What is the global market size of Microwave Oven Market?

Global Microwave Oven Market size was valued at USD 15.77 billion in 2021 and is poised to grow from USD 16.4 billion in 2022 to USD 22.4 billion by 2030, growing at a CAGR of 4% in the forecast period (2023-2030).

What is the key driver of Global Microwave Oven Market?

Well-equipped combo-microwaves are finding their place in the global microwave oven market.

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 2025-2032

Q: Which region accounted for the largest share in Global Microwave Oven Market?

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.

Report ID: SQMIG25E2083 | Region: Global | Published Date: April, 2024
Pages: 235 | Tables: 88 | Figures: 76

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 Market Report Snapshots

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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).

Key players in the 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 presence following numerous developmental strategies. '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'

Well-equipped combo-microwaves are finding their place in the microwave oven market.

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.

North America dominated the 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.

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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 2025-2032

Microwave Oven Market Competitive Landscape

Microwave Oven Market Report Snapshots

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