USD 15.77 billion
Microwave Oven Market Size, Share, Growth Analysis, By Structural Set-up(Built-in, Counter-top), By Product Type(Convention Type, Grill Type, Solo Type), By End-User(Household, Commercial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25E2083 |
Region:
Global |
Published Date: April, 2024
Pages:
235
|Tables:
88
|Figures:
76
Microwave Oven Market Insights
Global Microwave Oven Market size was valued at USD 15.77 billion in 2019 and is poised to grow from USD 16.4 billion in 2023 to USD 22.4 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).
Among all the kitchen appliances purchased cooking appliances hold the largest market share, by the year 2027 cookers and ovens are estimated to generate revenue of around US$ 109.5 billion. The modern living standards have increased expenditure on new-age kitchen gadgets that would ease and signify the cooking experience of consumers. The rise in accessibility to information, media, and socializing mediums has increased excitement for different recipes and cooking ways that attract people to own advanced appliance required for quick and quality services. In the years there has been an increasing number of people who are inclined to spend on auxiliary leisure appliances to ease and comfort their lifeways. Advent technological innovation complemented with kitchen appliances has witnessed huge popularity and directed individuals towards smart living standards.
Microwaves have become an essential component of kitchen chores. The varied cooking options provides such as baking, grilling, and roasting aid a faster and hassle-free food preparation. The appliance uses thermal energy to provide heat which provides adequate heat for cooking. Integration of innovative luxury options steered by the technology of IoT is further posing transcending effects on global microwave oven market growth.
US Microwave Oven Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Built-in
Fastest Growth
Built-in
Growth Rate
4% CAGR
Global Microwave Oven Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
To get more reports on the above market click here to Buy The Report
Microwave Oven Market Segmental Analysis
Global microwave oven market is segmented based on structural setup, product-type, end-user and region. Based on structural setup, the market is segmented as built-in, counter-top. Based on product type, the market is segmented as convention type, grill type, and solo type. Based on end-user, the market is segmented as commercial and household segment. Based on region the market is segmented as North America, Europe, Asia-Pacific, South America, and MEA.
Microwave Oven Market Analysis by Structural Setup
The built-in microwave oven is estimated to dominate the global microwave oven market over the forecast period. These built-in microwave ovens are gaining popularity for their exquisite look and appeal, 12.6 million built-in ovens were traded in Europe. The microwaves do not take up much of the counter's space and are easily fixable in modern-day kitchens. The rise in the trend of modular kitchens and smart stylish appliances is expected to project high market revenue in the forecast period.
Along with this the countertop microwave oven showcased significant market shares in the year 2018 and is expected to retain its market in upcoming years.
Microwave Oven Market Analysis by End User
The commercial segment is expected to dominate the global microwave oven market over the forecast period. In recent years there has been a rise in the number of restaurants, quick food services, and food takeaways which has posed high market demand for commercial microwave ovens. These are specially designed for larger food preparation needs. They are bigger and size and require high power capacity and specialized handling professionals.
Household microwaves are designed for residential purposes and are easy to handle and operate. The rising ubiquity of modernized appliances and daily household needs has prospected a simultaneous market growth for the household segment in the predicted years.
Global Microwave Oven Market By Structral set-up, 2021 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Microwave Oven Market Regional Insights
North America dominated the global microwave oven market in 2021 and it is anticipated to maintain its dominance throughout the forecast period. Various food processing and food preparation chains, and restaurants are attributed to the high market share. In the year 2019, 17.5 million microwave ovens were shipped in the US and is expected to rise year on year. The Asia Pacific is expected for a remarkable growth of around 5.0% over the forecast period. The rising availability of income and expenditure for improvised living standards and inclination toward technology-based facilities are enhancing the market growth prospects, especially in countries such as India, the Philippines, Korea, and China. Along with this rising health concerns among people are inclining them to avoid deep-fried food items are leading to market growth, it is estimated that by 2025 around 270 million units of microwave ovens would be sold worldwide.
