Microwave Oven Market Size, Share & Trends Analysis Report By Product (Convection, Grill, Solo), By Application (Commercial, Household), By Structure (Built-in, Counter top), By Region, And Segment Forecasts, 2020 - 2022

Report Overview

The global microwave oven market size was valued at USD 11.55 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 2.8% from 2020 to 2022. Surging demand for frozen & precooked ready-to-eat food, changing eating preferences & lifestyles, and rising disposable income of consumers are among the key trends escalating market growth.

Market players are increasingly integrating appliances withInternet of Things(IoT) platform.Smart kitchen appliancesoperate remotely and wirelessly in real-time through mobile and desktop applications. Also, with rising awareness about energy conservation, microwave oven manufacturers are focused on developing energy-efficient products that are ENERGY STAR rated. A rise in the working-class population is likely to fuel the demand for microwave oven. Key market players are estimated to offer novel and innovative products such as microwave ovens equipped with the auto program and easy control panels to enhance its usability and cater to changing consumer demands.

Increasing disposable income of consumers is expected to be one of the key factors driving the market. As a consequence, high tendency of consumers to spend more on smart appliances is projected to increase the overall demand further. Consumers focus more on buying new and innovative home appliances, such as microwave ovens that are equipped with varied advanced features.

Microwave Oven Market Trends

Rising disposable income coupled with the growing working class population is expected to fuel market demand. Key market players are expected to offer new as well as innovative products to cater to the growing consumers demand. Microwave ovens are equipped with facilities such as auto program and easy control panel to enhance their usability. Smart kitchen appliances, which operate remotely, are also in high demand in the market. In order to cater to the growing demand for energy efficient microwave ovens, companies are expected to launch innovative products which consume less energy.

Companies are expected to offer new range of products to cater to ever-changing cooking requirements such as defrosting, baking, and re-heating. For instance, “Streamline” is a new range of stainless steel microwave oven launched by Sharp Electronics. This streamline range of microwave oven offers seven different models ranging from 20L capacity 800W to 42L capacity 1550W. Furthermore, Samsung’s Slim Fry microwave oven has more than 200 auto cook options and is also equipped with slim fry technology, which prepares fried food with 80% less fat.

Rising disposable income is expected to be the key factors driving growth. Increasing propensity of the consumers to spend more on smart appliances to make their lives convenient is expected to further increase the overall demand for convection microwave ovens. Consumers focus more on buying new as well as innovative home appliances, which includes microwave ovens equipped with the varied advanced features.

The microwave ovens market is expected to undergo developments on account of changing consumer preferences coupled with socio-economic factors as well as macro-economic factors. Macro-economic indicators including rising population, consequent increase in disposable income, and rising consumer awareness are expected to favorably impact the microwave ovens market growth. Growing urbanization around the world is expected to increase the adoption of microwave ovens market. Microwave oven demand is expanding due to customers' increasing willingness to spend on gadgets that help them with household duties.

Product Insights

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. These are mostly used in commercial businesses such as restaurants and hotels, where food is prepared in large quantities, which requires reheating and defrosting.

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.

In 2016, the convection segment contributed to over 45.0% of the overall revenue. 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. Solo microwave ovens accounted for a marginal revenue share on account of its limited functionality as well as low prices.

Application Insights

通过应用程序,微波炉市场divided into commercial and household. Commercial ovens are used for preparing food for a longer duration and in large quantities. Hence, these are designed for handling excess electricity load and continuous usage of equipment. Products designed for household applications, on the other hand, is convenient to use and have an easy user interface.

The household segment accounted for a revenue share of over 60.0% of the global market in 2016 and is characterized by spiraling demand for energy-efficient and compact cooking appliances. The commercial segment, on the other hand, is likely to exhibit a higher CAGR during the forecast period owing to its wide scope of application in rapidly growing quick-service restaurants and fast food centers.

