Global Microwave Oven Market Report and Forecast 2024-2032

Global Microwave Oven Market Outlook

The global microwave oven market is expected to grow at a CAGR of 4.7% during the forecast period 2024-2032.

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Advancements in Technology, Consumers’ Desire for Sophisticated and Hi-tech Products and Higher Standard of Living, and Competitive Prices to Drive the Global Microwave Oven Market

The global microwave oven market is expected to be driven by advancements in technology, demand for smart kitchen and related appliances, increased disposable incomes, and consumers’ desire for higher standards of living, ease of performing tasks in the kitchen, and multi-tasking. According to analysts, rapid technological advancements and competitive prices drive the buying of electronic and electrical devices in Europe. Also, consumers have a tendency to purchase new devices before present appliances serve their useful lives; this suggests that such items are seen as status symbols or indicators of higher standards of living.

Companies are investing heavily to develop advanced, sophisticated and efficient appliances. Panasonic’s new Smart Inverter Countertop Microwave Oven, that can be activated through Alexa, is a good example. While similar microwaves exist in the market, this is the first such product by Panasonic. Panasonic announced the product at CES 2023 in Las Vegas in the first week of January 2023, along with many other new products, including its new compact oven. With Panasonic’s new Smart Inverter Countertop Microwave Oven, consumers would not need to “guess” suitable microwave settings. Further, the product seeks to optimize convenience when performing multiple chores in the kitchen; it understands more than 100 common commands. The product enables quick movement in the kitchen, especially when there is a lot of preparation to do. This smart microwave oven also has convenient manual controls, including dedicated Popcorn, Turbo Defrost, and Quick 30 buttons for quick access. Further, its Genius Sensor technology monitors a food item’s humidity level, and offers features to defrost, cook, or rewarm meals swiftly and evenly.

Samsung, seeking to offer further personalized product experiences, announced more customization alternatives for its Bespoke line-up of domestic appliances, including over-the-range microwaves among Samsung's Family Hub and French 3-door and 4-door refrigerators, dishwashers and ranges.

Such products with modern features are an indicator of consumers’ desire for innovative home appliances and willingness to spend on modern, sophisticated gadgets that make accomplishment of daily tasks easy and efficient. Such demand and supply of technologically advanced devices are likely to boost market growth.

China, Germany, Malaysia, Thailand and the UK are significant exporters of microwave ovens. In 2019, microwave oven exports of these nations stood as follows: China (over $2.94B), Malaysia (over $422M), Thailand (over $185M), Germany (over $120M), and United Kingdom (over $110M). In the same year, the most significant importers of microwave ovens were: USA (over $1.30B), Japan (over $361M), Germany (over $226M), UK (OVER $210M) and Russia (over $200M).

Of all ovens, microwaves represent the greatest sales percentage in the European Union (EU).

Microwave Oven Definition and Global Market Segmentation

In a microwave oven, an electron tube (magnetron) produces microwaves which are reflected within the inside of the oven (made of metal) and absorbed by food. These microwaves cause molecules of water present in the food to vibrate, which produces heat that cooks the food item. Thus, foods with higher water content (such as fresh vegetables) cook more quickly in a microwave oven. Microwave cooked foods retain more nutrients because foods cooked in microwave ovens do not require additional water for cooking.

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By product, the market is segmented into:

• Convection
• Grill
• Solo

By application, the market is classified into:

• Commercial
• Household

By structure, the market is classified as follows:

• Built-In
• Countertop

By region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Industry Players in the Global Microwave Oven Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Haier Group Corporation
• Electrolux AB
• Panasonic Corporation 
• Robert Bosch GmbH
• Whirlpool Corporation
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report