The Global Microwave Oven Market size is expected to reach $16.8 billion by 2030, rising at a market growth of 5.4% CAGR during the forecast period. In the year 2022, the market attained a volume of 28,995.2 thousand units, experiencing a growth of 5.8% (2019-2022).
As urbanization continues, smaller living spaces and faster-paced urban lifestyles contribute to the demand for compact and time-efficient kitchen appliances, with microwave ovens emerging as a fitting solution. Therefore, the household segment acquired $6,948.3 million in 2022. Urbanization has led to a rise in smaller living spaces, including apartments and condos, where space is at a premium. With compact size and versatility, these are well-suited for urban dwellers with limited kitchen space. Some of the factors impacting the market are changing lifestyles and urbanization, integration of advanced technology in the microwave oven, and sustainability concerns regarding power and plastic usage.
Busy schedules and time constraints characterize modern lifestyles. It aligns with the need for quick and convenient cooking solutions, making them a practical choice for individuals and families with hectic routines. As urbanization continues, smaller living spaces and faster-paced urban lifestyles contribute to the demand for compact and time-efficient kitchen appliances, with microwave ovens emerging as a fitting solution. Urbanization has led to a rise in smaller living spaces, including apartments and condos, where space is at a premium. With compact size and versatility, these are well-suited for urban dwellers with limited kitchen space. Additionally, the integration of smart technologies into microwave ovens has spurred consumer interest. Smart microwaves offer features like connectivity to mobile devices, remote control, and even artificial intelligence-driven cooking recommendations, enhancing user experience and convenience. Ongoing technological advancements, such as inverter technology, sensor cooking, and multi-functional capabilities, improve cooking precision, efficiency, and versatility, attracting consumers seeking enhanced kitchen experiences. Inverter technology has revolutionized microwave cooking by providing a continuous flow of power, as opposed to the traditional on/off cycling. This results in more precise and consistent cooking, addressing the issue of uneven heating often associated with microwave ovens. Integration of advanced technology in the microwave oven have been a pivotal factor in driving the growth of the market.
However, Microwave ovens, like many kitchen appliances, consume electricity during operation. High energy consumption can raise concerns among environmentally conscious consumers, especially in regions where the energy grid relies on non-renewable sources. The manufacturing process generates waste, and the disposal of manufacturing by-products can contribute to environmental concerns. Adopting circular economy principles and minimizing waste generation is crucial. It contributes to the growing issue of electronic waste when they reach the end of their life cycle. Proper disposal and recycling mechanisms are essential to mitigate the environmental impact of e-waste. Thus, sustainability concerns regarding power and plastic usage can hamper the growth of the market.
By product type, the market is categorized into convection, grill, and solo. The solo segment covered a considerable revenue share in the market in 2022. Solo microwave ovens are typically more affordable than convection and grill models. This affordability makes them accessible to a broader consumer base, including those with budget constraints or those seeking a basic and cost-effective kitchen appliance. Solo microwaves excel at quick reheating and cooking tasks. They are suitable for microwaves for warming leftovers, heating beverages, or cooking simple recipes, conveniently addressing basic cooking needs. Solo microwaves often come in compact designs, making them suitable for kitchens with limited space. This space efficiency is particularly appealing in urban living environments where kitchen space may be at a premium.
Based on application, the market is classified into commercial and household. The commercial segment acquired a substantial revenue share in the market in 2022. Commercial microwaves are widely used in Quick Service Restaurants (QSRs) for rapid heating and cooking, enabling fast and efficient food preparation. Commercial kitchens in schools, hospitals, and workplace cafeterias benefit from the speed and reliability of commercial microwaves for serving many people. Commercial microwaves are employed in hotel kitchens for room service, allowing guests to heat meals or leftovers conveniently. Large hotels and event spaces use commercial microwaves for efficient food preparation during banquets and conferences. Commercial convection microwave ovens are employed in bakeries and patisseries for baking and reheating pastries, bread, and other baked goods.
On the basis of structure, the market is divided into counter top and built-in. In 2022, the counter top segment dominated the market with maximum revenue share in the market. Countertop microwaves are designed to sit on kitchen countertops, saving valuable cabinet or floor space. This makes them ideal for smaller kitchens, apartments, and homes with limited space. Countertop microwaves require minimal installation. Users can plug them into a power outlet, eliminating the need for professional installation. This ease of setup enhances their portability. Countertop microwaves provide flexibility in kitchen layout and design. Users can place them wherever there is a suitable countertop space, allowing for customization based on individual kitchen configurations.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 11.1 Billion |
| Market size forecast in 2030 | USD 16.8 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.4% from 2023 to 2030 |
| Number of Pages | 311 |
| Number of Table | 650 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Structure, Application, Region |
| Country scope |
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| Companies Included | Panasonic Holdings Corporation, Whirlpool Corporation, LG Corporation, Samsung Electronics Co. Ltd. (Samsung Group), Alto Shaam, Inc., AB Electrolux, Techtronic Industries Co., Ltd., Illinois Tool Works Inc., Hon Hai Precision Industry Co., Ltd., Sharp Corporation |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. Many North American households' busy and fast-paced lifestyles drive the demand for quick and convenient cooking solutions. North America is home to a diverse population with varied culinary preferences. The trend of single-person households is on the rise in North America. These are well-suited for individuals living alone, offering a convenient way to prepare meals without extensive cooking appliances in North America.
Free Valuable Insights: Global Microwave Oven Market size to reach USD 16.8 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Panasonic Holdings Corporation, Whirlpool Corporation, LG Corporation, Samsung Electronics Co. Ltd. (Samsung Group), Alto Shaam, Inc., AB Electrolux, Techtronic Industries Co., Ltd., Illinois Tool Works Inc., Hon Hai Precision Industry Co., Ltd., Sharp Corporation
By Product Type (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Application (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Structure (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Geography (Volume, Thousand Units, USD Billion, 2019 to 2030)
This Market size is expected to reach $16.8 billion by 2030.
Changing lifestyles and urbanization are driving the Market in coming years, however, Sustainability concerns regarding power and plastic usage restraints the growth of the Market.
Panasonic Holdings Corporation, Whirlpool Corporation, LG Corporation, Samsung Electronics Co. Ltd. (Samsung Group), Alto Shaam, Inc., AB Electrolux, Techtronic Industries Co., Ltd., Illinois Tool Works Inc., Hon Hai Precision Industry Co., Ltd., Sharp Corporation
In the year 2022, the market attained a volume of 28,995.2 thousand units, experiencing a growth of 5.8% (2019-2022).
The Household segment is leading the Market, By Application in 2022; thereby, achieving a market value of $9.9 billion by 2030.
The North America region dominated the Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5.4 billion by 2030.
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