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Microwave Oven Market size was valued at USD 15.77 billion in 2019 and is poised to grow from USD 16.4 billion in 2023 to USD 22.4 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).

Key players in the 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 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 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 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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Global Microwave Oven Market

Product ID: SQMIG25E2083