In 2020, the global market for microwave ovens was worth a whopping USD29845.56 million! Experts think it's going to keep growing at a pretty good clip – over 4.31% – in the coming years. What's fueling this growth? Well, for starters, there are more people in the world and they're increasingly interested in cool technology and smart kitchen gadgets. Plus, microwave ovens are becoming more popular, and people have more money to spend on them, so demand is expected to stay strong through 2026F. Think about itmore people living in cities, more industry, better living standards, and more smaller families – all these things are pushing the market forward. And as technology gets better, companies are making ovens that use less energy, which is a big plus. The growing desire to connect all our home appliances and new innovations like inverter-based microwave ovens are also expected to create exciting new opportunities in the market.
The increase in the propensity of consumers to spend on appliances that assist them on kitchen chores is facilitating the growth of the microwave oven market worldwide. The changing lifestyle of consumers has encouraged them to select stylish and convenient appliances.
The global microwave oven market is segmented based on product, application, structure, and region. Based on product, the market can be divided into convection, grill and solo. The convection microwave is expected to dominate the market as convection is an all-rounder and provides 360-degree heating as it has a magnetron and a fan for even cooking. Convection microwave oven comprises of sensor cooking and inverter technology, on the other hand, grill microwave has combo grilling and power grilling technology.
In terms of application, the market is divided into household and commercial segment. Out of which, the household segment is dominating the market due to increasing number of population and high demand of smart appliances in kitchen. The structure segment is divided into Free-Standing and Built-in, wherein Free-Standing led the market as there is no installing cost and the microwaves can be moved from one place to another easily, whereas built-in microwave ovens cannot be moved as they are fixed at one place and are comparatively costly than the Free-Standings.
Regionally, North America is expected to dominate the market on account of the widespread adoption of smart appliances in households and the commercial sector is expected to grow at a fast pace as there are a large number of restaurants, cafes and hotels. Additionally, high per capita income and large population are further expected to propel the market growth in this region. Asia-Pacific is expected to witness significant growth in the overall microwave oven market owing to the increasing disposable income and growing number of hotels in the region, especially in the countries like China, Japan and India.
The major players operating in the global microwave oven market are Panasonic Corporation, Midea., AB Electrolux, Whirlpool Corporation,
Years considered for this report
Historical Years2016-2019
Base Year2020
Estimated Year2021E
Forecast Period2022F-2026F
Objective of the Study
- To analyze the historical growth in the market size of the global microwave oven market from 2016 to 2020F.
- To estimate and forecast the market size of the global microwave oven market from 2021 to 2026F and growth rate until 2026F.
- To classify and forecast the global microwave oven market based on the product, application, structure, and regional distribution.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global microwave oven market.
- To identify the dominant region or segment in the global microwave oven market.
- To identify drivers and challenges for the global microwave oven market.
- To identify and analyze the profile of leading players operating in the global microwave oven market.
- To identify key sustainable strategies adopted by market players in the global microwave oven market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers and presence of all major players across the globe.
TechSci Research calculated the market size of the global microwave oven market using a top-down approach in the overall market, and bottom-up approach in the regional market, wherein data for various segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated them by analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by TechSci Research.
Key Target Audience
- Microwave oven manufacturers/ suppliers/ distributors
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to microwave oven
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
