The North America Microwave Oven Market would witness market growth of 4.6% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 7,906.4 thousand units, showcasing a growth of 5.1% (2019-2022).
The growth of the middle-class population with rising disposable incomes, especially in emerging economies, has contributed to the increased adoption of kitchen appliances, including microwave ovens. Higher disposable income means consumers have more money for non-essential purchases, including kitchen appliances. Microwave ovens, convenient and time-saving appliances, have become more affordable and accessible to a larger consumer base. Consumers with higher disposable incomes are more inclined to replace or enhance their existing kitchen appliances, especially microwave ovens. This leads to increased sales as people seek the latest features and technologies. As disposable income rises, individuals may allocate more funds to improving their living spaces. Upgrading kitchen appliances, including microwave ovens, is a common consideration as people seek to enhance the efficiency and aesthetics of their homes.
Consumers are becoming more health-conscious, leading to a demand for appliances that support healthy cooking practices. Microwave ovens with features like steam cooking and precise temperature control cater to this growing trend. Microwave ovens are known for their ability to cook vegetables quickly, helping to preserve more nutrients compared to traditional cooking methods. The ability to cook vegetables with minimal water helps retain vitamins and minerals. Microwave cooking often requires less or no additional fats or oils than conventional methods. This aligns with reducing unhealthy cooking fats, contributing to healthier meal preparation.
Canada's diverse population may have varying cultural preferences and cooking habits. With their adaptability to different cuisines and cooking styles, microwave ovens can cater to the diverse needs of an expanding population in Canada. Canada has seen changes in lifestyle patterns, with an increasing number of people leading busy lives. Microwave ovens offer a quick and convenient solution for cooking and reheating meals, aligning with the demands of modern lifestyles in Canada. The trend toward urbanization often leads to smaller living spaces and a higher demand for compact and efficient kitchen appliances in Canada. These factors will propel the growth of the market across the North America region in the upcoming years.
The US market dominated the North America Microwave Oven Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,902.6 million by 2030. The Canada market is registering a CAGR of 7% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 6% during (2023 - 2030).
Based on Product Type, the market is segmented into Convection, Grill, and Solo. Based on Application, the market is segmented into Household, and Commercial. Based on Structure, the market is segmented into Counter Top, and Built-In. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Microwave Oven Market is Predict to reach $16.8 Billion by 2030, at a CAGR of 5.4%
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 Country (Volume, Thousand Units, USD Billion, 2019 to 2030)
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