Microwave Oven Market: Global Industry Analysis Forecast (2024-2030)

The Global Microwave Oven Market size in terms of revenue was valued at USD 9.07 Bn in 2023 and it is anticipated to grow at 4.2% CAGR from 2024 to 2030 reaching around USD 12.10 Bn.
Microwave Oven Market Overview:
A microwave oven is a kitchen appliance that converts electricity into electromagnetic waves called a microwave. The microwave oven market is driven by rising consumer demand for convenient cooking solutions. Innovations in technology, such as Convection and smart microwaves that offer enhanced cooking features and energy efficiency, further fuel market growth. The trend towards adopting eco-friendly, appliances also significantly contributes to the market's expansion. Additionally, the growing popularity of ready-to-eat and frozen foods among time-pressed consumers worldwide supports the continuous demand for microwave ovens. These factors collectively pushes the microwave oven market forward, making it a dynamic segment in the home appliance industry.

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Microwave Oven Market Dynamics
Growing demand for ready-to-eat and frozen foods globally

Microwave Ovens are renowned for their quick food preparation, accommodating hectic schedules, and simplifying the variety of kitchen duties such as defrosting and reheating. Microwave Ovens simplify contemporary fast-paced lives by greatly cutting down on cooking time and facilitating multitasking in the kitchen. When one lacks the time or energy to prepare a full meal, microwave ovens are a popular choice for quick dinners or late-night snacks. Additional time and energy savings are facilitated by their energy efficiency and capacity to deliver steady heating which increases the microwave oven market.



1.The last three years have witnessed a 60% jump in the sales of ready-to-eat and frozen foods, demonstrating their increasing popularity. As a result, there is a 40% rise in demand for microwave ovens that can efficiently heat these foods which ultimately drives growth of the microwave oven market.

Development of Culinary sensors and Precision cooking technologies

Cooking sensors are specialized parts used to keep an eye on variables like weight, humidity, and temperature while food I being cooked. These sensors provide the microwave oven with real-time feedback so that it can modify the cooking conditions according to the customer. For example, a humidity sensor helps to determine the amount of moisture in the food and makes necessary changes in the cooking time and power levels to prevent overcooking or undercooking. With the help of this technology, food is always prepared to the correct temperature.

1.Haier India introduced its first microwave oven in India 2 decades ago, making the beginning of the culinary revolution. The initial models focused on the basic functionalities such as reheating and defrosting, providing convenience to busy households.

Along with this, inverter technology and other precision cooking technologies have gained popularity. This innovative technology has introduced several compelling factors that influence the Microwave Oven Market dynamics. The continuous advancements in inverter technology have significantly impacted the market. This technology allows for precise and consistent control of microwave power, resulting in superior cooking. Conventional microwaves have fixed power levels and can only reach lower settings by cycling between full and no power

High energy consumption

One of the restraining factors for the growth of the global microwave market is the high energy consumption by microwave ovens. In many regions with high electricity costs, energy bills are a rising concern for many consumers. Microwave ovens use a lot of power which can translate to a significant rise in the monthly energy bill, especially with frequent use. This limits the many people from buying microwave ovens.

1.Ireland, Italy, and the United Kingdom had some of the highest household electricity prices worldwide as of September 2023. At the time, the Irish households were charged around 0.53 USD per Kilowatt hour, while in the UK the prices stood at 0.44 USD per kilowatt hour. By comparison, the United States residents paid almost three times less.

Limited Cooking Capabilities

The microwave oven market faces significant challenges from the competition. Alternative appliances such as toaster ovens, air fryers, and multicookers offering similar functionalities such as reheating and basic cooking are increasingly popular. These alternatives not only saturate the market but also divide the consumer’s attention making it harder for the manufacturers of microwave ovens to maintain their market share. This competition forces the microwave oven brands to continuously innovate and differentiate their products to capture consumer attention /interest.
Microwave Oven Market Segment Analysis
By Type, Convection microwave ovens held the largest Microwave Oven Market share and dominated the global microwave oven market with a revenue share of around 43% in 2023. A Convection microwave oven is ideal because of its features not only for reheating or cooking but also for grills and baking and uses a fan to distribute hot air around the food which results in fast cooking. Since they are expensive, nowadays Convection microwave ovens can save on electricity bills because of their 5-star model. Convectional microwave ovens are more versatile in their functions and features and offer unlimited ways to use them. Eventually, the compactness of the Convection microwave ovens has made them a viable alternative for the smaller kitchens as many users prefer for multitasking and space-saving products there is growth in demand for Convection microwave ovens across the globe.

