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Microwave Oven Market to be Worth $25 Billion by 2022
February 18, 2019 | PRNewswireEstimated reading time: 2 minutes
Transparency Market Research (TMR) witnesses that the global microwave oven market has a highly competitive vendor landscape. Some of the companies operating in the global microwave oven market are LG Electronics, Inc., Guangdong Galanz Enterprises Co. Ltd., Hoover Limited, Electrolux AB, and Sharp Corporation. In order to standalone in this cutthroat competition, the key players are adopting the strategies for enlarging their business. Additionally, key players are also adopting the strategies such as merger and new product launches. The launch of the innovative products is leading to propel growth of the microwave oven market.
According to TMR, the global microwave oven market collected revenue of about $18.9 billion in 2017 and is projected to collect revenue of $25.0 billion by the end of 2022. The market is expected to swell with a CAGR of 5.8% over the forecast period from 2017 to 2022.
Based on the product, the convection microwave segment is estimated to expand with a CAGR of 5.2% over the forecast period. Based on the end use, the household segment is expected to witness growth with fast pace. Based on the region, North America is dominating the global microwave oven market and is expected to account for the leading share of about $6.8 billion by the end of the 2022. This growth is attributable to the growing demand for the microwave oven across the industrial and household level.
Growing Disposable Income Globally to Propel Market Growth
The microwave oven market is gaining traction due to rising disposable income of mid-earning people globally and especially from developing countries. Growing income of the mid-earning people is surging demand for advanced products and leading to upgrade the living of people. Additionally, the need for the modular house coupled with the demand for most of all a modular kitchen is growing and leading to boost the microwave oven market.
Growing adoption of the microwave oven across developing nations globally is expected to boost the market. Additionally, growing favorable environment for the microwave oven across the developing economies owing to rising disposable income is boosting global microwave oven market.
Rising demand for the bakery products is leading to surge the adoption of the microwave oven and likely to propel growth of the global microwave oven market. Furthermore, desire of lavish lifestyle coupled with easy availability of advanced microwave oven is propelling adoption of the oven. This in turn is fuelling growth of the global microwave oven market.
High Power Consumption to Hinder Market Growth
Despite these growth prospects, factor such as high electricity consumption is posing as a major challenge to the growth of the microwave ovens across developing region. As high electricity, bills are still a concern for mid-earning families mainly in the developing countries, which is hindering growth of the overall market. Nevertheless, numerous companies are expected to create and develop products, which require less energy to work; thus, the market is witnessing high growth opportunities for growth. Furthermore, the advancement in home and kitchen is expected to fuel growth of the global microwave oven market over the forecast period.
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