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Global Microwave Oven Market to Grow at a CAGR of 4.7% During the Period 2022-2027, Driven by Advancements in Technology and Competitive Prices

According to a new report by EMR titled, ‘Global Microwave Oven Market Report and Forecast 2022-2027’, the global microwave oven market is expected to grow at a CAGR of 4.7% during the period 2022-2027, driven by advancements in technology and consumers’ desire for sophisticated products.

Companies are investing heavily to develop advanced, sophisticated and efficient appliances in order to meet consumers’ desire for smart, innovative and efficient products. Such products with modern features indicate consumers’ desire for innovative home appliances and willingness to spend on modern, sophisticated gadgets that make accomplishment of daily tasks easy and efficient.

Panasonic’s new Smart Inverter Countertop Microwave Oven, capable of being activated through Alexa, is an example of such a product. Panasonic announced the product at CES 2022 in Las Vegas in the first week of January 2022, along with many other new products, including its new compact oven. The oven seeks to optimize convenience when performing multiple errands in the kitchen (understanding over one hundred common commands) and enables quick movement in the kitchen, especially when there is a lot of preparation to do. This smart microwave oven also has convenient manual controls and is able to monitor a food item’s humidity level, offering features to defrost, cook, or rewarm meals swiftly and evenly. Similarly, Samsung is offering extra personalized product experiences. The company announced more customization alternatives for its Bespoke line-up of domestic appliances, including over-the-range microwaves among Samsung's Family Hub and French 3-door and 4-door refrigerators, dishwashers and ranges.

Advancements in technology, demand for smart kitchen and related appliances, increased disposable incomes, and consumers’ desire for higher standards of living, ease of performing tasks in the kitchen, and multi-tasking are expected to drive the global microwave oven market. Analysts opine that quick technological advancements and competitive prices drive the buying of electronic and electrical devices in Europe. Indeed, of all ovens, microwaves represent the greatest sales percentage in the European Union (EU). Further, it has been observed that consumers have a tendency to acquire new gadgets before present appliances serve their useful lives, suggesting that such devices are considered status symbols or indicators of higher standards of living.

Key Findings of the Report:

  • The global microwave oven market is expected to be driven by advancements in technology, demand for smart kitchen and related appliances, increased disposable incomes, and consumers’ desire for higher standards of living.
  • Consumers prefer gadgets that offer ease of performing tasks in the kitchen, and enable multi-tasking.
  • China, Germany, Malaysia, Thailand and the UK are significant exporters of microwave ovens.
  • The most significant importers of microwave ovens include USA, Japan, Germany, UK and Russia.
  • In Europe, purchase of electric and electronic devices is driven by technological advancements and competitive prices.

Market Analysis by Product, Application, Structure, and Region:

  • By product, the global microwave oven market is segmented into Convection, Grill, and Solo.
  • By application, the global microwave oven market is classified into Commercial and Household.
  • By structure, the global microwave oven market is classified into Built-In and Countertop.
  • By region, the global microwave oven market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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