Microwave Oven Market Report by Type (Grill, Solo, and Convection), Application (Commercial and Household), Structure (Built-In and Counter Top), Power (Up to 700 W, 701 W TO 900 W, 901 W TO 1000 W, and Above 1000 W), Distribution Channel (Online and Offline), Regions and Company Analysis 2024-2032

Global Microwave Oven Market Analysis

Global Microwave Oven Market is projected to reach a valuation of US$ 15.52 Billion by 2032 compared to worth US$ 10.91 Billion in 2023. According to Renub Research Worldwide Microwave Oven Industry is expected to grow with a CAGR of 3.99% between 2024 and 2032.

In a contemporary world, there is a surge in demand for home equipment like microwave ovens. Their convenience perfectly fits the busy lives of individuals. They offer brief and efficient cooking answers. The extremely good time-saving benefits of microwaves are specially valued by those balancing work, family, and social commitments. Moreover, their versatility has been made more advantageous by technological improvements. They render them necessary in contemporary kitchens. Microwaves have evolved into staple equipment. It is addressing the escalating demand for efficiency and convenience in present-day living, from reheating leftovers to swiftly making ready complete meals.

Global Microwave Oven Market Trends

The microwave oven market is expected to boom because of expanded frozen food and household goods intake. Frozen meals are famous for their comfort, longer shelf life, and numerous product options. Many households are also increasing their customer spending. This is anticipated to raise the use of kitchen home equipment, especially microwave ovens. The US Bureau of Labor Statistics reports that average annual expenses for all purchaser units increased by 9.0 percent from 2021 to 2022.

Moreover, the demand for home equipment that permits easy cooking and meal preparation has accelerated due to the upward thrust in single-individual families and dual-income families. According to the European Union Labour Force Survey, around 198 million households were present within the EU in 2022, with an average of 2.2 contributors per household. The number of single-person households without kids within the EU also increased by 30.7% from 2009 to 2022. To meet the wishes of current lifestyles and busy schedules, efficient cooking answers are becoming increasingly essential. This has contributed to the growth of the worldwide microwave oven market.

Smart Technology Introduction in Microwave Ovens Industry

Smart technology included into kitchen appliances like microwave ovens are also propelling the growth of the global microwave oven market. Smart microwave ovens have features like mobile device connectivity, voice control, cooking presets, auto-cooking packages, and smart diagnostic skills that greatly help individuals in their daily lives. In 2023, Samsung introduced new home appliances with SmartThings technology, including the Bespoke AI Oven with a sophisticated built-in digicam that can understand dishes and substances, provide cooking suggestions, and save food from burning or overcooking. 

Further, microwave ovens have become increasingly popular due to technological advancements, including steam and sensor-based cooking. For instance, Panasonic’s Defroster uses microwave sensing to defrost food, which preserves extra vitamins, improves texture, and enhances flavor compared to thawing inside the fridge. These features promote healthier cooking practices and cater to individuals prioritizing nutritious meal options. Additionally, the microwave oven market has received a boost from the hospitality region and catering contracts for big-scale events. As demands for convenient and green cooking solutions increase, microwave ovens have emerged as vital home equipment in residential and commercial settings, driving further innovation and market growth. 

Regional Insights

North America may dominate the worldwide microwave oven market because of the high demand for handy cooking. This is pushed by the quick-paced life of consumers within the location. Technological improvements and strong distribution networks have contributed to the market's boom. Additionally, the subculture that embraces modern kitchen home equipment has consolidated North America's function as a marketplace leader.

As the number of women in the team of workers increases, so does the call for ready-to-eat foods. According to the US Bureau of Labor Statistics, nearly half of the employed population (46.9%) comprises women aged 16 and over. Due to their busy schedules, there may be a growing demand for brief and easy meals. Microwavable meals are cutting-edge as they require less cooking time and may be prepared in a regular microwave oven. The demand for comfort meals has been growing, particularly in city areas where more people stay.

Microwave Oven Industry Company News

The international microwave oven market is predicted to enjoy a constant increase in the coming years. This is because of the competitive landscape marked by important players continuously innovating and increasing their product portfolios. The growth is driven by technological improvements, changing purchaser alternatives, and increasing market reach. Illinois Tool Works Inc., Sharp, LG Electronics, Whirlpool Corporation, GE Appliances, Panasonic Corporation, Samsung Electronics, and Midea Group dominates the market.

• In September 2023 - Kraft Heinz introduced 360CRISP™, a new microwave platform that creates crispy products like those made on the stove. The platform is launched with LUNCHABLES® Grilled Cheesies and will introduce five new products across four iconic brands by 2024. The Grilled Cheese, powered by 360CRISP™, offers quality, convenience, and crave-ability in an easy-to-prepare format from the microwave.
• In August 2023 - Whirlpool launched a new 20L solo microwave oven with 21 auto-cook 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.
• In August 2023 - LG Electronics released energy-efficient home appliances for the 'Net-Zero House,' which promotes a sustainable lifestyle and reduces power consumption, operational costs, and environmental impact. The range includes kitchen, laundry, and living solutions for eco-friendly consumers.
• In July 2023 - Sharp's 'CookWonder' microwave series will include Kamado C29 and C27, Hikari G25 Grill, and Sakura S20 Solo models. These microwaves offer simple and healthy cooking options, setting a new standard for microwave cooking.
• In March 2023 - Huawei launched a new microwave MAGICSwave at MWC 2023 Barcelona. It helps operators build simpler 5G networks, optimizing TCO and ensuring a smooth transition.

Type:

1.    Grill 
2.    Solo
3.    Convection

Application:

1.    Commercial
2.    Household

Structure:

1.    Built-In
2.    Counter Top

Power:

1.    Up to 700 W
2.    701 W TO 900 W
3.    901 W TO 1000 W
4.    Above 1000 W

Distribution Channel:

1.    Online
2.    Offline

Country:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherlands
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    UAE
5.3    South Africa

All the Key players have been covered from 3 Viewpoints:

•    Overview
•    Recent Development
•    Revenue Analysis

Company Analysis:

1.    Illinois Tool Works Inc.
2.    Sharp
3.    LG Electronics
4.    Whirlpool Corporation
5.    GE Appliances
6.    Panasonic Corporation
7.    Samsung Electronics
8.    Midea Group

Report Details: