Global Microwave Oven Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Product Type (Solo, Grill, Convection), By Structure (Built-In, Countertop), By Application (Residential, Commercial), By Sales Channel (Online, Offline), And By Geography - Forecasts From 2022 To 2027

Published:  Jun 2022 Report Code: KSI061613759 Pages: 120

The global microwave oven market is evaluated at US$61.913 billion for the year 2020. Rising purchasing power and living standards coupled with increasing urbanization are the major drivers of the global microwave oven market. The growing working population and hectic lifestyle are shifting the preference of consumers toward innovative kitchen appliances, which, in turn, is also escalating the demand for a microwave oven as well. With a busy lifestyle, people are consuming more and more ready-to-eat, pre-cooked, and frozen food items. This is also leading to a rise in sales of microwave ovens as the need for stylish and convenient kitchen appliances is rising with changing consumer preferences and lifestyle patterns. Growing concerns regarding rising energy consumption are also forcing consumers to opt for innovative, cost-effective, and energy-efficient kitchen appliances, thus positively impacting the demand for microwave ovens

The robust growth of the global hospitality sector, along with the emerging popularity of catering contracts for large-scale functions, seminars, and other social gatherings, is further fuelling the demand for microwave ovens to make various food items easily, thereby propelling the market growth. Enhanced functionality and increasing use of innovative cooking methods using various kitchen appliances, including microwave ovens, are also accelerating the market growth of microwave ovens worldwide.

However, many people in developing and underdeveloped economies are still unaware of how to use these kitchen appliances and so prefer traditional methods and cooking equipment. This is hindering the global market growth of microwave ovens.

The global microwave oven market has been segmented based on product type, structure, application, sales channel, and geography. By product type, the global microwave oven market has been segmented as solo, grill, and convection. By structure, the market segmentation has been done as built-in and countertop. By application, the market has been segmented into residential and commercial. The global microwave oven market has also been segmented by sales channels as online and offline.

The commercial segment dominates the market

By application, the commercial segment accounted for the major market share in the forecast period. The increasing number of restaurants and hotels around the globe, primarily due to the booming travel and tourism industry and growing globalization, is driving the demand for microwave ovens in the commercial sector where food is prepared in large quantities and requires reheating and defrosting. However, the residential segment will experience a decent CAGR during the forecast period as people will try several healthy and nutritious recipes at home that require the use of microwave ovens. Moreover, microwave ovens help to defrost and reheat food at home as well. As such, the ever-increasing consumption of frozen food items and pre-cooked ready-to-eat meals is driving the market growth of microwave ovens across this segment.

During the forecast period, APAC will experience a significant CAGR.

Geographically, the global microwave oven market has been segmented into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. Due to the early adoption of new technologies and the presence of major market players in the region, North America accounted for a significant market share. High usage of innovative microwave ovens both in homes and commercial places is driving the demand for microwave ovens in the region. Well-established restaurants in countries like the U.S. and Canada also contribute to the market growth of microwave ovens in the North American region. However, this regional market is poised to grow at a slower rate, which can be attributed to the already high penetration of microwave ovens in the region. The Asia Pacific, however, will witness a substantial CAGR during the forecast period owing to the expansion of restaurant chains in countries like India and Australia. The growing preference of people to enhance their baking skills at home is another factor that is augmenting the demand for advanced microwave ovens, thus positively impacting the overall regional market growth. The growing inclination of people in APAC countries towards first-rate kitchen electrical appliances is further escalating the demand for microwave ovens in this region.

Recent Developments:

  • The Electrolux Group reintroduced its Continental brand of household appliances in the Brazilian market in September 2020, bringing 27 new-generation products with new price ranges, such as built-in ovens, microwaves, and refrigerators, as well as a brand campaign advocating equality in the home. This will help the organization extend its offerings and serve a wider spectrum of clients.
  • Samsung released new kitchen appliances under the Baker Series microwaves in March 2021. Microwaves in the new series have steaming, grilling, and frying capabilities, as well as convection capabilities.
  • In March 2022, Whirlpool of India, a Whirlpool Corporation affiliate, announced its new 29L Magicook Pro series of convection microwave ovens. These ovens are unique in that they have built-in air fryers as well as other standard features like a microwave, convection, grill, and so on. 4 In addition, the microwave ovens come with a rotisserie that allows for consistent roasting at temperatures up to 230 degrees.

COVID-19 Impact

The global microwave oven market was significantly boosted by volume sales during the COVID-19 epidemic. Following the outbreak, LG Electronics unveiled its new 2021 charcoal microwave oven line. These new additions to LG's health and hygiene portfolio have been carefully crafted to assist people in leading better lives. According to the MD of LG Electronics India, the company has seen a spike in consumer demand to modernize and equip their homes with the latest technology as a result of the lockdown. On the other side, as customers continued to work from home during the COVID wave, e-commerce has experienced tremendous growth as companies have been able to collect income from microwave ovens through online channels.

Competitive Insights

Prominent key market players in the global microwave oven market include LG Electronics, Samsung, Whirlpool, Haier Inc., Electrolux, BSH Hausgeräte GmbH, Panasonic, Sharp Corporation, Midea Group, and DAEWOO Electronics UK Ltd. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global microwave oven market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments by different market players over the last two years.

Global Microwave Oven Market Scope:

Report Metric Details
 Market size value in 2020  US$61.913 billion
 Growth Rate  CAGR of during the forecast period
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments covered  Product Type, Structure, Application, Sales Channel, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  LG Electronics, SAMSUNG, Whirlpool, Haier Inc., Electrolux, BSH Hausgeräte GmbH,   Panasonic, Sharp Corporation, Midea Group, DAEWOO Electronics UK Ltd
 Customization scope  Free report customization with purchase

 

Segmentation

  • By Product Type
    • Solo
    • Grill
    • Convection
  • By Structure
    • Built-In
    • Countertop
  • By Application
    • Residential
    • Commercial
  • By Sales Channel
    • Online
    • Offline
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • Australia
      • India
      • Others

Frequently Asked Questions (FAQs)

Q1. What is the size of the global microwave oven market?
A1. The global microwave oven market was valued at US$61.913 billion in 2020.  


Q2. Who are the major players in the microwave oven market?
A2. Prominent key market players in the Global Microwave Oven market include LG Electronics, SAMSUNG, Whirlpool, Haier Inc., Electrolux, BSH Hausgeräte GmbH, Panasonic, Sharp Corporation, Midea Group, and DAEWOO Electronics UK Ltd. 


Q3. How is the global microwave oven market segmented?
A3. Microwave Oven Market has been segmented on the basis of product type, structure, application, sales channel, and geography. 


Q4. What factors are anticipated to drive the microwave oven market growth?
A4. Rising purchasing power and living standards coupled with increasing urbanization is the major driver of the global microwave oven market. 


Q5. Which region holds the largest market share in the microwave oven market?
A5. North America accounted for a significant market share owing to the early adoption of new technologies and the presence of major market players in the region.

