Market Overview:
The Global Microwave Ovens Market size is expected to grow from USD 17.37 billion in 2022 to USD 20.84 billion by 2030, at a CAGR of 2.3% during the forecast period (2023-2030).
The microwave oven is also called an electronic oven, an appliance that cooks food using high-frequency electromagnetic waves called microwaves. Microwave ovens are relatively small, boxlike oven that raises the temperature of food by subjecting it to a high-frequency electromagnetic field. The microwaves are absorbed by water, fats, sugars, and certain other molecules, whose consequent vibrations produce heat. The heating thus occurs inside the food, without warming the surrounding air; this greatly reduces cooking time, and baking and other cooking tasks that require hours in a conventional oven can be completed in minutes in a microwave oven. Microwave ovens generate radiation at a frequency of about 2,450 megahertz using a magnetron, which is a kind of electron tube.
Top Key Players for the Microwave Ovens Market:
Amana, Bosch, Cuisinart, Frigidaire, GE, Kenmore, KitchenAid, LG, Magic Chef, Maytag, Oster, Panasonic, Samsung, Sharp, Whirlpool, and other major players.
Market Dynamics and Factors for Microwave Ovens Market:
Drivers:
Easy and convenient use Aids the Rapid Growth
The driver "Easy and Convenient Use Aids Rapid Growth" plays a crucial role in the Microwave oven market. Microwave ovens have become popular due to their user-friendly design and convenience. They simplify cooking tasks, offering quick and efficient heating and reheating options. The ease of use attracts consumers looking for time-saving solutions in their busy lifestyles. Additionally, advancements like preset cooking functions and sensor technology further enhance the user experience. As more consumers seek convenient cooking methods, the demand for microwave ovens continues to surge, driving rapid growth in the market as they become a staple appliance in modern kitchens worldwide.
Opportunities:
Emerging E-Commerce Industry Coupled With Increasing Purchasing Power of Consumers
The emerging e-commerce industry, combined with the increasing purchasing power of consumers, presents a significant opportunity for the Microwave oven market. E-commerce platforms offer a convenient and extensive channel for consumers to explore, compare, and purchase microwave ovens online. As more consumers gain access to higher disposable incomes, they are increasingly inclined to invest in modern kitchen appliances like microwave ovens. The online retail landscape allows manufacturers and sellers to reach a broader customer base, showcase product features, and offer competitive pricing. This synergy between e-commerce and consumer buying power creates a favorable environment for the microwave oven market to expand and thrive.
Segmentation Analysis of the Microwave Ovens Market:
By Type, Convection microwave ovens are a type of microwave oven equipped with a fan and heating element. They can function as both regular microwaves and convection ovens, allowing for faster cooking, browning, and crisping of food, making them versatile kitchen appliances.
By Application, Commercial applications of microwave ovens in the market primarily involve the food service industry, including restaurants, cafes, and convenience stores. They are used for reheating, cooking, and defrosting food quickly, improving operational efficiency, and ensuring timely service to customers.
Regional Analysis of the Microwave Ovens Market:
Asia-Pacific is expected to Witness the Highest Growth, Traditional cooking equipment is still a prominent choice among a large part of the population in the developed regions of Asian countries. The microwave oven industry has substantial growth prospects in the Asia Pacific region as the majority of sales are expected to originate from customers purchasing microwaves for the first time. The growing need for energy-efficient kitchen appliances and demand for smart appliances would have a positive impact on the market expansion.
Key Industry Development:
In May 2018, LG Electronics India announced to addition of 20 more exclusive outlets in Andhra Pradesh and Telangana.
In February 2017, New Oven Technology was acquired by Alto-Shaam from Appliance Innovation to commercialize the oven line, which comes with structured air technology.
