Microwave Oven Market Report

Market Insights

Microwave Oven market is projected to grow from USD 12.63 billion in 2021 to USD 16.46 billion by 2028 at a CAGR of 3.66% during the forecast period of 2022-2028.

What is microwave oven?

Microwave oven is an electronic device or appliance used to cook food with the help of energy obtained from electromagnetic radiation. It offers relatively short cooking time, reduces the risk of burns, is economical and convenient to use. Microwave oven consumes much lesser amount of energy than other cooking appliances, such as gas burner and conventional ovens. Rapid advancements in microwave ovens, such as increase usage of sensors to provide better control, effective utilization of inner cooking space, and integration with internet of things is likely to propel its demand in the coming years.

Market Drivers

The key demand generators of the market are growing global population coupled with their rising disposable income, rising standard of living, and rising demand for frozen and ready-to-eat food products.

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Segment Analysis

By Product Type

Based on the product type, the market is segmented as grill, solo, and convection. The convection segment is expected to remain dominant in the market during the forecast period, owing to its wider usage in commercial applications, such as restaurants and hotels and also in residential applications.

By Application Type

Based on the application type, the microwave oven market is segmented as commercial and residential. The residential segment is likely to remain the larger application of the market during the forecast period, propelled by changing lifestyle of individuals coupled with rising demand for energy-efficient and compact cooking applications.

By Region

North America is likely to maintain its supremacy in the market during the forecast period, mainly driven by high demand for advanced technologies in the USA and Canada. Robust supply chain across the region with presence of a large number of microwave oven manufacturers, component suppliers as well as large consumer base are the key growth propellers of the market.

Asia-Pacific is projected to witness the highest growth in the market during the forecast period. Rising population coupled with increasing standard of living along with increase in disposable income, and growing awareness among the individuals is likely to boost the region’s market over the next five years.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The microwave oven market is segmented into the following categories. 

By Product Type:

• Grill
• Solo
• Convection

By Distribution Channel Type:

• Multi-brand Stores
• Exclusive Stores
• Online Stores
• Others

By Distribution Channel Type:

• Multi-brand Stores
• Exclusive Stores
• Online Stores
• Others

By Distribution Channel Type:

• Commercial
• Residential

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Key Players

Some of the major microwave oven manufacturers are-

• Illinois Tool Works Inc.
• Sharp Corporation
• Guangdong Galanz Enterprises Co., Ltd.
• Whirlpool Corporation
• Electrolux AB
• LG Electronics Inc.
• Alto-Shaam, Inc.
• Panasonic Corporation
• Samsung Group
• Haier Electronics.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the application types by product type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.