Microwave Market Expected to Grow at a CAGR of 4% through 2032

DUBAI, United Arab Emirates, July 13 2022 (GLOBE NEWSWIRE) — According to recent market analysis by Future Market Insights (IMF), the microwave market is on track to reach a valuation of US$8 billion in 2022. Sales are expected to grow at a CAGR of 4.0%, with the market size reaching US$11.84 billion by 2032.

Nuclear families are multiplying, which has led to an increase in the number of people living in cities. Microwave demand is expected to be driven by busy consumer schedules, as well as increased frozen food sales.

In addition to this, the expansion of the hotel and restaurant sectors across the world will increase the sales of microwaves. Rising contracts for catering events are also expected to boost the demand for microwaves in the commercial sector.

New market opportunities are likely to arise from the growing popularity of connected home appliances, such as inverter microwaves. The current trend of smart home appliances will create growth opportunities for microwave manufacturers during the forecast period.

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Rising demand for smart home appliances, as well as growing preference for home cooking among millennials around the world will drive microwave sales over the forecast period,” said an IMF analyst.

Key points to remember:

  • Based on the structure, countertop microwave sales will grow at a CAGR of 3.3% during the forecast period.
  • In terms of applications, the demand for microwaves in the commercial sector will grow at a CAGR of 4.1% through 2032.
  • By sales channel, the online segment will hold a dominant market share over the evaluation period.
  • US microwave sales will grow at a CAGR of 1.1% during the forecast period.
  • China will emerge as a lucrative pocket, with sales growing at a CAGR of 10.2% through 2032.
  • The demand for microwaves in India will grow at a CAGR of 8% during the forecast period.

Competition landscape

Aggressive promotional techniques, marketing and new product launches are some of the key strategies adopted by leading microwave manufacturers.

Some of the major players in the global microwave market include Galanz Enterprise Group, Whirlpool Corporation, Hoover Limited, LG Electronics, AB Electrolux, Sharp Corporation, Illinois Tool works INC, Alto-Shaam INC, Panasonic Corporation, Haier group corporation and Robert Bosch . .

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Get more valuable insights

Future Market Insights, in its new offering, provides an unbiased analysis of the global microwave products market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2032. The study discloses compelling insights into the Microwave Market based on Product Type (Convection, Grill, Solo), Application (Commercial, Household), Structure (Built-in, Countertop), Channel (hypermarkets/supermarkets, multi-brand stores, specialty stores, online retail, wholesalers/distributors and others) in seven major regions.

Global Microwave Market by Category

By product type:

Per application:

By Facility:

By sales channel:

  • Hypermarkets/ Supermarkets
  • Wholesalers/Distributors
  • Specialty stores
  • Multi-brand stores
  • Online retailers
  • Other sales channel

By region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • AEM

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Contents

1. Summary

1.1. Global Market Outlook

1.2. Summary of key statistics

1.3. Summary of key findings

1.4. Analysis of product evolution

1.5. MFI analysis and recommendations

2. Market Overview

2.1. Market Taxonomy

2.2. Market definition

3. Key Market Trends

3.1. Key trends impacting the market

3.2. Winning themes

3.3. Key Product Development Trends

3.3.1. Product launches

3.3.2. Acquisitions & Mergers

3.3.3. Expansion

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