Overview and Scope
Microwave ovens are defined as devices that cook food by exposing it to electromagnetic radiation in the microwave frequency range.
Sizing and Forecast
The microwave ovens market size has grown steadily in recent years. It will grow from <b>$47.17 billion in 2023 to $48.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. </b> The growth in the historic period can be attributed to time-efficient cooking, changing lifestyles, affordability and accessibility, increasing number of working women, rising disposable incomes.
The microwave ovens market size is expected to see steady growth in the next few years. It will grow to <b>$54.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. </b> The growth in the forecast period can be attributed to smart and connected appliances, cooking technology advancements, energy efficiency and sustainability, health and wellness, compact and space-saving solutions. Major trends in the forecast period include multi-function microwave ovens, voice and app control, aesthetics and design, healthy cooking and nutrition, sustainability and eco-friendly materials.
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Segmentation & Regional Insights
The microwave ovens market covered in this report is segmented –
1) By Product: Grill, Solo, Convection
2) By Structure: Counter Top, Built-In
3) By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Online Channel, Other Distribution Channels
4) By Application: Commercial, Household
<b>Asia-Pacific</b> was the largest region in the microwave ovens market in 2023. <b>Western Europe</b> was the second-largest region in the microwave ovens market. The regions covered in the microwave ovens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for frozen and ready-to-eat food owing to busy lifestyles is expected to drive the microwave ovens market growth during the forecast period. Frozen and prepared meals can easily be cooked in microwave ovens and taste similar to that fresh food. For instance, in November 2022, according to a report published by the American Frozen Food Institute, a US-based trade association, over the 52-week period ending June 26, 2022, sales of frozen fruits and vegetables in the US reached $7.1 billion, while the volume of the product was 271 million pounds higher than pre-pandemic levels at 3.9 billion pounds. Plain vegetables, potatoes onions, and fruit were the segment’s top-selling products, with sales of $2.9 billion, $2.3 billion, and $1.5 billion, respectively. Therefore, the increasing demand for frozen and ready-to-eat food owing to busy lifestyles drives the growth of the microwave oven market.
Key Industry Players
Major companies operating in the microwave ovens market include <b>Sharp Corporation, LG Electronics Inc, Electrolux AB, Alto-Shaam Inc, Panasonic Corporation, Samsung Electronics, Dongbu Daewoo Electronics, Whirlpool Corporation, SMEG, Haier Group Corporation, AB Electrolux, Hoover Limited, Illinois Tool Works Inc., Galanz Enterprise Group, Amana, Bosch, Cuisinart, Frigidaire, GE Appliances, Kenmore, KitchenAid, Ali Group, Midea Group, Vulcan-Hart, Bakers Pride Oven Co. Inc., Kenwood Limited, IFB Industries Ltd., Toshiba Corporation., Breville Group Limited, Cuisinart, Hamilton Beach Brands Holding Company, Morphy Richards, Moulinex, Philips, Russell Hobbs, Sunbeam Products Inc., Tefal, Black & Decker, Daewoo Electronics, Gorenje Group, Hitachi, Indesit Company</b>
The microwave ovens market report table of contents includes:
1. Executive Summary
2.Microwave Ovens Market Characteristics
3.Microwave Ovens Market Trends And Strategies
4.Microwave Ovens Market analysis
5.Microwave Ovens Market Size And Growth
6.Microwave Ovens Segmentation
7.Microwave Ovens Regional And Country Analysis
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27.Microwave Ovens Competitive Landscape And Company Profiles
28.Microwave Ovens Key Mergers And Acquisitions
29.Microwave Ovens Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Sharp Corporation
- LG Electronics Inc
- Electrolux AB
- Alto-Shaam Inc
- Panasonic Corporation
- Samsung Electronics
- Dongbu Daewoo Electronics
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