The global microwave oven market 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. Today, microwave ovens 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 which facilitate faster cooking. Microwave ovens, depending on their power output, can alternatively use for roasting, baking and grilling. Microwave ovens are manufactured with varied features, include, touch display panels, heating chamber, vents and a glass turntable. North America is a major revenue contributing region to the global microwave oven market. The Asia-Pacific region is expected to witness an impressive growth in the microwave oven market. A significant increase in disposable income and growing working class segment would foster the growth of the Asia-Pacific microwave oven market. Increasing propensity of consumers to spend on appliances which assist them in kitchen chores has generated an increasing demand for microwave ovens. In addition, changing lifestyle has encouraged the individuals for opting stylish and convenient appliances which complement their living standards. However, prominent use of traditional cooking equipment in developing regions limits the growth of microwave oven market. Moreover, need of energy efficient kitchen appliances and growing demand for smart appliances are factors that would drive the growth of the microwave oven market.
However, in many regions, people still use traditional cooking equipment for cooking purposes. In many developing economies, majority of the population live in the rural areas, where use of traditional cooking equipment is still prevalent. For people in these areas traditional cooking equipment are more convenient than microwave oven due to tow key factors - lack of education/awareness and shortage of power/electricity, thus restricting the growth of the market.
In addition, increased disposable income has changed the consumption patterns of consumers and has influenced them to spend more on premium products. Market players are continuously launching energy efficient appliances at affordable prices, thus; increasing the popularity of these products among the consumers. Rising cost of electricity has also enforced consumers to opt for energy-efficient appliances.
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.
The global microwave oven market is segmented on the basis of type, production, structure and region. Three types of microwave oven are covered in this report such as convection, grill and solo. The convection microwave oven accounts for the largest market share within the global microwave oven 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 application of microwave oven accounts for a higher share than the commercial application. The product structure segment comprises built-in and counter top. Built-in microwave oven is expensive and involves installation charges, whereas counter top microwave ovens do not have any installation cost and can be placed conveniently in the kitchen. The report covers an in-depth analysis of the microwave oven market across North America, Europe, Asia Pacific and LAMEA.
However, in many regions, people still use traditional cooking equipment for cooking purposes. In many developing economies, majority of the population live in the rural areas, where use of traditional cooking equipment is still prevalent. For people in these areas traditional cooking equipment are more convenient than microwave oven due to tow key factors - lack of education/awareness and shortage of power/electricity, thus restricting the growth of the market.
In addition, increased disposable income has changed the consumption patterns of consumers and has influenced them to spend more on premium products. Market players are continuously launching energy efficient appliances at affordable prices, thus; increasing the popularity of these products among the consumers. Rising cost of electricity has also enforced consumers to opt for energy-efficient appliances.
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.
The global microwave oven market is segmented on the basis of type, production, structure and region. Three types of microwave oven are covered in this report such as convection, grill and solo. The convection microwave oven accounts for the largest market share within the global microwave oven 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 application of microwave oven accounts for a higher share than the commercial application. The product structure segment comprises built-in and counter top. Built-in microwave oven is expensive and involves installation charges, whereas counter top microwave ovens do not have any installation cost and can be placed conveniently in the kitchen. The report covers an in-depth analysis of the microwave oven market across North America, Europe, Asia Pacific and LAMEA.
KEY BENEFITS:
- A thorough analysis of current and future trends in Global Microwave Oven market elucidates the imminent investment pockets in this region.
- The report provides information regarding key drivers, restraints and opportunities with impact analysis- Porter’s five forces model and a SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the market
- Quantitative analysis of the current market and estimations through 2020-2031 are provided to showcase the financial appetency of the market
- The report provides detailed analysis of Global Microwave Oven market with respect to type of microwave oven, types of application, product structure and region to enable stakeholders take precise investment decisions
- Value chain analysis in the report provides a clear understanding on the roles of stakeholders involved in the value chain
Key Market Segments
By Structure
- Built In
- Counter Top
By Type
- Convection
- Grill
- Solo
By Production
- Commerical
- Household
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Spain
- Italy
- Rest of Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Turkey
- Rest of LAMEA
Key Market Players
- Hoover Limited
- Alto-Shaam Inc.
- Illinois Tool Works Inc.
- LG Electronics
- Samsung Electronics
- Galanz Enterprise Group
- AB Electrolux
- Sharp Corporation
- Whirlpool Corporation
- Panasonic Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MICROWAVE OVEN MARKET, BY STRUCTURE
CHAPTER 5: MICROWAVE OVEN MARKET, BY PRODUCTION
CHAPTER 6: MICROWAVE OVEN MARKET, BY TYPE
CHAPTER 7: MICROWAVE OVEN MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Microwave Oven Market, By Type, Production, and Structure: Global Opportunity Analysis and Industry Forecast, 2022-2031' The Microwave Oven Market Size was valued at $8,547.20 million in 2020, and is estimated to reach $15.6 Billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.Increasing disposable income paired with rising number of working population has majorly contributed to the growth microwave oven market, worldwide.
