Microwave Oven Market

Microwave Oven Market Overview

The global Microwave Oven Market size was valued at USD 11.36 billion in 2023 and is predicted to reach USD 15.18 billion by 2030 with a CAGR of 4.2% from 2024-2030.

The microwave oven is designed to cook, reheat, and defrost food using microwave radiation. This industry includes a wide range of products, from basic models with limited features to advanced units equipped with technologies such as convection cooking, grilling, and smart connectivity. It is influenced by factors such as consumer demand for time-saving appliances, technological advancements, energy efficiency, and changing lifestyles. 

Moreover, microwave oven market is regulated by safety, energy efficiency, and environmental standards, including guidelines on electromagnetic radiation, Energy Star certifications, and Restriction of Hazardous Substances (RoHS) compliance. The supply chain involves global sourcing of metals, plastics, electronic components, and glass, with an increasing focus on sustainability. The industry is poised for continued growth as it adapts to these evolving demands and challenges.

Market Dynamics and Trends

The global surge in urbanization is driving the microwave oven market demand, as more people rely on electrical appliances for convenience. These ovens are particularly favored as healthier cooking options for various food items, including ready-to-eat meals, frozen foods, and other quick-preparation dishes. According to a report published by the UN population division, the total number of urban populations residing globally is recorded at 4.52 billion in the year 2022, as compared with previous year’s value of 4.45 billion people. This heightened number of urban populations underscore the growing preference of microwave ovens in their daily purpose.

Also, rising technological advancements, such as smart connectivity and inverter technology, are enhancing the versatility and user-friendliness of microwave ovens, leading to increased consumer demand for modern kitchen appliances. Consequently, manufacturers are increasingly incorporating these innovations to maintain their competitive edge. For instance, in January 2022, Panasonic launched its first smart microwave oven, the NN-SV79MS, that features voice control via Alexa for over 100 commands and utilizes 1,200-Watt inverter technology with 10 power levels and a built-in Genius Sensor for consistent and convenient cooking.

Moreover, growing consumer awareness and regulatory pressures for energy efficiency are driving the adoption of energy-efficient microwave ovens, that appeal to environmentally conscious buyers. These appliances not only reduce electricity consumption but also help in lowering utility bills, making them a cost-effective choice for consumers. For example, in April 2024, Regale launched its 60Hz commercial microwave oven to the UK market. This new model is designed to enhance efficiency in professional kitchens, featuring advanced technology for faster cooking times and improved energy efficiency. The oven is particularly suitable for high-demand environments, promising consistent performance and reliability.

However, presence of alternative cooking appliances, such as air fryers, induction cooktops, and convection ovens that offer healthier cooking options is hindering the microwave oven market expansion.On the contrary, integration of artificial intelligence into microwave ovens enhances cooking experiences by personalizing meal preparation. This creates efficiency opportunities through optimized cooking programs based on user preferences and habits, leading to more customized and effective cooking results. 

For instance, in April 2024, Samsung launched its microwave oven that feature enhanced AI capabilities and smart connectivity, allowing users to control cooking remotely via the SmartThings app and receive optimal cooking suggestions. The new models also include a 7-inch AI Home display for managing multiple connected appliances, providing an interactive kitchen experience. 

Market Segmentation and Scope of Study

The microwave oven market report is segmented on the basis of product, application, structure, distribution channel, and region. On the basis of product, the market is categorized into convection, grill and solo. On the basis of application, the market is classified into household and commercial. On the basis of structure, the market is divided into built-in and counter top. On the basis of distribution channel, the market is bifurcated into offline and online. The offline market is further divided into hypermarkets/supermarkets, specialty store, and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and Rest of the World (RoW).

Geographical Analysis

North America dominates the microwave oven market share at present and is expected to continue its dominance throughout the forecast period. This is attributed to the rising government initiatives towards the use of sustainable and energy efficient microwave ovens among the developed countries such as the U.S. and Canada. For instance, in August 2022, the U.S. Department of Energy (DOE) tested 33 microwave ovens and confirmed that the oven models currently present in the market which can achieve a minimum power consumption with the automatic power-down microwave ovens. Moreover, in August 2022, the U.S. Energy Information Administration (EIA) reported a survey in which most of the consumers reported the daily use of microwave ovens and almost each household in the U.S. have at least one microwave oven.

Furthermore, the leading companies are adopting various business strategies including product launch and business expansion, which in turn is boosting the microwave oven market growth. For instance, in February 2024, Hestan launched its new microwave oven that features advanced technology aimed at enhancing cooking efficiency and precision. The microwave is part of Hestan's broader strategy to expand its kitchen appliance offerings, emphasizing high performance and user-friendly features.
On the other hand, Asia-Pacific is emerging as the fastest-growing region in the microwave oven industry due to the increasing adoption of electronic appliances aimed at enhancing lifestyle among its expanding population. This growth is further fueled by major companies driving innovation in the market.

According to World Bank data, population growth in Asian countries is accelerating, with India reaching 1.43 billion people and China at 1.41 billion in 2023. This substantial population increase highlights the expanding adoption of consumer goods and electronics in the region. Moreover, increasing disposable incomes in developing countries such as China, India, Indonesia and others are leading to higher spending on modern household appliances, including advanced microwave ovens. This trend reflects the growing ability of consumers to invest in convenience and technology-enhanced kitchen solutions. As per the data published by the government of China, the country's per capita disposable income reached USD 5.51 million in the year 2023, reflecting a nominal increase of 6.3% compared to the previous year. This growing financial capability supports the expanding market for high-end and innovative microwave ovens in the region.

Competitive Landscape

The microwave oven industry includes several market players including Samsung Electronics, LG Electronics, Koninklijke Philips N.V., Panasonic Corporation, Robert Bosch GmbH, Alto-Shaam, Inc., Sharp Corporation, Haier Inc., Whirlpool Corporation, Electrolux Group, and others. 

These key players are opting various strategies such as product launches to maintain their dominance in the global the market. For instance, in January 2023, LG Electronics launched its latest and upgraded kitchen appliances including microwave ovens at CES 2023. This new range of micro wave ovens makes cooking easier with new smart features such as Stream cook and Simmer cook.

For instance, in July 2023, Sharp Business Systems India Pvt. Ltd, a subsidiary of Sharp Corporation, launched its ‘CooKWonder’ microwave oven series in India. It comes with variety of models such as convection, grill, and solo microwaves. These models provide easy and healthy cooking options to cater the Indian cooking with over 400+ autocook modes. 

Key Benefits

• The report provides quantitative analysis and estimations of the market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the current and future microwave oven market trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Microwave Oven Market Key Segments

By Product

• Convection

• Grill

• Solo

By Application

• Household

• Commercial

By Structure

• Built-in

• Counter Top

By Distribution channel 

• Offline

  • Hypermarkets/Supermarkets

  • Specialty Stores

  • Others

• Online

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World

  • Latin America

  • Middle East

  • Africa

Key Players

• Samsung Electronics

• LG Electronics

• Koninklijke Philips N.V.

• Panasonic Corporation

• Robert Bosch GmbH

• Alto-Shaam, Inc.

• Sharp Corporation

• Haier Inc.

• Whirlpool Corporation

• Electrolux Group

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 11.36 Billion
Revenue Forecast in 2030	USD 15.18 Billion
Growth Rate	CAGR of 4.2% from 2023 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Increasing urbanization across the world fuels the demand for microwave ovens. Rising technological advancements towards modern microwave ovens boosts the market growth. Growing consumer awareness towards energy efficient microwave ovens drives the market expansion.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.