/global-microwave-oven-market
https://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.
For
more information: https://www.grandviewresearch.com/
No comments:
Post a Comment