The Microwave Oven Market is Predict to reach $16.8 Billion by 2030, at a CAGR of 5.4%

Microwave Oven Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, 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).

The Convection segment is experiencing a CAGR of 4.9% during (2023 - 2030). Convection microwaves generally have faster cooking times compared to traditional ovens. This time efficiency resonates with consumers seeking quick and convenient meal preparation. Convection microwave ovens offer a space-efficient solution for urban dwellers with limited kitchen space. Combining multiple cooking functionalities in a single appliance eliminates the need for separate ovens and microwaves. Cooking shows and culinary trends showcasing various cooking techniques have influenced consumer preferences. Convection microwave ovens provide the means to experiment with different culinary styles at home.

The Household segment is leading the Global Microwave Oven Market, By Application in 2022; thereby, achieving a market value of $9.9 billion by 2030. Household microwave ovens often have versatile features, including different power levels and cooking modes. This versatility allows users to perform various cooking tasks, from reheating leftovers to cooking full meals. Microwave ovens consume less energy than traditional cooking appliances due to their shorter cooking times. This contributes to energy efficiency and can result in cost savings on utility bills. Household microwave ovens are designed with user-friendly controls, making them easy to operate. This simplicity appeals to a broad range of users, including those with varying cooking expertise.

The Built-In segment is registering a CAGR of 6.2% during (2023 - 2030). Built-in microwaves are designed to integrate seamlessly with kitchen cabinetry, offering a sleek and customized appearance. This design approach appeals to consumers who prioritize a cohesive and modern kitchen aesthetic. Built-in microwaves optimize space by utilizing existing cabinetry or wall spaces. This design is particularly advantageous in kitchens where counter space may be limited, allowing for a more open and uncluttered look. Built-in microwaves align with modern kitchen design trends that emphasize clean lines, minimalism, and the integration of appliances into cabinetry. This makes them popular for homeowners looking to create a contemporary kitchen space.

The North America region dominated the Global Microwave Oven 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. The Europe region is anticipating a CAGR of 5% during (2023 - 2030). Additionally, The Asia Pacific region would exhibit a CAGR of 6.1% during (2023 - 2030).

Full Report: https://www.kbvresearch.com/microwave-oven-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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

Global Microwave Oven Market Segmentation

By Product Type (Volume, Thousand Units, USD Billion, 2019 to 2030)

• Convection
• Grill
• Solo

By Application (Volume, Thousand Units, USD Billion, 2019 to 2030)

• Household
• Commercial

By Structure (Volume, Thousand Units, USD Billion, 2019 to 2030)

• Counter Top
• Built-In

By Geography (Volume, Thousand Units, USD Billion, 2019 to 2030)

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Companies Profiled

• 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

Related Reports:

North America Microwave Oven Market

• December-2023
• 126 Pages

LAMEA Microwave Oven Market

• December-2023
• 143 Pages

Europe Microwave Oven Market Size, Share & Trends by 2030

• December-2023
• 142 Pages

Asia Pacific Microwave Oven Market

• December-2023
• 144 Pages