Structure Insights

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. These products save counter space and their exterior appearance gives the kitchen a modern look in addition to offering easy cooking. The countertop ovens are more space-consuming and are usually adjusted in limited 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. However, the countertop segment accounted for a larger revenue share in 2016 and was valued at around USD 6.87 billion. The segment is expected to maintain its position in the market throughout the forecast period.

Regional Insights

The North American region dominated the market, accounting for 32.0 percent of total revenue in 2019. Throughout the forecast period, it is expected to have the biggest revenue share. One of the key growth drivers in the market in the United States and Canada is the increased demand for the latest technology-enabled products. On the other hand, the region is predicted to grow slowly, which can be attributed to the region's high product penetration.

Asia Pacific is anticipated to witness considerable growth of around 5.0% over the forecast period. Rising disposable income and higher consumer standards of life are propelling the industry, particularly in India, China, the Philippines, and Korea. To take advantage of low-cost labour, major manufacturers outsource the production of appliances and their components to these off-shore locales.

In many regions, people still use traditional equipment for cooking purposes. In many developing economies, majority of the population lives in the rural areas, where use of traditional cooking equipment is still prevalent. For people in these areas, traditional cooking equipment are more convenient than microwave ovens due to two key factors - lack of education/awareness and shortage of power/electricity; this is expected to restrict market growth.

Cost of electricity is high in few regions; in addition, a number of developing regions are expected to face the problems of irregular electricity supply and frequent power cuts, henceforth restricting the adoption of electrical appliances by households. Furthermore, commercial microwave ovens also consume huge amount of energy while cooking food, adding to the electricity bill. To overcome this restraint, market players are expected to invest heavily for the launch of energy-efficient products for the customers.

Key Companies & Market Share Insights

Some of the major players dominating the market are Whirlpool Corporation, SMEG, Sharp Corporation, Robert Bosch GmbH, Panasonic Corporation, LG Electronics, Haier Group Corporation, Dongbu Daewoo Electronics, Alto-Shaam, and AB Electrolux. Original Equipment Manufacturers (OEMs) focus on strategic partnerships and merger & acquisition (M&A) to benefit from the latest technologies and to expand their geographical footprint.

建立了玩家有一个强大的立足点market with a large customer base, which gives them an edge over their competitors in the global industry. Additionally, companies also invest heavily in marketing campaigns to increase their visibility in the arena. Major players are shifting their focus toward energy-efficient appliances integrated with IoT platform to enable customers to operate their appliances remotely.

Microwave Oven MarketReport Scope

Report Attribute	Details
Market size value in 2020	119.1亿美元
Revenue forecast in 2022	USD 12.7 billion
Growth rate	CAGR of 2.8% from 2020 to 2022
Base year for estimation	2019
Actual estimates/Historical data	2012 - 2018
Forecast period	2020 - 2022
Quantitative units	Revenue in USD million/billion and CAGR from 2020 to 2022
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Product, application, structure, region
Regional scope	North America; Europe; Asia Pacific; RoW
Key companies profiled	AB Electrolux; Alto-Shaam; Dongbu Daewoo Electronics; Haier Group Corporation; LG Electronics; Panasonic Corporation; Robert Bosch GmbH; Sharp Corporation; SMEG; Whirlpool Corporation
Customization scope	Free report customization (equivalent to up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope.
Pricing and purchase options	利用定制购买选项来满足您的穰ct research needs.Explore purchase options

Global Microwave Oven MarketSegmentation

This report forecasts revenue growths at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2012 to 2022. For the purpose of this study, Grand View Research has segmented the global microwave oven market report on the basis of product, application, structure, and region:

• Product Outlook (Revenue, USD Billion, 2012 - 2022)

  • Convection

  • Grill

  • Solo

• Application Outlook (Revenue, USD Billion, 2012 - 2022)

  • Commercial

  • Household

• Structure Outlook (Revenue, USD Billion, 2012 - 2022)

  • Built-in

  • Countertop

• Regional Outlook (Revenue, USD Billion, 2012 - 2022)

  • North America

  • Europe

  • Asia Pacific

  • Rest of the World (RoW)