Global Microwave Oven Market By Structure (Countertop and Built-in), By Product (Convection, Solo, and Grill), By Application (Household and Commercial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Microwave Oven Market Overview:

In 2021, the global microwave oven market value was USD 10,999 million. It is projected to grow at a CAGR of 3% during the forecast period.

The key trends driving market growth include rising demand for ready-to-eat & frozen food, changing consumer eating habits & lifestyles, as well as increasing disposable income.

Global Microwave Oven Market Analysis:

Structure Analysis

In 2021, the countertop segment was worth around US$ 6,580 million and accounted for a greater revenue share. It is expected that the segment will maintain its position in the market during the forecast period.

Built-in appliances will fit easily into any kitchen and increase the aesthetic appeal of the commercial or residential space. These appliances are great for saving counter space and giving the kitchen a modern appearance. The countertop ovens require more space and can only be adjusted in small spaces. Built-in appliances are expected to see a greater CAGR than countertop appliances over the forecast period due to increasing demand for designer kitchen ranges.

Product Analysis

A convection microwave oven is a combination convection microwave oven and a regular convection oven. It provides hot air for heating and microwaves for baking. These ovens are most commonly used in commercial establishments such as restaurants or hotels where large amounts of food need to be reheated and defrosted.

Solo models use a magnetron to make microwaves. Solo microwave ovens can heat and boil food. These ovens do not include baking or roasting features.

Convection accounted significant revenue share in 2021. It is expected to continue its dominance of the market during the forecast period. Over the forecast period, the segment is expected to increase at a CAGR of 2.8%. Because of their limited functionality and low price, solo microwave ovens only accounted for a small revenue share.

Application Analysis

Commercial ovens can be used to prepare food for a longer time and in larger quantities. These ovens can handle high electricity loads and constant equipment usage. These products are designed for use in households and provide a user interface that is simple to use.

The household segment contributed high to the market’s total revenue in 2021. It is characterized by increasing demand for small and energy-efficient kitchen appliances. Because of its wide application in fast-growing restaurants and food centers, the CAGR for the commercial segment will likely be higher.

Key Market Segments:

By Structure

• Countertop
• Built-in

By Product

• Convection
• Solo
• Grill

By Application

• Household
• Commercial

Market Dynamics:

Market players are increasingly integrating appliances on the Internet of Things platform. Smart kitchen appliances are able to operate wirelessly and remotely from anywhere via desktop and mobile applications. Manufacturers of microwave ovens are focusing their efforts on creating energy-efficient products that have been ENERGY STAR rated. Demand for microwave ovens is expected to rise due to the rising number of working-class people. It is expected that key market players will provide innovative products, such as microwave ovens with an auto program and easy control panels, to improve their usability and meet changing consumer demand.

Market growth is expected to be driven by consumers’ increasing disposable income. Accordingly, smart appliances are expected to drive further demand. Consumers tend to spend more on innovative home appliances like microwave ovens, which are equipped with many advanced features.

Regional Analysis:

North America was the dominant market, accounting for 33% of all revenue in 2021. This region is expected to have the highest revenue share over the forecast period. The U.S. market is experiencing a high demand for new technology-enabled products. The high product penetration in the area means that slow growth is possible.

Over the forecast period, Asia Pacific is expected to experience significant growth of approximately 4%. In countries like India, China, Philippines, and Korea, rising disposable incomes and an improving standard of life are key drivers of the market. These off-shore manufacturing facilities are used by major manufacturers to produce appliances and their components.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

The market’s major players include Whirlpool Corporation (SMEG), Robert Bosch GmbH, Panasonic Corporation; Haier Group Corporation, etc. Original Equipment Manufacturers (OEMs), focus on strategic partnerships and merger and acquisition (M&A), to gain access to the most recent technologies and expand their geographical footprint. Established players are well-established in the market, with a large customer base that gives them an edge over others in the industry. To increase their visibility in the market, companies invest heavily in marketing campaigns. Major players are shifting their attention to energy-efficient appliances with IoT platforms that enable customers’ remote operation of their appliances.

Маrkеt Кеу Рlауеrѕ:

• Whirlpool Corporation
• Sharp Corporation
• Robert Bosch GmbH
• Panasonic Corporation
• LG Electronics
• Haier Group Corporation
• Dongbu Daewoo Electronics Corporation
• Electrolux AB
• Other Key Players

For the Microwave Oven Market research study, the following years have been considered to estimate the market size: