Europe Household Microwave Oven Market Forecast 2023-2031 – Market Size, Drivers, Trends, And Competitors

Posted on 2024-03-29 by Transparency Market Research in Advertising // 0 Comments

Wilmington, United States, 2024-Mar-01 — /EPR Network/ — The household microwave oven market in Europe is poised for substantial growth, reflecting evolving consumer preferences, technological advancements, and socio-economic shifts. With a comprehensive analysis, this report delves into the current market scenario, future projections, key drivers, challenges, and emerging trends shaping the landscape of the Europe household microwave oven market until 2031.

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Key Players and Market Developments

Panasonic Holdings Corporation, Samsung Electronics Co., Ltd., LG Corporation, Robert Bosch GmbH, Siemens, Whirlpool Corporation, Sharp Corporation, Electrolux AB, Daewoo Electronics, and Miele are prominent entities operating in this market.

Market Overview:

In 2022, the Europe household microwave oven market was valued at US$ 767.0 Mn, and it is projected to witness a steady growth trajectory, registering a CAGR of 3.5% from 2023 to 2031, reaching US$ 1.0 Bn by the end of 2031. The market is fueled by various factors, including the rising preference for frozen food items, increased household income, and the growing number of one-person households across the region.

Key Drivers:

The surge in demand for tech-infused microwave oven products is a significant driver propelling market growth. Microwave ovens simplify the cooking process, particularly for frozen food products, aligning with the busy lifestyles of modern consumers. Furthermore, the rise in household spending power, evidenced by increased household expenditure in countries like Germany, is contributing to the adoption of consumer electronics, including microwave ovens.

Trends Shaping the Market:

The market is witnessing a shift towards convection microwave ovens, which offer versatility in cooking methods such as roasting, baking, grilling, and frying. Additionally, there is a growing demand for grill and solo microwave ovens, driven by consumer preferences for specific cooking tasks. Moreover, innovative features such as energy efficiency and smart connectivity are influencing purchasing decisions.

Challenges:

One of the key challenges facing the market is the rise in the cost of raw materials. However, this challenge presents an opportunity for vendors to focus on research and development to create affordable and IoT-integrated products, thereby enhancing market competitiveness.

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Country-wise Outlook:

The United Kingdom (U.K.) is anticipated to hold the largest share in the Europe household microwave oven market, driven by the rising preference for healthy meals with minimal oil or fat. Meanwhile, Germany, France, and other countries in Europe are expected to experience steady growth due to the increasing need for fast and cost-effective cooking methods.

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