The Microwave Oven Market is expected to attain a market size of $28.9 billion by 2023, growing at a CAGR of 5.9% during the forecast period. Microwave ovens are a vital part of kitchen appliances today. Microwave oven use thermal energy and heat the polar molecules in food. It is a process which is also popularly known as dialectic heating.
The microwave ovens emit radiations which are of shorter wavelength; nevertheless, the radiations are of tremendous energy facilitating faster cooking. Microwave ovens are also used for roasting, baking and grilling, depending on the power out. Microwave ovens come with wide verity of options such as touch display panels, a heating chamber, vents and a glass turntable.
The microwave oven market would grow at a significant rate during the forecast period. Higher disposable income and growing working class segment in emerging markets have had a positive impact on the market growth. The growing inclination of customers to spend on kitchen appliances has led the growing demand for microwave ovens. Based on the Product Types, the Microwave Oven market is segmented into Convection, Grill, and Solo. Based on the Applications, the market is segmented into Commercial and Household. Based on Structures, the market is segmented into Counter Top and Built-In.
Based on region, Microwave Oven market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, Malaysia, Singapore, Australia and Rest of Asia-Pacific) and Latin America, Middle East & Africa. North America remained the dominant region in the Microwave Oven market in 2016. Asia-Pacific would witness promising CAGR during the forecast period (2017-2023). The report covers the analysis of key stake holders of the Microwave Oven market. Key companies profiled in the report include Panasonic Corporation, Whirlpool Corporation, LG Corporation (LG Electronics, Inc.), Samsung Electronics Co. Ltd., Alto Shaam, Inc., AB Electrolux, Hon Hai Precision Industry Co., Ltd., Techtronic Industries (Hoover limited), Illinois Tool Works (ITW) Inc., and Galanz Enterprise Group.