Global Microwave Oven Market is expected to reach US$ 34.7 Billion by 2026 from US$ 19.97 Billion in 2017 at CAGR of 6.33%.
Global Microwave Oven Market
Microwave oven market is segmented by product type, application, structure, and region.
By product type, microwave oven market is divided into grill, solo, and convection microwave ovens. Convection microwave segment is estimated to hold the largest share of market in forecast period due to its features as supplies both hot air and microwaves for cooking and it is used in commercial purpose such as in hotels, restaurants for cook large amount of food.
On the basis of application, microwave oven market is classified into commercial and household. Commercial segment is expected to hold the largest share of market during forecast period due to rise in hotels and restaurants, and increase demand for quick services of food.
Accordingly structure, microwave oven market is divided into counter top and built-in microwave ovens. Counter top segment is estimated to hold the largest share of market during forecast period.
Major driving factors of the market are rise in income, improving standards of living, increasing quick service provider hotels and restaurants, increase adoption of modular kitchen, rising desires of best quality kitchen, increasing technological advancements, rising consumer spending for kitchen, and increased investments in R&D and same time high power consumption and high electricity bills due to microwaves will hamper the market.
In terms of region, microwave oven market is divided by North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to hold the largest share of the market during forecast period due to increasing economy, and improving living standards in this region.
Key player’s studies, analyzed, profiled and benchmarked in microwave oven market are Whirlpool Corporation, SMEG, Sharp Corporation, Robert Bosch GmbH, Panasonic Corporation, LG Electronics, Haier Group Corporation, Dongbu Daewoo Electronics, Alto-Shaam, Electrolux AB, LG Electronics, Inc., Hoover Limited, Guangdong Galanz Enterprises Co. Ltd., Illinois Tool Works, INC., and AB Electrolux.