The global microwave ovens market was worth $21.8 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 13.04% and reach $35.6 billion by 2023.
“The Microwave Ovens Market Research Report” examines the existing as well as sequential performance of the worldwide market. The report also calculates the forthcoming status of Microwave Ovens market based on thorough analysis. By providing exploratory techniques such as, qualitative and quantitative analysis the report presents a comprehensive analysis of market progression. Graphical presentation of information through charts, (graphs, diagrams, tables as well as pictures), the report provides a lucid and easy understanding of the market to readers.
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. Frozen and prepared meals can easily be cooked in microwave ovens and taste similar to that of fresh food. According to a survey by Assocham (The Associated Chambers of Commerce and Industry of India), India’s packaged food market is expected to reach $50 billion by 2017 from $32 billion in 2015 due to increasing popularity of ready-to-eat packaged foods.
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Companies Covered (Sales, Price, Revenue, Volume, Gross Margin and Market Share)-
Sharp Corporation, LG Electronics Inc, Electrolux AB, Alto-Shaam Inc, Panasonic Corporation, Samsung Electronics, Dongbu Daewoo Electronics, Whirlpool Corporation, SMEG, Haier Group Corporation and Other.
Markets Covered: 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 Channel
Regional Outlook of Microwave Ovens Market report includes the following geographic areas such as: United States, Europe, China, Japan, Southeast Asia, India, Central & South America and ROW
Increased tariffs on raw materials such as steel and aluminum is acting as a restraint on the market for microwave ovens. Galvanized or stainless steel is predominantly used in the manufacture of microwave ovens. Increasing import tariffs on raw materials such as steel hindered the market for microwave ovens. For instance, in 2018, the USA imposed tariffs of 25% on import of steel.
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 chemical 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 process of cooking easy and customized. It has the pyrolytic cleaning technology that allows self-cleaning.
More importantly, the report underscores participant’s financial performance which includes assessment of capital investments, cash flow, Microwave Ovens sales volume, pricing structure, cost structure, gross margin, profitability, revenue outcome, and growth rate. The assessments enable market players to determine competitors’ financial strengths and dominance across the globe. Furthermore, the report analyzes business strategies adopted by participants that usually comprise recent business expansions, mergers, acquisitions, ventures, partnerships as well as promotional activities, technology adoption, brand developments, and product launches.
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Influence Of The Microwave Ovens Market Report:
-Comprehensive assessment of all opportunities and risk in the market.
-Microwave Ovens market recent innovations and major events.
-Detailed study of business strategies for growth of the market-leading players.
-Conclusive study about the growth plot of Microwave Ovens market for forthcoming years.
-In-depth understanding of market-particular drivers, constraints and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the market.
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– Free country Level analysis for any 5 countries of your choice.
– Free Competitive analysis of any 5 key market players.
– Free 40 analyst hours to cover any other data point.
Finally, all aspects of the Global Microwave Ovens Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects. The report supplies the international economic competition with the assistance of Porter’s Five Forces Analysis and SWOT Analysis.
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MarketInsightsReports provides syndicated market research on industry verticals including Microwave Ovens, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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