[300 Pages Report] The global microwave market is estimated to reach US$ 8 Billion in 2022. Sales of microwaves are expected to increase at a steady 4% CAGR, pushing the market size to US$ 11.84 Billion by 2032, supported by:
During the period ranging from 2020 to 2022, microwave demand prospects appeared limited, attributed to the onset of the COVID-19 pandemic, which shook investor confidence amid cessation of all industrial activity. This blip was gradually overcome since mid-2021, leading to a resurgence in growth projections.
The microwave uses electromagnetic radiation for heating and cooking and heats food efficiently with safe radiation. Microwaves are popular for reheating previously cooked foods and cooking a variety of food.
Rising demand for fresh food and ready-to-eat foods coupled with growing sales of smart kitchen appliances is the key factor boosting the microwave market. Increased adoption of modern and contemporary kitchen equipment is promoting growth in the market.
Also, the increased spending on smart kitchen appliances is increasing, key players are focusing on product launches and the integration of advanced technologies in cooking gadgets to boost the microwave market.
| Data Points | Key Statistics |
|---|---|
| Microwave Market Value in 2022 | US$ 8 Billion |
| Microwave Market Forecast Value in 2032 | US$ 11.84 Billion |
| Global Growth Rate | 4% |
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North America, is expected to be the most lucrative market for microwave, and is expected to hold a significant value share in 2022. Preference for smart home appliances such as smart microwave is surging as a result of IoT enabled kitchen appliances.
The growing food processing and food service industry in North America has propelled the sales of microwave ovens in the region.
In addition, manufacturers are developing technologically advanced products such as smart microwaves compatible with smartphones. Moreover, with increasing internet penetration, and surging adoption of wireless technologies, sales of microwaves in the region are expected to surge over the forecast period.
Based on the structure type, the countertop microwave holds the maximum share and is expected to have a significant market value share by the end of 2032. Growth in the segment is contributed to the compatibility of this microwave and its cost-effectiveness. As compared to built-in microwaves the installation of countertop microwaves is easy, as they have zero installation cost, and only require a power plug.
These microwaves are easy to use and they are suitable for most household cooking needs. The convenience to move such microwaves to desirable places is also contributing to sales in the market. Thus countertop microwaves have huge demand in the commercial sector as well. On the back of these aforementioned factors, the demand for countertop microwaves is surging over the assessment period.
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Demand for microwaves is expected to grow at a 4% CAGR over the forecast period, in comparison to the moderate CAGR registered between 2017 to 2021. Various startups and global players are leveraging digital platforms to promote their products and increase sales.
Increasing number of nuclear households and rising demand for frozen and ready-to-eat food are expected to drive the market. Besides this, hectic schedules and increasing focus on healthy diets among consumers will boost the adoption of microwaves.
Expansion in the hospitality sector, as well as a rise in catering contracts for large-scale events, seminars, and other social gatherings is expected to spur demand for commercial appliances. Increasing awareness of various kitchen equipment, such as grills, microwaves, and barbecue equipment is predicted to have a positive impact in the growth in the market.
Further, growing trend in home automation, which is characterized by inverter-based microwaves, is likely to create opportunities for growth for microwave manufacturers over the forecast period.
Increasing sales of frozen and ready-to-eat food is driving demand for microwaves among consumers. Growing population and increased understanding of different cooking mediums such as microwaves, grills, and barbeques are expected to propel sales of microwaves over the forecast period.
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“Increasing Focus on Home-cooking in the U.S. Will Fuel Sales of Microwaves”
Sales in the U.S microwave market are forecast to increase at a 1.1% CAGR over the forecast period. Increasing demand for smart appliances and growing preference energy-efficient kitchen appliances are some of the factors driving the U.S. market.
Furthermore, rising trend of home-cooking among millennials is spurring demand for affordable and energy efficient kitchen appliances among millennials in the U.S. will continue augmenting the growth in the market over the forecast period.
“High Demand for Energy-Efficient Kitchen Appliances Will Fuel Sales of Microwaves”
Demand for microwaves in China is forecast to grow at a 10.2% CAGR over the assessment period. Increasing consumption of frozen and packaged meat snacks in China is fueling sales of microwaves.