Grill-type microwave ovens are the fastest-growing segment during the forecast period, they are equipped with features like grilling and cater to users who require additional cooking options rather than basic heating. The Grill-type microwave ovens consist of a radiant heating element for cooking food and are used for simple cooking purposes such as heating milk, and tea making popcorn, etc. The grill-type microwave oven e.g. Stainless Steel grill microwave oven is in high demand and is expected to dominate the microwave oven market in the forecast period.

By Application, Household microwave ovens are the dominant segment of the Microwave oven market having a market share of around 70% in 2023. Household Microwave Oven offers more features for baking, boiling, grilling, and complex cooking recipes, catering to a wider range of culinary needs on which microwaves primarily focus on reheating and faster cooking purposes.

1.According to The British Journal on Nutrition, as the number of working women is rising day by day around the globe, the call for ready-to-eat foods is increasing.

2. The US Bureau of Labor Statistics states that around 46.9% of the working population comprises women aged 16 and above. Because of their busy schedules, there is a rising demand for quick and easy foods that can be fulfilled by household microwave ovens.

3. Leading brands such as Whirlpool, Samsung, and LG focus heavily on household microwaves, offering a variety of sizes, features, and price points to cater to diverse consumer needs.

The commercial microwave oven segment is the fastest-growing segment of the global microwave oven market as the growth in food consumption outside of the house has led to changes in the food industry. Food service providers such as cafes, restaurants, and hotels have also increased production and streamlined operations to increase overall efficiency with the aid of cutting-edge methods and technologies. The demand for commercial microwave ovens is increasing owing to the rising demand for quick service.

1. Chains like McDonald’s, Domino's, and Subway rely heavily on commercial microwave ovens for reheating precooked food items like Burgers, Pizzas, and breakfast sandwiches. These microwaves ensure consistent quality and rapid services at peak hours.

2. In the region of North America, commercial microwave ovens are a staple in some convenience stores, allowing customers to quickly heat up pre-packaged meals and frozen snacks. This caters the busy individuals on the go.

By Structure, the built-in segment has the highest market share of 80% of the global microwave oven market during the forecast period. Built-in microwave ovens are designed to seamlessly fit into household cabinets, bringing a sleek and stylish look to the setup. Moreover, built-in microwave ovens are very convenient to use and handle, as they free up counter space and can be operated simply by a button. Built-in microwave ovens are also more energy efficient than countertop ovens, as they are designed to be integrated into the electrical system of the kitchen.



With the emergence of Artificial intelligence, consumers are increasingly choosing appliances that can be controlled via voice commands or remotely, and built-in microwave ovens belong to this category, as they can be connected to a smart home system and controlled using a mobile application or virtual assistant.
Microwave Oven Market Regional Insights


Asia Pacific Region held the largest market share of about 54% of the global microwave oven market. A significant portion of the Asia Pacific region continues to use traditional cooking appliances and most of the sales of microwave ovens in the Asia Pacific region are from customers making their first microwave oven purchase, as a result, the market offers tremendous growth potential over this region. Market expansion has benefited from the increasing demand for smart and energy-efficient appliances

1. Increasing the number of households, the shift in purchasing power of families, attraction towards modern kitchen appliances, government initiatives such as June 2014 the Certification and Accreditation of the People’s Republic of China (CNCA) imposed certain regulations to use household electronic items including microwave ovens.

2. China, India, and Malaysia are the leading exporters of the Microwave Ovens
Asia Pacific region is the leading industry due to rapid industrialization, developments in the electronic industries, an increasing number of industries, and increased product innovations are the key factors contributing to market growth.

North America Region holds the second-largest market share of about 22% of the global microwave oven market. The region’s prevalence of smaller households, busy schedules, and high disposable income have increased the demand for microwave ovens. The United States remains the primary growth engine, driven by robust demand for microwave ovens.

3. According to the United States Bureau of Labour Statistics, 90% of American Households have at least one microwave oven.



Europe region held a market share of about 14% of the global microwave oven market. This region’s demand for microwave ovens is increased by factors such as growing trends of single-person households, the increasing number of working women, and the need for convenient cooking solutions. Countries like the United Kingdom, France, and Germany are key contributors to the regional microwave oven market.

Competitive Landscape of Global Microwave Oven Market

In the competitive landscape of the global microwave oven market, leading players such as LG Electronics, Samsung Electronics, and Panasonic Corporation dominate due to their strong brand recognition, extensive distribution networks, and continual technological innovations Companies like AB Electrolux and Whirlpool Corporation further enhance the market dynamics by offering a range of products that emphasize energy efficiency and advanced cooking features, such as smart connectivity and sensor technology. Sharp Corporation and Galanz Enterprise Group focus on leveraging cost competitiveness and rapid product development to cater to diverse consumer needs. Additionally, niche players like Alto-Shaam Inc. and Illinois Tool Works Inc. specialize in commercial-grade microwave solutions, broadening their reach in the hospitality and food service sectors.

Recent Development in Microwave Oven Market

1. A new microwave platform called 360CRISPTM, which produces crispy foods similar to those prepared on the stove, was unveiled by Kraft Heinz in September 2023. Lunchables Grilled cheeses are the first product on the platform, and by 2024, five more products from four recognizable companies will be added. With 360CRISPTM technology, the Grilled Cheese combines quality, ease of preparation, and crave ability in microwave-friendly packaging.

2. In 2023, LG Electronics India and ITC Foods entered a strategic partnership to revolutionize cooking experiences in India. The collaboration leverages the strengths of both companies, aiming to provide consumers with enhanced convenience, health benefits, and cooking versatility, marking a significant step towards redefining the culinary landscape in the country.

3. In August 2023 Whirlpool Launched a new 20L Solo Microwave Oven with 21 Autocook menus, A defrost function, feather touch controls, an LED display, five power levels, even heating, a space-saving design and a printer-type door lock.

4. In August 2023 LG Electronics released energy-efficient home appliances for the ‘Net Zero House,’ which promotes a sustainable lifestyle and reduces power consumption, environmental impact, and operational costs. The range includes kitchen, laundry, and living solutions for eco-friendly consumers.

5. In July 2023 Sharp’s CookWonder microwave series will include Kamado C29 and C27, Hikari G25 Grill, and Sakura S20 Solo models. These microwave ovens offer simple healthy cooking options, setting a new standard for microwave cooking.

6. In 2022, Miele introduced the Miele steam oven featuring the innovative HydroClean function. This self-cleaning function simplifies maintenance by facilitating the removal of tough food residues. Users pour the liquid cleaner into the base stainer, initiating an automatic process that effectively disperses the mixture, ensuring a convenient and efficient cleaning experience for the appliance’s interior.
Microwave Oven Market Scope: Inquiry Before Buying



Microwave Oven Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 9.07 Bn.


Forecast Period 2024 to 2030 CAGR:
4.2%
Market Size in 2030:
US $ 12.10 Bn.


 Segments Covered:
by Type
Convection
Grill
Solo


by Application
Household
Commercial


by Structure
Built-in
Countertop



Microwave Oven Market, by Region
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan, and the Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria, and the Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players of the Global Microwave Oven Market
1. Panasonic Corporation ( Osaka, Japan)
2. Samsung Electronics ( Seoul, South Korea)
3. LG Electronics ( Seoul, South Korea)
4. Whirlpool Corporation (Benton Harbor, Michigan, USA)
5. Sharp Corporation ( Sakai, Japan)
6. Breville Group (Sydney, Australia)
7. GE Appliances (Louisville, Kentucky, USA)
8. Electrolux AB (Stockholm, Sweden)
9. Daewoo Electronics (Seoul, South Korea)
10. Midea Group (Foshan, China)
11. Bosch Home Appliances (Munich, Germany)
12. Haier Group (Qingdao, China)
13. Toshiba Corporation (Tokyo, Japan)
14. Emerson Electric Co. ( Ferguson, Missouri, USA)
15. Sunbeam Products (Boca Raton, Florida, USA)
16. Vestel Group ( Manisa, Turkey)
17. Galanz Group (Shunde, China)

FAQ
1] What segments are covered in the Global Microwave Oven Market report?
Ans. The segments covered in the Microwave Oven Market report are based on oven type, application, structure, and Region.

2] Which region is expected to hold the highest share of the Global Microwave Oven Market?
Ans. The APAC region is expected to hold the highest share of the Microwave Oven Market.

3] What is the market size of the Global Microwave Oven Market by 2029?
Ans. The market size of the Global Microwave Oven Market by 2029 is expected to reach USD 12.10 Bn.

4] What was the market size of the Global Microwave Oven Market in 2023?
Ans. The market size of the Global Microwave Oven Market in 2023 was valued at USD 9.07 Bn.

5] Key players in the Global Microwave Oven Market.
Ans. Samsung Electronics (Seoul, South Korea),, LG Electronics (Seoul, South Korea), , Whirlpool Corporation (Benton Harbor, Michigan, USA), , Sharp Corporation (Sakai, Japan), , Breville Group (Sydney, Australia), , GE Appliances (Louisville, Kentucky, USA), , Electrolux AB (Stockholm, Sweden), , Daewoo Electronics (Seoul, South Korea), , Midea Group (Foshan, China), Bosch Home Appliances (Munich, Germany), , Haier Group (Qingdao, China) , Toshiba Corporation (Tokyo, Japan).