Microwave Oven Market Research, 2031
The global Microwave Oven Market Size was valued at $8,547.20 million in 2020, and is projected to reach $15,587.10 million by 2031, growing at a CAGR of 4.6% from 2022 to 2031.Microwave ovens today form an integral part of kitchen appliances. Microwave oven functions on thermal energy by heating the polar molecules in food, a process also known as dialectic heating. The microwave radiations emitted from microwave ovens are of shorter wavelength, but possess enormous amount of energy that facilitates faster cooking. Microwave ovens, depending on their power output, can alternatively be used for roasting, baking and grilling. Microwave ovens are manufactured with varied features, some of which include, touch display panels, a heating chamber, vents and a glass turntable.
The global microwave oven market is expected to register a notable growth in the near future, owing to a significant increase in disposable income and rise in working class segment in emerging markets. The increasing propensity of consumers to spend on appliances which assist them in kitchen chores has generated an increasing demand for microwave ovens. In addition, the changing lifestyle of consumers has encouraged the users to opt for stylish and convenient appliances that complement their living standards. However, the prominent use of traditional cooking equipment in the less developed regions of Asian countries limits the Microwave Oven Market Growth . Moreover, the need of energy efficient kitchen appliances and rise in demand for smart appliances are factors that are expected to drive the growth of the market. North America is a major revenue contributor to the global microwave oven market. The Asia-Pacific region is projected to witness an impressive growth in the Microwave Oven Industry during the forecast period.
Increased disposable income, especially in the developing countries, has positively influenced the market of microwave ovens. High disposable income increases the spending capacity of consumers to spend more on technology-driven premium kitchen appliances including microwave ovens. Moreover, consumers opt for multipurpose and hassle-free appliances, which make their kitchen chores much easier, which in turn is driving the adoption of microwave ovens.
High-energy consumption by microwave ovens act as one of the major restraining factors for the growth of global microwave oven market. In many regions, high electricity cost limits the use of such appliances for household purposes. Commercial microwave ovens consume huge amount of electricity as they are used for prolonged hours. However, companies are offering innovative microwave ovens, which consume less energy for cooking food faster and efficiently.
Several companies are offering energy-efficient microwave ovens owing to the growing market demand. Consumers prefer less power-consuming microwave ovens. Companies are investing heavily in R&D to develop energy-efficient microwave ovens equipped with features such as access to internet, to strengthen their market presence. With the launch of energy efficient and easy to use kitchen appliances, consumers would be encouraged to opt for microwave oven, thus giving them opportunity to try new cuisines without consuming much time on cooking. Thereby, leading to increased demand for microwave oven.
Segmentation
The global market for microwave oven is segmented on the basis of type, production, structure and region. Based on type, the report covers convection, grill and solo. The convection microwave oven accounts for the bigger market share within the world market. Owing to its high functionality feature, convection microwave oven is witnessing a rapid growth. The report is also analyzed from the perspective of application of microwave oven. Household microwave oven market accounts for a higher Microwave Oven Market Share than the commercial microwave oven market. The product structure segment comprises built-in and counter top. Built-in microwave oven are expensive and involve installation charges, whereas counter top microwave ovens do not have any installation cost and can be placed conveniently in the kitchen. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the convection segment dominated the global market, however, solo segment is expected to be the fastest growing segment during the forecast period.
On the basis of production, household segment dominated the market, however, the commercial segment is growing at the fastest growth rate, owing to increase in outdoor dining and rise in consumption of more fast food.
On the basis of structure, the counter top segment is the dominating segment owing to its key feature of portability, however, owing to the growth of home renovation and designer and smart kitchen, the demand for built-in microwave ovens is rising among customers.
On the basis of region, Asia-Pacific dominated the global microwave oven market, and is also the fastest growing region around the world, owing to the key factors such as high population ratio, growth in disposable income and enhanced standard of living.
Top players are adopting various strategies in the market in order to acquire a bigger market share in the microwave oven market. Their key development strategies include product launch and acquisition & expansion. In addition, the major key players included in the microwave oven market analysis are LG Electronics, Samsung Electronics, Alto-Shaam Inc., AB Electrolux, Sharp Corporation, Hoover Limited, Illinois Tool Works Inc., Galanz Enterprise Group, Whirlpool Corporation and Panasonic Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the microwave oven market analysis from 2020 to 2031 to identify the prevailing microwave oven market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the microwave oven market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global microwave oven market trends, key players, market segments, application areas, and market growth strategies.
Microwave Oven Market Report Highlights
| Aspects | Details |
 By Structure |
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 By Type |
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 By Production |
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 By Region |
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 Key Market Players | Hoover Limited, AB Electrolux, LG Electronics, Samsung Electronics, Panasonic Corporation, Sharp Corporation, Illinois Tool Works Inc., Galanz Enterprise Group, Alto-Shaam Inc., Whirlpool Corporation |
Analyst Review
Microwave oven market has witnessed a rapid growth in developing regions such as APAC. Increased propensity of consumers to spend on premium and advanced kitchen appliances has led to the growth of the microwave oven market. Microwave ovens have high penetration rate in North America. In the U.S., around 90% households own a microwave oven. However, the demand for microwave oven in this region would gradually decline owing to rising obesity concerns and increasing health consciousness among end users. Increasing health awareness among consumers is driving them to avoid packaged microwavable food. The market in Asia-Pacific region is estimated to grow at a good pace during the forecast period. Increasing disposable income coupled with rise in the working class segment has fostered the growth of the market. In addition, emergence of food establishments in the region has led to the increased demand for powerful and energy-efficient microwave ovens. Moreover, people nowadays prefer fast food and faster service, which boosts the demand of microwave ovens. Adoption of microwave oven has increased due to its ability to cook food faster. Microwave ovens offer hassle free and convenient cooking, defrosting and reheating of food; thus, increasing their popularity among customers. Increasing prices of electricity has led to the growing demand of energy-efficient microwave ovens.
Earlier, microwave oven was considered to be a high-end, luxurious product which was mainly bought by the elite class. However, due to recent advancement in technology, microwave ovens are equipped with latest technologies and are available at affordable prices. Several companies have launched microwave ovens, which are compact and occupy less counter space. In addition, microwave ovens, nowadays, are installed with preprogrammed menus and advanced features to assist consumers in cooking a variety of dishes. Implementation of extensive marketing strategies by companies has helped in spreading awareness among consumers about new and innovative microwave ovens in the market.
$5,769 is the total market value of microwave oven market report.
From 2022-2031 would be forecast period in the market report
$9.8 billion is the market value of microwave oven market in 2021
2020 is base year calculated in the microwave oven market report
LG Electronics, Samsung Electronics, Alto-Shaam Inc., AB Electrolux, Sharp Corporation, and Hoover Limited are the top companies hold the market share in microwave oven market
Convection is the most influencing segment growing in the microwave oven market report
Factors such as Increase in disposable income and improvements in rural electrification are some of the key trends in microwave oven market
6.6% & 5.3% are the growth rate of the emerging countries.
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