Microwave Oven Market Analysis | 2022-2028

Market Insights

The microwave oven market was estimated at USD 12.63 billion in 2021 and is likely to grow at a CAGR of 3.66% during 2022-2028 to reach USD 16.46 billion in 2028.

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Market Dynamics

Introduction

A microwave oven is a kitchen appliance that cooks or heats food by exposing it to electromagnetic radiation in the microwave frequency range. This radiation causes water molecules in the food to vibrate, generating heat through friction, which then cooks or reheats the food quickly and efficiently. Microwave ovens are commonly used for reheating leftovers, defrosting frozen foods, and cooking various dishes. They are known for their convenience, speed, and energy efficiency compared to traditional cooking methods.

Market Drivers 

The global microwave oven market is expected to experience significant growth soon due to rising disposable income and a rise in the working class in emerging markets. Consumers are spending more on kitchen appliances, leading to a surge in demand for microwave ovens. However, traditional cooking equipment in less developed Asian countries limits market growth. The demand for energy-efficient appliances and smart appliances is expected to drive market growth. North America is a major revenue contributor, while the Asia-Pacific region is expected to experience significant growth in the microwave oven industry.

High disposable income, particularly in developing countries, has positively impacted the microwave oven market. Consumers are more willing to spend on technology-driven appliances, such as microwave ovens, as they prefer multipurpose and hassle-free options, making kitchen chores easier and driving their adoption.

Companies are investing heavily in R&D to develop energy-efficient microwave ovens with internet access, aiming to strengthen their market presence. Consumers prefer less power-consuming appliances and are encouraged to choose these energy-efficient and easy-to-use kitchen appliances. This allows them to try new cuisines without consuming much time on cooking, leading to increased demand for microwave ovens.

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Key Players

The following are the key players in the microwave oven market:

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

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

"Convection segment is expected to remain dominant in the market during the forecast period"

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

"Residential segment is likely to remain the larger application of the market during the forecast period"

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 the changing lifestyle of individuals coupled with rising demand for energy-efficient and compact cooking applications.

Regional Analysis

"North America is likely to maintain its supremacy in the market during the forecast period"

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 the presence of a large number of microwave oven manufacturers, component suppliers as well a 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. The rising population coupled with an increasing standard of living an increase in disposable income, and growing awareness among individuals is likely to boost the region’s market over the next five years.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s microwave oven market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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 market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 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 Application 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)

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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.