How Has the Microwave Ovens Market Evolved Historically and What is its Current Size?
The microwave ovens market has seen considerable growth due to a variety of factors.
• The market size for microwave ovens has experienced consistent growth in the past few years. It is set to expand from $12.72 billion in 2024 to $13.24 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.0%.
The historic period's growth can be credited to factors such as the convenience of time-efficient cooking, evolving lifestyles, affordability and availability, a rise in working women, and growing disposable incomes.
What Is The Projected Growth Of The Microwave Ovens Template Market?
The microwave ovens market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions suggest that the market size of microwave ovens will experience consistent growth in the coming years, reaching $15.21 billion by 2029 with a compound annual growth rate (CAGR) of 3.5%.
This projected growth during the forecasted period can be ascribed to factors such as the rise of smart and interconnected appliances, advances in cooking technology, an emphasis on energy efficiency and sustainability, as well as health and wellness benefits provided. Furthermore, compact, space-saving designs are also playing a major role in this growth. Key trends expected during the forecast period encompass multi-functional microwave ovens, voice and application controls, aesthetic and design preferences, healthy cooking options and nutrition-centered features, along with sustainability and utilization of environmentally friendly materials.
What Are The Key Drivers Fueling Growth In The Microwave Ovens Market?
The surge in demand for frozen and ready-to-eat meals due to hectic lifestyles is predicted to fuel the expansion of the microwave ovens market in the forecast period. Frozen and ready meals can be conveniently heated in microwave ovens, offering a taste identical to freshly prepared food. For example, as per a report released by the American Frozen Food Institute In November 2022, over the span of 52 weeks concluding on June 26, 2022, the sales of frozen fruits and vegetables in the US amounted to $7.1 billion, with the total weight of the product being 271 million pounds more than the pre-COVID-19 levels at 3.9 billion pounds. Unadulterated vegetables, potatoes, onions, and fruit were the dominant products in this segment, registering sales of $2.9 billion, $2.3 billion, and $1.5 billion correspondingly. Hence, the escalating demand for frozen and ready-to-eat meals prompted by busy lifestyles leads to the progression of the microwave oven market.
What Are The Principal Market Segments In The Global Microwave Ovens Industry?
The microwave ovens market covered in this report is segmented –
1) By Product: Grill, Solo, Convection
2) By Structure: Counter Top, Built-In
3) By Distribution Channel: Specialty Stores, Super markets/Hyper markets, Online Channel, Other Distribution Channels
4) By Application: Commercial, Household
Subsegments:
1) By Grill: Solo Grill, Convection Grill
2) By Solo: Basic Solo Microwave, Advanced Solo Microwave
3) By Convection: Countertop Convection Microwave, Built-in Convection Microwave
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How Are Emerging Trends Reshaping The Dynamics Of The Microwave Ovens Market?
In response to the growing demand for multi-functional appliances that offer added benefits, companies in the household cooking appliance market are introducing technologically advanced multi-functional ovens. These cutting-edge ovens utilize a variety of methods to ensure personalized and effortless cooking and are equipped with tools that guide and instruct the user throughout the cooking process. One standout feature of these ovens is their ability to self-clean, either with catalytic or pyrolytic functions. The catalytic function uses specially designed chemical liners to absorb grease, while the pyrolytic function allows these ovens to clean the dirt and grease using high temperatures. For example, the Electrolux’s EOY5851AAX oven, with its unique assortment of programs and functions, simplifies the cooking process and includes a pyrolytic cleaning feature for effortless self-cleaning.
Who Are the Key Players In The Microwave Ovens Market?
Major companies operating in the microwave ovens market include:
• Sharp Corporation
• LG Electronics Inc
• Electrolux AB
• Alto-Shaam Inc
• Panasonic Corporation
• Samsung Electronics
• Dongbu Daewoo Electronics
• Whirlpool Corporation
• SMEG
• Haier Group Corporation
• AB Electrolux
• Hoover Limited
• Illinois Tool Works Inc.
• Galanz Enterprise Group
• Amana
• Bosch
• Cuisinart
• Frigidaire
• GE Appliances
• Kenmore
• KitchenAid
• Ali Group
• Midea Group
• Vulcan-Hart
• Bakers Pride Oven Co. Inc.
• Kenwood Limited
• IFB Industries Ltd.
• Toshiba Corporation.
• Breville Group Limited
• Cuisinart
• Hamilton Beach Brands Holding Company
• Morphy Richards
• Moulinex
• Philips
• Russell Hobbs
• Sunbeam Products Inc.
• Tefal
• Black & Decker
• Daewoo Electronics
• Gorenje Group
• Hitachi
• Indesit Company
What Are The Regional Insights Into The Microwave Ovens Market?
Asia-Pacific was the largest region in the microwave ovens market in 2023. Western Europe was the second-largest region in the microwave ovens market. The regions covered in the microwave ovens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
