[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
