Inverter Microwave Ovens Market Size, Share, Growth, And Industry Growth By Type (Under 1 Cu. Ft, 1 to 1.9 Cu. Ft, Over 2 Cu. Ft) By Application (Household and Commercial), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Inverter Microwave Ovens Market REPORT OVERVIEW

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The global inverter microwave ovens market size was USD 1549.3 million in 2022 and market is projected to touch USD 2277.79 million by 2031, exhibiting a CAGR of 3.9% during the forecast period.

Inverter microwave ovens are a coming of the ageing technology in the microwave ovens sector recolonizing the market and establishing new market trends. It helps in seamless cooking. Less power consumption and prevents overheating. Not only the additional technical features but also ensures the retention of nutrients.

The residential spaces are constantly being renovated with high-tech appliances as the purchasing power of the global consumer increases. The microwave oven is a necessary appliance in everyday life and is being relied upon for various cooking processes. It has been an aid in serving the mass customers while at the same time coping with fast-paced living.

COVID-19 Impact: Shutdown of Industries to Hamper the Market Demand

COVID-19 has affected global economic growth and the healthcare unit went through the most difficult times. The pandemic has raised numerous health concerns and pointed out the living habits of the people. The pandemic changed and affects the choices of the consumer as everyone became health conscious. Initially, at the start of the COVID-19 consumer were apprehensive about using the microwave oven to cook foods considering the health factor however, as months passed and the launches of technologically advanced products helped the inverter market to resume its previous market position. The sudden shutting down of manufacturing units halted the production and supply logistics. The inverter microwave ovens market faced a few hurdles during the pandemic times due to the slow growth of the economy. However, as the normalization process already taking over the world the market is expected to present new opportunities. 

LATEST TRENDS

"Continuous Developments and New Product Launches to Propel the Market Demand"

The consumer preference is shifting from conventional microwaves to technologically advanced inverter microwave ovens. Previously, microwave ovens used to consume large power which was a major drawback for the market. In comparison to the conventional microwave, the latest generation inverter-backed up microwave ovens consume less power and enables evenly cooked food in less duration time. The product has been recolonized as the high-tech process ensures minimum loss of nutrients and helps in retaining the nutritional level. The consistent developments and the upgradation by prioritizing the health risk factors will drive the inverter microwave ovens market in the forecasted year.

Inverter Microwave Ovens Market SEGMENTATION

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• By Type

Based on type, the market is divided into under 1 Cu. Ft, 1 to 1.9 Cu. Ft, over 2 Cu. Ft. Under 1 Cu. Ft type is expected to lead this segment in the forecasted year.

•  By Application

Based on the application, the market is divided into household and commercial. The household sector is anticipated to lead this segment in the upcoming year.

DRIVING FACTORS

"Increasing Standard of Living and High Disposable Income to Accelerate the Product Sale "

The global living conditions have witnessed impressive magnification compared to the past century. The western countries continue to relish the good economy, rising infrastructure and rise in the quality of living. The income trends are evolving and have seen upward trends in the past few decades. The credit for the rapid developments can be rightfully given to the latest innovations that have made life more livable and affordable. The third-world countries are securing huge investments and striving to build infrastructure and upgrade the living standards of the people. The emphasis on increasing the literacy rate and the consistent support from the government is paving the path for job opportunities. Moreover, the rise in the living quality of the middle class and financial awareness is giving the consumer the required freedom to invest in smart home appliances. Thus, the easy affordability and accessibility to luxury, smart home appliances will boost the inverter microwave ovens market in the forthcoming years.

"Rise of Ready-Made Food and Rapid Urbanization to Boost the Inverter microwave ovens Market Demand"

Urbanization and the technological revolution have been the reason for the progression of civilization; however, it is the root cause for the increase in fast-paced lifestyles. Consumers are on the lookout to invest in high-tech kitchen appliances which reduce the cooking time. The upgradation of commercial spaces and incorporation of microwaves to cater to the long-hour office culture has triggered the inverter microwave ovens market share.  Furthermore, the overwhelming schedule of the people has popularized ready-made food options which further contributes to the market growth of microwave ovens. The food outlets are integrating multi-functional microwave ovens to serve the large customer base. The urbanization has prompted the rise in the adoption of inverter microwave ovens.  

RESTRAINING FACTORS

"Price Fluctuations to Hamper the Market Growth"

The demand for inverter microwave ovens is increasing worldwide and owing to the recent pandemic situation and supply logistic issue has raised a major concern among the key players regarding the price of the product. The recent market analysis has shown the constant price fluctuations which can be a major restraining factor to the market growth.

Inverter Microwave Ovens Market REGIONAL INSIGHTS

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"North America to Dominate the Market due to the Rising Food Processing Industry. "

North America has the financial advantage and has seen a sharp increase in living standards over the past century. As the hub of technological innovations, it has ample market demands and facilities for research and development. In recent times, the population of this region has been shooting up accompanied by the rising work population. The food processing industry has seen consistent launches of new products maintaining the nutritional ability of the food. The Food industry is extensively using inverter microwave ovens in their efforts to implement energy-efficient appliances. All these factors will be a major driver in the inverter microwave oven market growth in this region.

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Panasonic (Japan)
• Galanz (China)
• Midea (China)
• Sharp (Japan)
• LG (South Korea)
• Haier (China)
• Breville (Australia)
• Morphy Richards (U.K.)

REPORT COVERAGE

This report covers the analysis of the inverter microwave ovens market providing a comprehensive market insight focusing on the existing key players who would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.