Microwave Oven Market: Emerging Opportunities, Trends and Forecast Analysis (2021-2027) By oven type, application, structure and Region.

The Microwave Oven Market was valued at US$ 3.8 Bn. in 2020 and expected to grow at a CAGR of 4.6% during the forecast period (2021-2027), thanks to the growing trend of convection oven use which has boosted demand for Global Microwave Ovens Market.

Microwave Oven Market Overview:

Microwave Oven is a kitchen appliance that converts electricity into electromagnetic waves called a microwave. The heat produced by the microwave causes water molecules present in the food to vibrate then cook food. Different types of microwaves present in the market are built-in microwave, convection microwave oven, over-the-range microwave, and smart microwaves, etc. These are used to reheat food, sanitize kitchen items, roast garlic, etc. microwaves are the safe and highly effective way of cooking method, helps in preserving nutrients, reduce cooking time, use less energy compared to the conventional method. As a result global microwave oven market is expected to reach US$ 5.20 Bn during the forecast period. Microwave Oven Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027. 2019 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done good in lockdown also and specific strategic analysis of those companies is done in the report.

Microwave Oven Market Dynamics:

Factors attributing to the growth of Microwave Oven market are growing population, increasing number of working women, the interest of new generation to eat ready food and frozen food products, changing lifestyle and increasing income of the people, growth of hospitality sector, these ovens consume less energy and food is rich in nutrients, these ovens need less space in the kitchen and clean energy transfer, etc. “US Food and Drugs Administration” imposed safety regulations to use the microwave oven. To promote the advancement of technology, Green House Gas (GHG) reduction, and increase energy efficiency in household appliances to reduce energy bills of consumers, the Government of India initiated the “ National Energy Efficiency Strategy Plan 2031” which covers microwave ovens also. These initiatives add an advantage to the global microwave market. New development in innovations such as Eco Mode feature, Microwave Oven with grill, Built-in cooking settings, Convection technology option, microwave with tv and DVD, microwaveable marshmallow gadgets, Carousel feature, etc are driving the global microwave oven market positively. Some of the factors that are affecting the global market are microwave food is dehydrated, it is limited and not suitable for large families, reduces mineral bioavailability, electricity consumption rate is higher and emission of carbon monoxide, etc.

Microwave Oven Market Segmentation:

Based on the Oven Type, The market is segmented as convection, grill, solo. Convection oven dominates the market. Convection ovens consist of fans that circulate air around the food to quick heating so these ovens cook 25% faster than a traditional oven. Some of the factors driving the global market are faster cook times, the self-cleaning feature, no flavor transfer, high functional features, etc are adding advantages to the global market. Grill oven held the second dominating share of 30% in 2020. It consists of a radiant heating element to cook food and is used for simple cooking purposes like making popcorns, heating milk, coffee, and tea, etc. Microwave Oven Market 1 Based on the Application, The Microwave Oven market is segmented as household and commercial. The household oven market dominates the global market by having a share of more than 60%. Factors attracting to the household oven market growth are less expensive compared to the commercial oven, quick use, consist of a turntable, easy to control, easy to clean, etc. But commercial microwave ovens are designed to fulfill the professional demand and they use stirrer systems to distribute energy. Based on the Structure Type, The market is segmented as built-in and countertop. The built-in oven dominates the market and it is expected to grow a CAGR of 5.2% during the forecast period. These ovens are known for their hygienic and healthy cooking, futuristic design and features, high durability, free up maximum workspace because of installing in walls. The counterpart microwave ovens are placed on the top of the kitchen table and it needs adequate air clearance to work properly.

Microwave Oven Market regional insights:

North-America region dominates the global Microwave Oven market during the forecast period. Because of the richness of the country, change in the lifestyle of the younger age, popularity of the modular kitchens, growing restaurant market, control of cooking time, presence of global key players, etc. The number of microwaves sold in the US was 14.6 Mn. in 2020. US microwave oven market is expected to grow at a CAGR of 1.8% during the forecast period. Asia-Pacific is the second region to dominate the global microwave market and is expected to grow at a CAGR of 6.2% during the forecast period. Major drivers of the market in this region are China and India. Increasing in the number of households, the shift in purchasing power of families, attraction towards the modern kitchen appliances, government initiatives such as in June 2014 the “Certification and Accreditation of the People’s Republic of China” (CNCA) imposed certain regulations to use household electronic items which covering microwave ovens also. The objective of the report is to present a comprehensive analysis of the global Microwave Oven market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Microwave Oven market dynamics, structure by analyzing the market segments and projecting the Microwave Oven market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Microwave Oven make the report investor’s guide.

