Deep Analysis of Impact of COVID-19 on “Microwave Oven Market 2012-2022” Growth Worldwide….


The global microwave oven market size is anticipated to reach USD 12.70 billion by 2022, according to a new report by Grand View Research, Inc., rising at a CAGR of 2.8% during the forecast period. Improving standard of living of consumers, growing number of nuclear families, and increasing demand for frozen and ready-to-eat food are some of the key factors stimulating market growth.
The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
Growing number of working women and preoccupied schedule of people in urban cities are likely to fuel the demand for ovens. A large part of new households comprises working singles who prefer to dine out rather than setting up their kitchen. This may be a drawback for the residential appliance market. However, this trend is estimated to boost the culture of quick service restaurants, cafes, and small eateries, which in turn will work in favor of the market.
Robust growth of the hospitality sector and rising catering contracts for large-scale functions, seminars, and other social gatherings are also expected to stir up the demand for commercial appliances over the forecast period. In case of the residential application segment, the most significant driver is the changing lifestyles and food consumption preferences of people, with more consumers shifting towards ready-to-eat and frozen food.
Macroeconomic factors such as growing population, rising disposable income of consumers, and increasing awareness of different cooking media such as microwave oven, grills, and barbeques are projected to impact the market positively.
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https://www.grandviewresearch.com/industry-analysis/microwave-oven-market/request/rs1
Further key findings from the report suggest:
·         The convection segment is poised to account for half of the overall market value by 2022
·         The grill microwave oven market is anticipated to be valued at around USD 4.50 billion by 2022
·         In 2016, North America was the leading revenue contributor in the market, with a valuation of around USD 3.5 billion
·         The household application segment accounted for a larger revenue share in 2016 and is likely to expand at a CAGR of around 3.0% over the forecast period
·         The key players in the market include Robert Bosch GmbH, Haier Group Corporation, Hobart, Hamilton Beach, Middleby Corporation Company, Whirlpool Corporation, and Sharp Corporation.
The global microwave oven market size was valued at USD 10.67 billion in 2016. It is anticipated to expand at a CAGR of 2.8% over the forecast period. Surging demand for frozen & precooked ready-to-eat food, changing eating preferences & lifestyles, and rising disposable income of consumers are among the key trends escalating market growth.
Market players are increasingly integrating appliances with Internet of Things (IoT) platform. Smart kitchen appliances operate remotely and wirelessly in real time through mobile and desktop applications. Also, with rising awareness about energy conservation, microwave oven manufacturers are focused on developing energy efficient products that are ENERGY STAR rated.Widening base of working-class population is likely to fuel the demand for microwave oven. Key market players are estimated to offer novel and innovative products such as microwave ovens equipped with auto program and easy control panels to enhance its usability and cater to changing consumer demands.
Increasing disposable income of consumers is expected to be one of the key factors driving the market. As a consequence, high tendency of consumers to spend more on smart appliances is projected to increase the overall demand further. Consumers focus more on buying new and innovative home appliances, such as microwave ovens that are equipped with varied advanced features.
By product, the market is segmented into grill, solo, and convection microwave ovens. A convection oven is a combination of a regular convection oven with a microwave and supplies both hot air and microwaves for cooking. These are mostly used in commercial businesses such as restaurants and hotels, where food is prepared in large quantity, which requires reheating and defrosting.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-microwave-oven-market
Solo models, on the other hand, consist of a magnetron inside for producing microwaves. Solo microwave ovens can heat as well as boil food. However, they do not contain features for roasting and baking.
Grand View Research has segmented the global microwave oven market into product, application, structure.
Microwave Oven Product Outlook (Revenue, USD Billion, 2012 - 2022)
·         Convection
·         Grill
·         Solo
Microwave Oven Application Outlook (Revenue, USD Billion, 2012 - 2022)
·         Commercial
·         Household
Microwave Oven Structure Outlook (Revenue, USD Billion, 2012 - 2022)
·         Built-in
·         Counter top
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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