World Microwave Oven Market Growth Trends, Key Players, Competitive Strategies and Forecasts 2020 – Acute Market Reports
Microwave ovens, today, form an integral part of kitchen appliances. Microwave oven functions on thermal energy by heating the polar molecules in food, a process also known as dialectic heating. The microwave radiations emitted from microwave ovens are of shorter wavelength, but possess enormous amount of energy which facilitate faster cooking. Microwave ovens, depending on their power output, can alternatively be used for roasting, baking and grilling. Microwave ovens are manufactured with varied features, some of which include, touch display panels, a heating chamber, vents and a glass turntable.
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The world market for microwave oven is segmented, based on type, application, structure and geography. Based on types of microwave oven, the report covers convection, grill and solo. The convection microwave oven accounts for the bigger market share within the world market. Owing to its high functionality feature, convection microwave oven is witnessing a rapid growth. The report is also analyzed from the perspective of application of microwave oven. Household microwave oven market accounts for a higher share than the commercial microwave oven market. The product structure segment comprises of built-in and counter top. Built-in microwave oven are expensive and involve installation charges, whereas counter top microwave ovens do not have any installation cost and can be placed conveniently in the kitchen.
The world microwave oven market is expected to register a notable growth in the near future, owing to a significant increase in disposable income and growing working class segment in emerging markets. The increasing propensity of consumers to spend on appliances which assist them in kitchen chores has generated an increasing demand for microwave ovens. Additionally, the changing lifestyle of consumers has encouraged the users to opt for stylish and convenient appliances which complement their living standards. However, the prominent use of traditional cooking equipment in the less developed regions of Asian countries, limits the growth of the market. Moreover, the need of energy efficient kitchen appliances and growing demand for smart appliances are factors that will drive the growth of the market. North America is a major revenue contributor to the world microwave oven market. The Asia Pacific region would witness an impressive growth in the market during the forecast period.
Increasing disposable income
Increased disposable income especially in the developing countries has positively influenced the market of microwave ovens. High disposable income increases the spending capacity of consumers to spend more on technology-driven premium kitchen appliances including microwave ovens. Moreover, consumers opt for multipurpose and hassle-free appliances, which make their kitchen chores much easier, which in turn is driving the adoption of microwave ovens.
Energy consumptionHigh-energy consumption by microwave ovens act as one of the major restraining factors for the growth of global microwave oven market. In many regions, high electricity cost limits the use of such appliances for household purposes. Commercial microwave ovens consume huge amount of electricity as they are used for prolonged hours. However, companies are offering innovative microwave ovens, which consume less energy for cooking food faster and efficiently.
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Chapter: 1 INTRODUCTION
1.1 Report description
1.2 Key benefits
1.3 Market segmentation
1.4 Research methodology
1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models
Chapter: 2 MARKET OVERVIEW
2.1 Executive summary
2.2 CXO perspective
2.3 Market definition and scope
2.4 Key findings
2.4.1 Top impacting factors
2.4.2 Top investment pockets
2.4.3 Top winning strategies
2.5 Value chain analysis
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