In 2022, the global microwave market is estimated to reach USD 8 Billion. Sales of microwaves are expected to increase at a steady 4% CAGR, pushing the market size to USD 11.84 Billion by 2032.
The microwave market is experiencing a surge in demand driven by an increased desire for fresh and ready-to-eat foods, alongside the growing popularity of smart kitchen appliances. The rise in adoption of modern kitchen equipment is fueling market expansion.
Moreover, heightened investment in smart kitchen appliances is driving innovation among key players, who are concentrating on launching new products and incorporating advanced technologies into cooking devices to propel growth in the microwave market.
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New market opportunities are likely to arise from the growing popularity of connected household appliances, such as the inverter-based microwave. The ongoing trend of smart household appliances will create opportunities for growth for microwave manufacturers over the forecast period.
Key Takeaways:
- Based on structure, sales of countertop microwaves will increase at a 3.3% CAGR over the forecast period.
- In terms of applications, demand for microwaves in the commercial sector will grow at a 4.1% CAGR through 2032.
- By sales channel, the online segment will hold a dominant share in the market over the assessment period.
- Sales of microwaves in the U.S. will rise at a 1.1% CAGR over the forecast period.
- China will emerge as a lucrative pocket, with sales growing at a 10.2% CAGR through 2032.
- Demand for microwaves in India will increase at a 8% CAGR over the forecast period.
Competition Landscape
Aggressive promotional techniques, marketing, and new product launches are some of the key strategies being adopted by the leading microwave manufacturers.
Some of the key players in the global microwave market include
- Galanz Enterprise group.
- Whirlpool Corporation
- Hoover Limited
- LG Electronics
- AB Electrolux.
- Sharp Corporation
- Illionis Tool works INC
- Alto-Shaam INC
- Panasonic Corporation
- Haier group corporation
- Robert Bosch
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Global Microwave Market by Category
By Product Type:
- Convection
- Grill
- Solo
By Application:
- Household
- Commercial
By Structure:
- Built-In
- Countertop
By Sales Channel:
- Hypermarkets/ Supermarkets
- Wholesalers/Distributors
- Specialty Stores
- Multibrand Stores
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceani
- MEA
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