In addition to this, rapid adoption of technologically advanced equipment for the manufacturing of consumer goods and kitchen appliances in China will propel sales of microwaves over the assessment period.
“Rising Demand for Convenient Kitchen Products Will Drive the India Microwave Market”
The India microwave market is expected to expand at a CAGR of 8.0% during the forecast period. Consumers are preferring technology-driven kitchen appliances, such as microwaves, which is expected to boost sales in the market.
Rising electrification in rural areas and high adoption of online retail channels will drive the expansion in the market over the assessment period.
“Demand for Countertop Microwaves Will Continue Gaining Traction”
Based on structure, sales of countertop microwaves will grow at a CAGR of 3.3% during the forecast period. When compared with built-in microwave, the cost of countertop microwaves is less. The installation of countertop microwaves is also easy.
Furthermore, they have zero establishment costs and only require a power plug and space at the counter. Rising demand for energy-efficient and affordable kitchen appliances will drive sales in this segment.
“Sales of Microwaves for Commercial Purposes to Remain High”
By applications, demand for microwave in the commercial sector is expected to increase at a 4.1% CAGR over the assessment period. The cost of using microwave is less as it uses less energy than a cook stove. It is suitable for small portions of food, which is useful in places such as restaurants, hotels, schools, and offices.
“Increased Product Availability on Internet Platforms Will Propel Sales of Microwaves”
In terms of sales channels, the online segment will account for a dominant share in the market over the forecast period. Increased product availability on internet platforms, which allows for price, design, and feature comparisons, will boost sales through these channels.
Secure transaction/payment and doorstep delivery are also provided by online platforms. Refund and exchange policies that are friendly to customers are maintained. As a result, sales of microwaves through online channels will remain high.
Leading companies operating in the global microwave market are investing in research and development to introduce new products in the market. Manufacturers are also using brand other strategies to improve their brand awareness. For instance:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | US$ 8 Billion |
| Projected Market Valuation (2032) | US$ 11.8 Billion |
| Value-based CAGR (2022-2032) | 4% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | US$ Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania & MEA |
| Key Countries Covered | The USA, Canada, Brazil, Mexico, Germany, the UK, France, Spain, Italy, Russia, Benelux, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand. |
| Key Segments Covered | Product Type, Application, Structure, Sales Channel and Region. |
| Key Companies Profiled | Galanz Enterprise group.; Whirlpool Corporation; Hoover Limited; LG Electronics; AB Electrolux.; Sharp Corporation; Illionis Tool works INC; Alto-Shaam INC; Panasonic Corporation; Haier group corporation; Robert Bosch |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global microwave market is projected to reach a valuation of US$ 8 Bn in 2022.
The global microwave market grew at a 4.0% CAGR between 2022 and 2032.
The growing popularity of online stores, new product launches, and increasing usage of commercial microwaves are some of the key trends boosting the market.
Leading players operating in the global microwave market are Whirlpool, LG, Panasonic, Robert Bosch, and others.
