USD 18.3 billion
Report ID:
SQMIG25E2083 |
Region:
Global |
Published Date: January, 2025
Pages:
235
|Tables:
88
|Figures:
76
Microwave Oven Market size was valued at USD 18.3 billion in 2023 and is poised to grow from USD 19.12 billion in 2024 to USD 27.2 billion by 2032, growing at a CAGR of 4.5% during the forecast period (2025-2032).
Among all the kitchen appliances purchased cooking appliances hold the largest market share, by the year 2027 cookers and ovens are estimated to generate revenue of around US$ 109.5 billion. The modern living standards have increased expenditure on new-age kitchen gadgets that would ease and signify the cooking experience of consumers. The rise in accessibility to information, media, and socializing mediums has increased excitement for different recipes and cooking ways that attract people to own advanced appliance required for quick and quality services. In the years there has been an increasing number of people who are inclined to spend on auxiliary leisure appliances to ease and comfort their lifeways. Advent technological innovation complemented with kitchen appliances has witnessed huge popularity and directed individuals towards smart living standards.
Microwaves have become an essential component of kitchen chores. The varied cooking options provides such as baking, grilling, and roasting aid a faster and hassle-free food preparation. The appliance uses thermal energy to provide heat which provides adequate heat for cooking. Integration of innovative luxury options steered by the technology of IoT is further posing transcending effects on global microwave oven market growth.
US Microwave Oven Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 18.3 billion
Largest Segment
Built-in
Fastest Growth
Built-in
Growth Rate
4.5% CAGR
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Global Microwave Oven Market is segmented by Product, Application, Price point, Wattage, Capacity, Structure, Features, Distribution, End Use and region. Based on Product, the market is segmented into Convection, Grill and Solo. Based on Application, the market is segmented into Commercial and Household. Based on Price point, the market is segmented into Commercial and Household. Based on Wattage, the market is segmented into Commercial and Household. Based on Capacity, the market is segmented into Commercial and Household. Based on Structure, the market is segmented into Built-in and Cooktop. Based on Features, the market is segmented into Digital and Analog. Based on Distribution, the market is segmented into eCommerce and Brick & Mortar. Based on End Use, the market is segmented into Commercial and Household. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The built-in microwave oven is estimated to dominate the global microwave oven market over the forecast period. These built-in microwave ovens are gaining popularity for their exquisite look and appeal, 12.6 million built-in ovens were traded in Europe. The microwaves do not take up much of the counter's space and are easily fixable in modern-day kitchens. The rise in the trend of modular kitchens and smart stylish appliances is expected to project high market revenue in the forecast period.
Along with this the countertop microwave oven showcased significant market shares in the year 2018 and is expected to retain its market in upcoming years.
The commercial segment is expected to dominate the global microwave oven market over the forecast period. In recent years there has been a rise in the number of restaurants, quick food services, and food takeaways which has posed high market demand for commercial microwave ovens. These are specially designed for larger food preparation needs. They are bigger and size and require high power capacity and specialized handling professionals.
Household microwaves are designed for residential purposes and are easy to handle and operate. The rising ubiquity of modernized appliances and daily household needs has prospected a simultaneous market growth for the household segment in the predicted years.
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North America dominated the global microwave oven market in 2021 and it is anticipated to maintain its dominance throughout the forecast period. Various food processing and food preparation chains, and restaurants are attributed to the high market share. In the year 2019, 17.5 million microwave ovens were shipped in the US and is expected to rise year on year. The Asia Pacific is expected for a remarkable growth of around 5.0% over the forecast period. The rising availability of income and expenditure for improvised living standards and inclination toward technology-based facilities are enhancing the market growth prospects, especially in countries such as India, the Philippines, Korea, and China. Along with this rising health concerns among people are inclining them to avoid deep-fried food items are leading to market growth, it is estimated that by 2025 around 270 million units of microwave ovens would be sold worldwide.
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Well-equipped combo-microwaves are finding their place in the global microwave oven market.
Microwave Oven Market Challenge
High Power consumption
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Key players in the global Microwave Oven Market are deploying strategic methods accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, partnerships and strategic agreements and contracts along with various research and development activities to cater to new launches and services. Various industry players are leveraging ways to expand their global presence following numerous developmental strategies.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, current initiatives to mechanize well-equipped microwave ovens, as well as rising product launches of innovative solutions by key players are expected to raise market pressure over the projection period. Built-in microwave oven is expected to dominate the global market.
In North America, increased R&D activities in power and energy-related concerns along with newer tech- progressions such as IoT and AI are expected to be a valuable resource in the growth of the global market all over the forecast period.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 18.3 billion |
Market size value in 2032 | USD 27.2 billion |
Growth Rate | 4.5% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Microwave Oven Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Microwave Oven Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Microwave Oven Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Microwave Oven Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Microwave Oven Market size was valued at USD 16.4 Billion in 2023 and is poised to grow from USD 17.06 Billion in 2024 to USD 23.3 Billion by 2032, growing at a CAGR of 4% during the forecast period (2025-2032).
Key players in the global Microwave Oven Market are deploying strategic methods accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, partnerships and strategic agreements and contracts along with various research and development activities to cater to new launches and services. Various industry players are leveraging ways to expand their global presence following numerous developmental strategies. 'LG Electronics', 'AB Electrolux', 'Samsung Electronics', 'Whirlpool Corporation', 'Panasonic Corporation', 'Haier Group Corporation', 'Sharp Corporation', 'Bosch Home Appliances', 'Midea Group Co., Ltd.', 'General Electric', 'Toshiba Corporation', 'Hitachi, Ltd.', 'Groupe SEB', 'Guangdong Galanz Enterprises Co., Ltd.', 'Daewoo Electronics', 'Godrej Appliances', 'Vestel Group', 'Breville Group Limited', 'Mueller Austria', 'Black & Decker Corporation'
Well-equipped combo-microwaves are finding their place in the global microwave oven market.
Various companies are harnessing ways to energy-coherent microwave ovens pertaining to the growing market demand for less pawer dissipating microwave ovens. Companies are employing dedicated expenditures in R&D to develop energy-coherent microwave ovens.
North America dominated the global microwave oven market in 2021 and it is anticipated to maintain its dominance throughout the forecast period. Various food processing and food preparation chains, and restaurants are attributed to the high market share. In the year 2019, 17.5 million microwave ovens were shipped in the US and is expected to rise year on year. The Asia Pacific is expected for a remarkable growth of around 5.0% over the forecast period. The rising availability of income and expenditure for improvised living standards and inclination toward technology-based facilities are enhancing the market growth prospects, especially in countries such as India, the Philippines, Korea, and China. Along with this rising health concerns among people are inclining them to avoid deep-fried food items are leading to market growth, it is estimated that by 2025 around 270 million units of microwave ovens would be sold worldwide.
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