1. INTRODUCTION
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation

2. RESEARCH METHODOLOGY  
2.1. Research Data
2.2. Assumptions

3. EXECUTIVE SUMMARY
3.1. Research Highlights

4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis

5. GLOBAL MICROWAVE OVEN MARKET ANALYSIS, BY PRODUCT TYPE
5.1. Introduction
5.2. Solo
5.3. Grill
5.4. Convection

6. GLOBAL MICROWAVE OVEN MARKET ANALYSIS, BY STRUCTURE
6.1. Introduction
6.2. Built-In
6.3. Countertop

7. GLOBAL MICROWAVE OVEN MARKET ANALYSIS, BY APPLICATION
7.1. Introduction
7.2. Residential
7.3. Commercial

8. GLOBAL MICROWAVE OVEN MARKET ANALYSIS, BY SALES CHANNEL
8.1. Introduction
8.2. Online
8.3. Offline

9. GLOBAL MICROWAVE OVEN MARKET ANALYSIS, BY GEOGRAPHY
9.1. Introduction
9.2. North America
9.2.1. North America Microwave Oven Market Analysis, By Product Type, 2020 to 2027
9.2.2. North America Microwave Oven Market Analysis, By Structure, 2020 to 2027
9.2.3. North America Microwave Oven Market Analysis, By Application, 2020 to 2027
9.2.4. North America Microwave Oven Market Analysis, By Sales Channel, 2020 to 2027
9.2.4.1. USA
9.2.4.2. Canada
9.2.4.3. Mexico
9.3. South America
9.3.1. South America Microwave Oven Market Analysis, By Product Type, 2020 to 2027
9.3.2. South America Microwave Oven Market Analysis, By Structure, 2020 to 2027
9.3.3. South America Microwave Oven Market Analysis, By Application, 2020 to 2027
9.3.4. South America Microwave Oven Market Analysis, By Sales Channel, 2020 to 2027
9.3.4.1. Brazil
9.3.4.2. Argentina
9.3.4.3. Others
9.4. Europe
9.4.1. Europe Microwave Oven Market Analysis, By Product Type, 2020 to 2027
9.4.2. Europe Microwave Oven Market Analysis, By Structure, 2020 to 2027
9.4.3. Europe Microwave Oven Market Analysis, By Application, 2020 to 2027
9.4.4. Europe Microwave Oven Market Analysis, By Sales Channel, 2020 to 2027
9.4.4.1. UK
9.4.4.2. Germany
9.4.4.3. France
9.4.4.4. Spain
9.4.4.5. Others
9.5. Middle East and Africa
9.5.1. Middle East and Africa Microwave Oven Market Analysis, By Product Type, 2020 to 2027
9.5.2. Middle East and Africa Microwave Oven Market Analysis, By Structure, 2020 to 2027
9.5.3. Middle East and Africa Microwave Oven Market Analysis, By Application, 2020 to 2027
9.5.4. Middle East and Africa Microwave Oven Market Analysis, By Sales Channel, 2020 to 2027
9.5.4.1. Saudi Arabia
9.5.4.2. UAE
9.5.4.3. Israel
9.5.4.4. Others
9.6. Asia Pacific
9.6.1. Asia Pacific Microwave Oven Market Analysis, By Product Type, 2020 to 2027
9.6.2. Asia Pacific Microwave Oven Market Analysis, By Structure, 2020 to 2027
9.6.3. Asia Pacific Microwave Oven Market Analysis, By Application, 2020 to 2027
9.6.4. Asia Pacific Microwave Oven Market Analysis, By Sales Channel, 2020 to 2027
9.6.4.1. China
9.6.4.2. Japan
9.6.4.3. South Korea
9.6.4.4. Australia
9.6.4.5. India
9.6.4.6. Indonesia
9.6.4.7. Others

10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix

11. COMPANY PROFILES
11.1. LG Electronics
11.2. SAMSUNG
11.3. Whirlpool
11.4. Haier Inc.
11.5. Electrolux
11.6. BSH Hausgeräte GmbH
11.7. Panasonic
11.8. Sharp Corporation
11.9. Midea Group
11.10. DAEWOO Electronics UK Ltd

LG Electronics

SAMSUNG

Whirlpool

Haier Inc.

Electrolux

BSH Hausgeräte GmbH

Panasonic

Sharp Corporation

Midea Group

DAEWOO Electronics UK Ltd

Pricing

Explore Custom Options available with this study:

  •  Request customization
  •  Buy sections of the study
  •  Buy country specific report
  •  Request excel, Historical data
  •  Subscription inquiry
  •  Request special pricing

Our Value Proposition

Analyst Support

All our studies come with 2 months of analyst support.


Confidentiality

We are in compliance with the global privacy laws.

Connect With Us