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. Product Evolution Analysis
1.5. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Winning Themes
3.3. Key Product Development Trends
3.3.1. Product Launches
3.3.2. Acquisition & Mergers
3.3.3. Expansion
4. Global Market Demand Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Volume (‘000 Units) Analysis, 2017-2021
4.2. Current and Future Market Volume (‘000 Units) Projections, 2022-2032
4.3. Y-o-Y Growth Trend Analysis
5. Global Market - Pricing Analysis
5.1. Regional Pricing Analysis By Price Range
5.2. Pricing Break-up
5.2.1. Manufacturer Level Pricing
5.2.2. Distributor Level Pricing
5.3. Global Average Pricing Analysis Benchmark
6. Global Market Demand (in Value or Size in US$ Bn) Analysis 2017-2021 and Forecast, 2022-2032
6.1. Historical Market Value (US$ Bn) Analysis, 2017-2021
6.2. Current and Future Market Value (US$ Bn) Projections, 2022-2032
6.2.1. Y-o-Y Growth Trend Analysis
6.2.2. Absolute $ Opportunity Analysis
7. Market Background
7.1. Macro-Economic Factors
7.1.1. Global GDP Growth Outlook
7.1.2. Global Industry Value Added
7.1.3. Global Consumer Spending Outlook
7.1.4. Global E-Commerce Industry Outlook
7.1.5. Per Capital Spending Outlook
7.1.6. Urbanization Growth Outlook
7.1.7. Other Key Macro-Economic Factors
7.2. Industry Value and Sales Channel Analysis
7.3. Forecast Factors - Relevance & Impact
7.3.1. Top Companies Historical Growth
7.3.2. Global Population Growth Outlook
7.3.3. GDP Growth Rate Analysis
7.3.4. Contribution to GDP & Employment
7.3.5. Urbanization Growth Outlook
7.3.6. Manufacturing Sector GVA
7.3.7. Per Capita Disposable Income
7.3.8. Other Key Forecast Factors
7.4. PESTLE Analysis of Market
7.5. Porter’s Five Force
7.6. Investment Feasibility Analysis
7.7. Market Dynamics
7.7.1. Drivers
7.7.2. Restraints
7.7.3. Opportunity Analysis
8. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Product Type
8.1. Introduction / Key Findings
8.2. Historical Market Size (US$ Bn) and Volume Analysis By Product Type, 2017-2021
8.3. Current and Future Market Size (US$ Bn) and Volume Analysis and Forecast By Product Type, 2022-2032
8.3.1. Convection
8.3.2. Grill
8.3.3. Solo
8.4. Market Attractiveness Analysis By Product type
9. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Application
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ Bn) and Volume Analysis By Application, 2017-2021
9.3. Current and Future Market Size (US$ Bn) and Volume Analysis and Forecast By Application, 2022-2032
9.3.1. Household
9.3.2. Commercial
9.4. Market Attractiveness Analysis By Application
10. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Structure
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Bn) and Volume Analysis By Structure, 2017-2021
10.3. Current and Future Market Size (US$ Bn) and Volume Analysis and Forecast By Structure, 2022-2032
10.3.1. Built-in
10.3.2. Countertop
10.4. Market Attractiveness Analysis By Structure
11. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Sales Channel
11.1. Introduction / Key Findings
11.2. Historical Market Size (US$ Bn) and Volume Analysis By Sales Channel, 2017-2021
11.3. Current and Future Market Size (US$ Bn) and Volume Analysis and Forecast Sales Channel, 2022-2032
11.3.1. Hypermarkets/Supermarkets
11.3.2. Wholesaler/Distributer
11.3.3. Specialty Stores
11.3.4. Multi-brand store
11.3.5. Online Retailers
11.3.6. Others
11.4. Market Attractiveness Analysis By Sales Channel
12. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Region
12.1. Introduction
12.2. Historical Market Size (US$ Bn) and Volume Analysis By Region, 2017-2021
12.3. Current Market Size (US$ Bn) and Volume Analysis and Forecast By Region, 2022-2032
12.3.1. North America
12.3.2. Latin America
12.3.3. Europe
12.3.4. East Asia
12.3.5. South Asia
12.3.6. Oceania
12.3.7. MEA
12.4. Market Attractiveness Analysis By Region
