New York, March 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Microwave Ovens Global Market Report 2022" - https://www.reportlinker.com/p06247488/?utm_source=GNW
The global microwave ovens market is expected to grow from $41.50 billion in 2021 to $42.94 billion in 2022 at a compound annual growth rate (CAGR) of 3.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $45.31 billion in 2026 at a CAGR of 1.4%.
The microwave ovens market consists of revenues generated by entities (organizations, sole traders, or partnerships) that carry out design, manufacturing, and sales of microwave ovens. The market includes sales of electric ovens that cook food by exposing it to electromagnetic radiation in the microwave frequency range.
The main product types of microwave ovens are grill, solo and convection.A grill microwave has radiant heating on the top, which is useful for grilling or roasting.
The baked item would be a combination of raw and burnt due to the heat of the microwave.Microwave ovens have various applications such as commercial and household.
Microwave ovens can be further categorized on the basis of structure into counter top and built in. Microwave ovens can be distributed by specialty stores, supermarkets/hypermarkets, online sales, or other distribution channels.
Asia Pacific was the largest region in the microwave ovens market in 2021.Western Europe was the second-largest region in the microwave ovens market.
The regions covered in the microwave ovens market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand for frozen and ready-to-eat food owing to busy lifestyles is expected to drive the microwave ovens market growth during the forecast period.Frozen and prepared meals can easily be cooked in microwave ovens and taste similar to that of fresh food.
About 79% of urban citizens tend to include ready-to-eat food in their daily meals in 2020. Therefore, the increasing demand for frozen and ready-to-eat food owing to busy lifestyles drives the growth of the microwave ovens market.
Increased tariffs on raw materials such as steel and aluminum is a restraint on the market for microwave ovens.Galvanized or stainless steel is predominantly used in the manufacture of microwave ovens.
Increasing import tariffs on raw materials such as steel hindered the market for microwave ovens. For instance, on October 31, 2021, the United States and the European Union announced that they had reached agreement on the lifting of US tariffs of 25% on imports of steel from the European Union (EU) and 10% on imports of aluminum from the EU that were imposed under Section 232 of the Trade Expansion Act of 1962.
Companies in the household cooking appliance market are increasingly launching technologically-advanced multi-functional ovens to cater to the rising demand for multi-functional appliances with additional benefits.These multi-functional ovens use a wide range of methods to provide customized and easy cooking.
These ovens use devices to guide and instruct users in the process of cooking.Apart from these, they also come with catalytic and pyrolytic self-cleaning functions.
The catalytic self-cleaning feature allows the use of special chemical installed liners to absorb grease, while the pyrolytic self-cleaning function of these ovens allows them to clean the dirt and grease using high temperatures.For instance, Electrolux’s EOY5851AAX oven uses different programs and functions to make the process of cooking easy and customized.
It has the pyrolytic cleaning technology that allows self-cleaning.
The countries covered in the microwave ovens market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247488/?utm_source=GNW
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