Global Microwave Oven Market - Forecasts from 2022 to 2027

The global microwave oven market was valued at US$61.913 billion in the year 2020. Rising purchasing power and living standards coupled with increasing urbanization are the major drivers of the global microwave oven market. The growing working population and hectic lifestyle are shifting the preference of consumers toward innovative kitchen appliances, which, in turn, is also escalating the demand for a microwave oven as well. With a busy lifestyle, people are consuming more and more ready-to-eat, pre-cooked, and frozen food items. This is also leading to a rise in sales of microwave ovens as the need for stylish and convenient kitchen appliances is rising with changing consumer preferences and lifestyle patterns. Growing concerns regarding rising energy consumption are also forcing consumers to opt for innovative, cost-effective, and energy-efficient kitchen appliances, thus positively impacting the demand for microwave ovens

The robust growth of the global hospitality sector, along with the emerging popularity of catering contracts for large-scale functions, seminars, and other social gatherings, is further fuelling the demand for microwave ovens to make various food items easily, thereby propelling the market growth. Enhanced functionality and increasing use of innovative cooking methods using various kitchen appliances, including microwave ovens, are also accelerating the market growth of microwave ovens worldwide.

However, many people in developing and underdeveloped economies are still unaware of how to use these kitchen appliances and so prefer traditional methods and cooking equipment. This is hindering the global market growth of microwave ovens.

The global microwave oven market has been segmented based on product type, structure, application, sales channel, and geography. By product type, the global microwave oven market has been segmented as solo, grill, and convection. By structure, the market segmentation has been done as built-in and countertop. By application, the market has been segmented into residential and commercial. The global microwave oven market has also been segmented by sales channels as online and offline.

The commercial segment dominates the market

By application, the commercial segment accounted for the major market share in the forecast period. The increasing number of restaurants and hotels around the globe, primarily due to the booming travel and tourism industry and growing globalization, is driving the demand for microwave ovens in the commercial sector where food is prepared in large quantities and requires reheating and defrosting. However, the residential segment will experience a decent CAGR during the forecast period as people will try several healthy and nutritious recipes at home that require the use of microwave ovens. Moreover, microwave ovens help to defrost and reheat food at home as well. As such, the ever-increasing consumption of frozen food items and pre-cooked ready-to-eat meals is driving the market growth of microwave ovens across this segment.

During the forecast period, APAC will experience a significant CAGR.

Geographically, the global microwave oven market has been segmented into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. Due to the early adoption of new technologies and the presence of major market players in the region, North America accounted for a significant market share. High usage of innovative microwave ovens both in homes and commercial places is driving the demand for microwave ovens in the region. Well-established restaurants in countries like the U.S. and Canada also contribute to the market growth of microwave ovens in the North American region. However, this regional market is poised to grow at a slower rate, which can be attributed to the already high penetration of microwave ovens in the region. The Asia Pacific, however, will witness a substantial CAGR during the forecast period owing to the expansion of restaurant chains in countries like India and Australia. The growing preference of people to enhance their baking skills at home is another factor that is augmenting the demand for advanced microwave ovens, thus positively impacting the overall regional market growth. The growing inclination of people in APAC countries towards first-rate kitchen electrical appliances is further escalating the demand for microwave ovens in this region.

Recent Developments:

• The Electrolux Group reintroduced its Continental brand of household appliances in the Brazilian market in September 2020, bringing 27 new-generation products with new price ranges, such as built-in ovens, microwaves, and refrigerators, as well as a brand campaign advocating equality in the home. This will help the organization extend its offerings and serve a wider spectrum of clients.
• Samsung released new kitchen appliances under the Baker Series microwaves in March 2021. Microwaves in the new series have steaming, grilling, and frying capabilities, as well as convection capabilities.
• In March 2022, Whirlpool of India, a Whirlpool Corporation affiliate, announced its new 29L Magicook Pro series of convection microwave ovens. These ovens are unique in that they have built-in air fryers as well as other standard features like a microwave, convection, grill, and so on. 4 In addition, the microwave ovens come with a rotisserie that allows for consistent roasting at temperatures up to 230 degrees.

COVID-19 Impact

The global microwave oven market was significantly boosted by volume sales during the COVID-19 epidemic. Following the outbreak, LG Electronics unveiled its new 2021 charcoal microwave oven line. These new additions to LG's health and hygiene portfolio have been carefully crafted to assist people in leading better lives. According to the MD of LG Electronics India, the company has seen a spike in consumer demand to modernize and equip their homes with the latest technology as a result of the lockdown. On the other side, as customers continued to work from home during the COVID wave, e-commerce has experienced tremendous growth as companies have been able to collect income from microwave ovens through online channels.

Competitive Insights

Prominent key market players in the global microwave oven market include LG Electronics, Samsung, Whirlpool, Haier Inc., Electrolux, BSH Hausgeräte GmbH, Panasonic, Sharp Corporation, Midea Group, and DAEWOO Electronics UK Ltd. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global microwave oven market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments by different market players over the last two years.

Segmentation

By Product Type

• Solo
• Grill
• Convection

By Structure

• Built-In
• Countertop

By Application

• Residential
• Commercial

By Sales Channel

• Online
• Offline

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• UK
• Germany
• France
• Spain
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Asia Pacific
• China
• Japan
• South Korea
• Australia
• India