13. North America Market Analysis 2017-2021 and Forecast 2022-2032
13.1. Introduction
13.2. Pricing Analysis
13.3. Historical Market Size (US$ Bn) and Volume Trend Analysis By Market Taxonomy, 2017-2021
13.4. Market Size (US$ Bn) and Volume Forecast By Market Taxonomy, 2022-2032
13.4.1. By Country
13.4.1.1. US
13.4.1.2. Canada
13.4.2. By Product Type
13.4.3. By Application
13.4.4. By Structure
13.4.5. By Sales Channel
13.5. Market Attractiveness Analysis
13.5.1. By Country
13.5.2. By Product Type
13.5.3. By Structure
13.5.4. By Sales Channel
13.6. Market Trends
13.7. Key Market Participants - Intensity Mapping
13.8. Drivers and Restraints - Impact Analysis
14. Latin America Market Analysis 2017-2021 and Forecast 2022-2032
14.1. Introduction
14.2. Pricing Analysis
14.3. Historical Market Size (US$ Bn) and Volume Trend Analysis By Market Taxonomy, 2017-2021
14.4. Market Size (US$ Bn) and Volume Forecast By Market Taxonomy, 2022-2032
14.4.1. By Country
14.4.1.1. Brazil
14.4.1.2. Mexico
14.4.1.3. Argentina
14.4.1.4. Rest of Latin America
14.4.2. By Product Type
14.4.3. By Application
14.4.4. By Structure
14.4.5. By Sales Channel
14.5. Market Attractiveness Analysis
14.5.1. By Country
14.5.2. By Product Type
14.5.3. By Application
14.5.4. By Structure
14.5.5. By Sales Channel
14.6. Market Trends
14.7. Key Market Participants - Intensity Mapping
14.8. Drivers and Restraints - Impact Analysis
15. Europe Market Analysis 2017-2021 and Forecast 2022-2032
15.1. Introduction
15.2. Pricing Analysis
15.3. Historical Market Size (US$ Bn) and Volume Trend Analysis By Market Taxonomy, 2017-2021
15.4. Market Size (US$ Bn) and Volume Forecast By Market Taxonomy, 2022-2032
15.4.1. By Country
15.4.1.1. UK
15.4.1.2. France
15.4.1.3. Germany
15.4.1.4. Italy
15.4.1.5. Spain
15.4.1.6. Rest of Europe
15.4.2. By Product Type
15.4.3. By Application
15.4.4. By Structure
15.4.5. By Sales Channel
15.5. Market Attractiveness Analysis
15.5.1. By Country
15.5.2. By Product Type
15.5.3. By Application
15.5.4. By Structure
15.5.5. By Sales Channel
15.6. Market Trends
15.7. Key Market Participants - Intensity Mapping
15.8. Drivers and Restraints - Impact Analysis
16. East Asia Market Analysis 2017-2021 and Forecast 2022-2032
16.1. Introduction
16.2. Pricing Analysis
16.3. Historical Market Size (US$ Bn) and Volume Trend Analysis By Market Taxonomy, 2017-2021
16.4. Market Size (US$ Bn) and Volume Forecast By Market Taxonomy, 2022-2032
16.4.1. By Country
16.4.1.1. China
16.4.1.2. Japan
16.4.1.3. South Korea
16.4.2. By Product Type
16.4.3. By Application
16.4.4. By Structure
16.4.5. By Sales Channel
16.5. Market Attractiveness Analysis
16.5.1. By Country
16.5.2. By Product Type
16.5.3. By Application
16.5.4. By Structure
16.5.5. By Sales Channel
16.6. Market Trends
16.7. Key Market Participants - Intensity Mapping
16.8. Drivers and Restraints - Impact Analysis
17. South Asia Market Analysis 2017-2021 and Forecast 2022-2032
17.1. Introduction
17.2. Pricing Analysis
17.3. Historical Market Size (US$ Bn) and Volume Trend Analysis By Market Taxonomy, 2017-2021
17.4. Market Size (US$ Bn) and Volume Forecast By Market Taxonomy, 2022-2032
17.4.1. By Country
17.4.1.1. India
17.4.1.2. Indonesia
17.4.1.3. Malaysia
17.4.1.4. Thailand
17.4.1.5. Rest of South Asia
17.4.2. By Product Type
17.4.3. By Application
17.4.4. By Structure
17.4.5. By Sales Channel
17.5. Market Attractiveness Analysis
17.5.1. By Country
17.5.2. By Product Type
17.5.3. By Application
17.5.4. By Structure
17.5.5. By Sales Channel
17.6. Market Trends
17.7. Key Market Participants - Intensity Mapping
17.8. Drivers and Restraints - Impact Analysis
18. Oceania Market Analysis 2017-2021 and Forecast 2022-2032
18.1. Introduction
18.2. Pricing Analysis
18.3. Historical Market Size (US$ Bn) and Volume Trend Analysis By Market Taxonomy, 2017-2021
