NEW YORK, Nov. 26, 2021 /PRNewswire/ -- The increasing disposable income of consumers is expected to boost the growth of the microwave oven market. The market is estimated to grow by USD 1.39 bn from 2020 to 2025, progressing at a CAGR of 1.69% during the forecast period, according to Technavio. This report offers an updated analysis of the present market scenario, the latest trends and drivers, and the overall market environment.

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The microwave oven market is fragmented, and the degree of fragmentation will accelerate during the forecast period. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The microwave oven market report covers the following areas:

• Microwave Oven Market size
• Microwave Oven Market trends
• Microwave Oven Market industry analysis

Microwave Oven Market 2021-2025: Segmentation

• End-user
  • Residential
  • Non-residential
• Geography
  • APAC
  • North America
  • Europe
  • South America
  • MEA

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Microwave Oven Market 2021-2025: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources.

The increasing disposable income of consumers, growing demand for time-efficient cooking methods, and increasing demand for frozen and ready-to-cook food will offer immense growth opportunities. However, the availability of alternative products, high cost of product, and high power consumption will challenge the growth of the market participants.

Microwave Oven Market 2021-2025: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the microwave oven market, including Bajaj Electricals Ltd., Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., IFB Industries Ltd., LG Electronics Inc., Morphy Richards Ltd., Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., and Whirlpool Corp. Backed with competitive intelligence and benchmarking, our research report on the microwave oven market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

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Microwave Oven Market 2021-2025: Regional Analysis

Technavio offers an up-to-date analysis of the geographical composition of the market as well as competitive intelligence and regional opportunities for vendors. Based on our research, APAC is expected to dominate the market, accounting for 56% of the market's growth, during the forecast period. China and Japan are the key countries for the microwave ovens market in the region. In addition, APAC has been recording a significant growth rate and is expected to offer several growth opportunities to market vendors during the forecast period. The growing demand for time-efficient cooking methods will drive the microwave oven market growth in APAC.

Microwave Oven Market 2021-2025: Key Highlights

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will assist microwave oven market growth during the next five years
• Estimation of the microwave oven market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the microwave oven market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of microwave oven market vendors

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SOURCE Technavio