The global microwave oven market size is expected to be worth around US$ 21.7 billion by 2030, according to a new report by Vision Research Reports.
The global microwave oven market size was valued at US$ 11.6 billion in 2020 and is anticipated to grow at a CAGR of 3.8% during forecast period 2021 to 2030.
|Market Size||US$ 21.7 billion by 2030|
|Growth Rate||CAGR of 3.8% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application, Structure|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Whirlpool Corporation, SMEG, Sharp Corporation, Robert Bosch GmbH, Panasonic Corporation, LG Electronics, Haier Group Corporation, Dongbu Daewoo Electronics, Alto-Shaam, and AB Electrolux|
Improving the standard of living of consumers, a growing number of nuclear families, and increasing demand for frozen and ready-to-eat food are some of the key factors stimulating market growth.
A growing number of working women and preoccupied schedules of people in urban cities are likely to fuel the demand for ovens. A large part of new households comprises working singles who prefer to dine out rather than setting up their kitchen. This may be a drawback for the residential appliance market. However, this trend is estimated to boost the culture of quick-service restaurants, cafes, and small eateries, which in turn will work in favor of the market. Robust growth of the hospitality sector and rising catering contracts for large-scale functions, seminars, and other social gatherings are also expected to stir up the demand for commercial appliances over the forecast period.
By Product Analysis
By product, the market is segmented into grill, solo, and convection microwave ovens. A convection oven is a combination of a regular convection oven with a microwave and supplies both hot air and microwaves for cooking.
Solo models, on the other hand, consist of a magnetron inside for producing microwaves. Solo microwave ovens can heat as well as boil food. However, they do not contain features for roasting and baking.
The segment is poised to maintain its dominance in the market over the forecast period. The segment is anticipated to rise at a CAGR of more than 3.0% over the forecast period.
By Application Analysis
By application, the microwave oven market is divided into commercial and household. Commercial ovens are used for preparing food for a longer duration and in large quantities.
The household segment accounted for a revenue share of over 61.0% of the global market in 2020 and is characterized by spiraling demand for energy-efficient and compact cooking appliances.
By Structure Analysis
Based on structure, the market is bifurcated into the countertop and built-in microwave ovens. Built-in appliances can easily fit into a kitchen’s customized space and thus, increase the overall aesthetic appeal of the commercial or residential space.
As compared to countertop appliances, the built-in segment is estimated to progress at a higher CAGR over the forecast period owing to the increasing installation of designer kitchen ranges.
By Regional Analysis
The North America region dominated the market with a revenue share of over 31.0% in 2020. It is projected to account for the highest revenue share throughout the forecast period.
Asia Pacific is anticipated to witness considerable growth of around 5.0% over the forecast period. Rising disposable income and improving standard of living of consumers are playing a vital role in driving the market, especially in countries such as India, China, Philippines, and Korea.
Whirlpool Corporation, SMEG, Sharp Corporation, Robert Bosch GmbH, Panasonic Corporation, LG Electronics, Haier Group Corporation, Dongbu Daewoo Electronics, Alto-Shaam, and AB Electrolux.
Rest of the World (RoW)
The Microwave Oven market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Microwave Oven market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Microwave Oven market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Microwave Oven market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Microwave Oven market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Microwave Oven capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Microwave Oven by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Microwave Oven market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Microwave Oven market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Microwave Oven market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Microwave Oven industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Microwave Oven market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Microwave Oven market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Microwave Oven market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Microwave Oven market. These factors have benefited the growth of the global market for Microwave Oven. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Microwave Oven. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Microwave Oven are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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