18.4. Market Size (US$ Bn) and Volume Forecast By Market Taxonomy, 2022-2032
18.4.1. By Country
18.4.1.1. Australia
18.4.1.2. New Zealand
18.4.2. By Product Type
18.4.3. By Application
18.4.4. By Structure
18.4.5. By Sales Channel
18.5. Market Attractiveness Analysis
18.5.1. By Country
18.5.2. By Product Type
18.5.3. By Application
18.5.4. By Structure
18.5.5. By Sales Channel
18.6. Market Trends
18.7. Key Market Participants - Intensity Mapping
18.8. Drivers and Restraints - Impact Analysis
19. MEA Market Analysis 2017-2021 and Forecast 2022-2032
19.1. Introduction
19.2. Pricing Analysis
19.3. Historical Market Size (US$ Bn) and Volume Trend Analysis By Market Taxonomy, 2017-2021
19.4. Market Size (US$ Bn) and Volume Forecast By Market Taxonomy, 2022-2032
19.4.1. By Country
19.4.1.1. GCC Countries
19.4.1.2. South Africa
19.4.1.3. North Africa
19.4.1.4. Rest of MEA
19.4.2. By Product Type
19.4.3. By Application
19.4.4. By Structure
19.4.5. By Sales Channel
19.5. Market Attractiveness Analysis
19.5.1. By Country
19.5.2. By Product Type
19.5.3. By Application
19.5.4. By Structure
19.5.5. By Sales Channel
19.6. Market Trends
19.7. Key Market Participants - Intensity Mapping
19.8. Drivers and Restraints - Impact Analysis
20. Market Structure Analysis
20.1. Market Analysis by Tier of Companies (Microwave)
20.2. Market Concentration
20.3. Market Share Analysis of Top Players
20.4. Market Presence Analysis
20.4.1. By Regional footprint of Players
20.4.2. Product foot print by Players
20.4.3. Channel Foot Print by Players
21. Competition Analysis
21.1. Competition Dashboard
21.2. Pricing Analysis by Competition
21.3. Competition Benchmarking
21.4. Competition Deep Dive
21.4.1. Galanz Enterprise group.
21.4.1.1. Overview
21.4.1.2. Product Portfolio
21.4.1.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.1.4. Sales Footprint
21.4.1.5. Strategy Overview
21.4.2. Whirlpool Corporation
21.4.2.1. Overview
21.4.2.2. Product Portfolio
21.4.2.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.2.4. Sales Footprint
21.4.2.5. Strategy Overview
21.4.3. Hoover Limited
21.4.3.1. Overview
21.4.3.2. Product Portfolio
21.4.3.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.3.4. Sales Footprint
21.4.3.5. Strategy Overview
21.4.4. LG Electronics
21.4.4.1. Overview
21.4.4.2. Product Portfolio
21.4.4.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.4.4. Sales Footprint
21.4.4.5. Strategy Overview
21.4.5. AB Electrolux.
21.4.5.1. Overview
21.4.5.2. Product Portfolio
21.4.5.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.5.4. Sales Footprint
21.4.5.5. Strategy Overview
21.4.6. Sharp Corporation
21.4.6.1. Overview
21.4.6.2. Product Portfolio
21.4.6.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.6.4. Sales Footprint
21.4.6.5. Strategy Overview
21.4.7. Illionis Tool works INC
21.4.7.1. Overview
21.4.7.2. Product Portfolio
21.4.7.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.7.4. Sales Footprint
21.4.7.5. Strategy Overview
21.4.8. Alto-Shaam INC
21.4.8.1. Overview
21.4.8.2. Product Portfolio
21.4.8.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.8.4. Sales Footprint
21.4.8.5. Strategy Overview
21.4.9. Panasonic Corporation
21.4.9.1. Overview
21.4.9.2. Product Portfolio
21.4.9.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.9.4. Sales Footprint
21.4.9.5. Strategy Overview
21.4.10. Haier group corporation
21.4.10.1. Overview
21.4.10.2. Product Portfolio
21.4.10.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.10.4. Sales Footprint
21.4.10.5. Strategy Overview
21.4.11. Robert Bosch
21.4.11.1. Overview
21.4.11.2. Product Portfolio
21.4.11.3. Profitability by Market Segments (Product/Price range/Channel/Region)
21.4.11.4. Sales Footprint
21.4.11.5. Strategy Overview
22. Assumptions and Acronyms Used
23. Research Methodology
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Microwave Market