Microwave Oven Market Scope: Inquire before buying

Microwave Oven Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $  3.8 Bn.
Forecast Period 2021 to 2027 CAGR: 4.6% Market Size in 2027: US $  5.20 Bn.
Segments Covered: by Oven Type • Convection • Grill • Solo
by Application • Household • Commercial
by Structure • Built-in • Counter top

Microwave Oven Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Microwave Oven Market Key Players

• Panasonic Corporation • Whirlpool Corporation • LG Electronics • Samsung Electronics • Alto-Shaam Inc. • AB Electrolux • Sharp Corporation • Hoover limited • Illinois Tool Works Inc. (ITW) • Galanz Enterprise Group • Godrej • IFB • Miele • Haier • Beko • Bosch • Electrolux

Frequently Asked Questions:

1. Which region has the largest share in Microwave Oven Market? Ans: North-America held the largest share in 2020. 2. What is the growth rate of the Microwave Oven Market? Ans: The Microwave Oven Market is growing at a CAGR of 4.6 % during the forecasting period 2021-2027. 3. What segments are covered in Microwave Oven Market? Ans: Microwave Oven Market is segmented into oven type, application, structure. 4. Who are the key players in Microwave Oven Market? Ans: Panasonic Corporation, Whirlpool Corporation, LG Electronics, Samsung Electronics, Alto-Shaam Inc., AB Electrolux, Sharp Corporation, Hoover limited, Illinois Tool Works Inc. (ITW), Galanz Enterprise Group, Godrej, IFB, Miele, Haier, Beko, Bosch, Electrolux 5. What is the study period of this market? Ans: The Microwave Oven Market is studied from 2020 to 2027.
1. Global Microwave Oven Market: Research Methodology 2. Global Microwave Oven Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Microwave Oven Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Microwave Oven Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Microwave Oven Market Segmentation 4.1 Global Microwave Oven Market, by Oven type (2020-2027) • Convection • Grill • Solo 4.2 Global Microwave Oven Market, by Application (2020-2027) • Household • Commercial 4.3 Global Microwave Oven Market, by Structure (2020-2027) • Built-in • Counter top 5. North America Microwave Oven Market (2020-2027) 5.1 Global Microwave Oven Market, by Oven type (2020-2027) • Convection • Grill • Solo 5.2 Global Microwave Oven Market, by Application (2020-2027) • Household • Commercial 5.3 Global Microwave Oven Market, by Structure (2020-2027) • Built-in • Counter top 5.4 North America Microwave Oven Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Microwave Oven Market (2020-2027) 6.1. Asia Pacific Microwave Oven Market, by Oven type (2020-2027) 6.2. Asia Pacific Microwave Oven Market, by Application (2020-2027) 6.3. Asia Pacific Microwave Oven Market, by Structure (2020-2027) 6.4. Asia Pacific Microwave Oven Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Microwave Oven Market (2020-2027) 7.1 Middle East and Africa Microwave Oven Market, by Oven type (2020-2027) 7.2. Middle East and Africa Microwave Oven Market, by Application (2020-2027) 7.3. Middle East and Africa Microwave Oven Market, by Structure (2020-2027) 7.4. Middle East and Africa Microwave Oven Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Microwave Oven Market (2020-2027) 8.1. Latin America Microwave Oven Market, by Oven type (2020-2027) 8.2. Latin America Microwave Oven Market, by Application (2020-2027) 8.3. Latin America Microwave Oven Market, by Structure (2020-2027) 8.4. Latin America Microwave Oven Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Microwave Oven Market (2020-2027) 9.1. European Microwave Oven Market, by Oven type (2020-2027) 9.2. European Microwave Oven Market, by Application (2020-2027) 9.3. European Microwave Oven Market, by Structure (2020-2027) 9.4. European Microwave Oven Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. Panasonic Corporation 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Whirlpool Corporation 10.3 LG Electronics 10.4 Samsung Electronics 10.5 Alto-Shaam Inc. 10.6 AB Electrolux 10.7 Sharp Corporation 10.8 Hoover limited 10.9 Illinois Tool Works Inc. (ITW) 10.10 Galanz Enterprise Group 10.11 Godrej 10.12 IFB 10.13 Miele 10.14 Haier 10.15 Beko 10.16 Bosch 10.17 Electrolux

About This Report

Report ID 21147
Category Consumer Goods & Services
Published Date September 2019
Updated Date Nov 2021
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