Global Microwave Oven Market By Geography, 2021-2028
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Microwave Oven Market Dynamics
Microwave Oven Market Driver
- Well-equipped combo-microwaves are finding their place in the global microwave oven market.
Combination ovens, which include a grilling area in addition to a convection oven, are gaining acceptance not only for household use but also in the commercial sector. The dangers of eating fried and oil-heavy meals have been brought to light by informational accessibility and increased health awareness. Many individuals look forward to eating foods that are baked or drizzled with healthy oil since they are more nutritious. These multifunctional microwaves make using them simple and enjoyable, and it is anticipated that demand for them will increase in the future years.
Microwave Oven Market Challenge
- High Power consumption
Microwave ovens consume a high amount of power and are considered to be less power efficient. In various countries, there is a limitation for electricity load consumption and such high-power appliance are rarely embraced which becomes a major impeding factor for the global market. Along with this the microwaves specialized for commercial purposes are higher power consumers. Governmental policies and initiatives to limit the power usage and related power dissipation concerts pose a detrimental effect on such appliances. However, the key manufacturers are indulged in various innovative and research activities toward energy-efficient microwave ovens
Request Free Customization of this report to help us to meet your business objectives.
Microwave Oven Market Competitive Landscape
Key players in the global Microwave Oven Market are deploying strategic methods accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, partnerships and strategic agreements and contracts along with various research and development activities to cater to new launches and services. Various industry players are leveraging ways to expand their global presence following numerous developmental strategies.
Microwave Oven Market Top Players Company Profiles
- LG Electronics
- AB Electrolux
- Samsung Electronics
- Whirlpool Corporation
- Panasonic Corporation
- Haier Group Corporation
- Sharp Corporation
- Bosch Home Appliances
- Midea Group Co., Ltd.
- General Electric
- Toshiba Corporation
- Hitachi, Ltd.
- Groupe SEB
- Guangdong Galanz Enterprises Co., Ltd.
- Daewoo Electronics
- Godrej Appliances
- Vestel Group
- Breville Group Limited
- Mueller Austria
- Black & Decker Corporation
Microwave Oven Market Recent Development
- In June 2022, LG Electronics announced its plan to present the essence of its ultra-premium built-in kitchen appliance brand at Milan Design Week 2022. This is a globally recognised design event.
- In June 2022, Samsung Electronics announced the global launching of “SmartThings Home Life”. It intends to offer consumers with holistic smart home experience by applying connectivity between smart devices and enriching day-to-day routine activities at home thereby streamlining it smartly. The initiative is set with a vision to expand the services worldwide and empower consumer experience in their daily tasks.
- In April 2022, LG announced its vision in partnership with Wolves Summit to leverage innovative technologies and solutions for a better life at home. The partnership intends to work closely with the winners and create intellectually designed, convenient solutions for the future generation home.
Microwave Oven Key Market Trends
- Various companies are harnessing ways to energy-coherent microwave ovens pertaining to the growing market demand for less pawer dissipating microwave ovens. Companies are employing dedicated expenditures in R&D to develop energy-coherent microwave ovens.
- Augmented with features IOT is enhancing their market presence and enticing consumers. Rise in busy working timings and limited work-life balance in urban life the time consumers intend to spend limited time in household chores. A smartly equipped microwave oven that best suits the end-user in the household as well in commercial space has huge prospects and is expected to experience high market demand.
Microwave Oven Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, current initiatives to mechanize well-equipped microwave ovens, as well as rising product launches of innovative solutions by key players are expected to raise market pressure over the projection period. Built-in microwave oven is expected to dominate the global market.
In North America, increased R&D activities in power and energy-related concerns along with newer tech- progressions such as IoT and AI are expected to be a valuable resource in the growth of the global market all over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.77 billion |
| Market size value in 2031 | USD 22.4 billion |
| Growth Rate | 4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Microwave Oven Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Microwave Oven Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Microwave Oven Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Microwave Oven Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Microwave Oven Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Microwave Oven Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