The microwave oven market primarily includes three main types of ovens which include convection, grill and solo microwave oven. The convection microwave oven holds the largest market share in the global microwave oven market. Whereas, grill microwave ovens occupy the second position, with 30% of the Microwave Oven Market Share. Solo microwave ovens are used for cooking and heating purposes. However, they are not capable of providing browning and crispiness to the food as they are not equipped with grilling features. The convection microwave oven is equipped with heating element and a fan, hence is used for cooking and baking purposes. These factors would largely drive the global convection microwave oven market, during the forecast period to generate a revenue of7.2 billion by 2031.
The global market for microwave oven is segmented, based on type, production, structure, and region. Based on types of microwave oven, the report covers convection, grill and solo. The convection microwave oven accounts for the bigger market share within the global market. Owing to its high functionality feature, convection microwave oven is witnessing a rapid growth. The report is also analysed from the perspective of application of microwave oven. Household microwave oven market accounts for a higher share than the commercial microwave oven market. The product structure segment comprises of 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 analysed across North America, Europe, Asia-Pacific, and LAMEA.
With respect to application, household segment accounted for larger market share and is anticipated to grow at a higher rate as compared to the commercial segment. Increasing propensity of consumers to spend on appliances which assist them in kitchen chores, would drive the growth of household microwave oven segment. The market has also been analysed from the perspective of microwave oven structure type. Counter top microwave oven accounts for major share of the microwave oven market. However, the built-in microwave oven segment is expected to grow at a CAGR of 5.3% during the forecast period. Adoption of modular kitchen and increased purchasing power of individuals would foster the growth of built-in microwave oven segment.
Based on region, Asia-Pacific is the major revenue contributing region in the microwave oven market. In addition, Asia-Pacific would further foster the growth of the global Microwave Oven Industry. Economic stability and increasing purchasing power of consumers to spend on appliances which are convenient to use and help in reducing physical efforts while cooking are fostering the growth of microwave oven market in this region. Moreover, rising working class and growing food service establishment are also some of the factors contributing to the growth of the global microwave oven market. Microwave ovens are being increasingly adopted by commercial businesses such as catering, hotels and restaurants in an effort to cater the customers efficiently and provide them with speedy food services.
On the basis of structure, built-in segment is the fastest growing segment owing to the rising consumer preference towards smart homes and home renovation which is leading to rise in demand for built in microwave ovens in the market.
On the basis of type, convection microwave segment dominated the global market, however, the solo segment has the fastest growth rate during the forthcoming time period. This is attributed to the rising availability of various new cooking instruments and tools which will lead to rise in demand for solo microwaves in the market.
On the basis of production, commercial segment is likely to be the fastest growing segment. This is due to the growth of outdoor dining and rising fast food culture which is as a result driving the demand for commercial microwave ovens in the market.
Key findings of the study:
Convection segment by type is the major contributor to the microwave oven market, growing at a CAGR of 4.7% during 2020-2031The household segment would grow at a CAGR of 4.2% during the forecast period.
Corner top segment has the dominating market share and is likely to remain dominating during the Microwave Oven Market Forecast period.
North America had the largest market share in the global microwave oven market
Asia-Pacific is likely to be the most profitable markets, in terms of growth. The market in the region is expected to reach $6.2 billion by 2031.
Growth of the microwave oven market growth is supplemented by factors such as increasing disposable incomes, growing working class, and changing lifestyles, especially in the developing regions. Companies like Samsung, AB Electrolux, Life is Good (LG), are coming up with new and innovative appliances that are equipped with numerous features, consume less energy and are compact in size. Companies are adopting product launches, acquisitions and partnerships as their key strategies, in order to expand its reach and gain a bigger market share. Prominent companies profiled in the report include Samsung Electronics, AB Electrolux, Hoover Limited, Sharp Corporation, Illinois Tool Works Inc. (ITW), Whirlpool Corporation, Galanz Enterprise Group, LG Electronics, Alto-Shaam Inc. and Panasonic Corporation.
Companies Mentioned
- Hoover Limited
- Alto-Shaam Inc.
- Illinois Tool Works Inc.
- LG Electronics
- Samsung Electronics
- Galanz Enterprise Group
- AB Electrolux
- Sharp Corporation
- Whirlpool Corporation
- Panasonic Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 225 |
| Published | March 2022 |
| Forecast Period | 2020 - 2031 |
| Estimated Market Value ( USD | $ 8547.2 million |
| Forecasted Market Value ( USD | $ 15587.1 million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
