Microwave Ovens Global Market Opportunities and Strategies to 2032

This report describes and explains the microwave ovens market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global microwave ovens market reached a value of nearly $11.69 billion in 2022, having grown at a compound annual growth rate (CAGR) of 3.48% since 2017. The market is expected to grow from $11.69 billion in 2022 to $14.23 billion in 2027 at a rate of 4.02%. The market is then expected to grow at a CAGR of 3.52% from 2027 and reach $16.92 billion in 2032.

Growth in the historic period resulted from rising awareness of food products with extended shelf lives, growing urbanization and increased e-commerce growth. Factors that negatively affected growth in the historic period included increased tariffs on raw materials such as steel and aluminum.

Going forward, the rising number of hotels and restaurants, growing demand for frozen foods and increasing government initiatives for energy efficient appliances will drive the market. Factors that could hinder the growth of the microwave ovens market in the future include high power consumption associated with microwave ovens.

The microwave ovens market is segmented by product into a grill, solo and convection. The convection market was the largest segment of the microwave ovens market segmented by product, accounting for 48.3% or $5,647.73 of the total in 2022. Going forward, the solo segment is expected to be the fastest growing segment in the microwave ovens market segmented by product, at a CAGR of 4.27% during 2022-2027.

The microwave ovens market is segmented by application into commercial and household. The household market was the largest segment of the microwave ovens market segmented by application, accounting for 64.7% or $7.56 billion of the total in 2022. Going forward, the commercial segment is expected to be the fastest growing segment in the microwave ovens market segmented by application, at a CAGR of 4.54% during 2022-2027.

The microwave ovens market is segmented by distribution channel into specialty stores, supermarkets/hypermarkets, online channel and other distribution channels. The online channel market was the largest segment of the microwave ovens market segmented by distribution channel, accounting for 32.9% or $3.84 billion of the total in 2022. Going forward, the online channel segment is expected to be the fastest growing segment in the microwave ovens market segmented by distribution channel, at a CAGR of 5.13% during 2022-2027.

The microwave ovens market is segmented by structure into counter top and built-in. The counter top market was the largest segment of the microwave ovens market segmented by structure, accounting for 67.3% or $7.86 billion of the total in 2022. Going forward, the built-in segment is expected to be the fastest growing segment in the microwave ovens market segmented by structure, at a CAGR of 4.71% during 2022-2027.

Asia-Pacific was the largest region in the microwave ovens market, accounting for 46.4% or $5.42 billion of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the microwave ovens market will be Asia-Pacific and South America, where growth will be at CAGRs of 5.7% and 4.9% respectively. These will be followed by Middle East and Africa where the markets are expected to grow at CAGRs of 4.1% and 3.1% respectively.

The global microwave ovens market is highly concentrated, with a few large players dominating the market. The top ten competitors in the market made up to 62.8% of the total market in 2022. The market concentration can be attributed to the presence of large players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Panasonic Holdings Corporation was the largest competitor with a 11.0% share of the market, followed by Samsung Electronics Co., Ltd with 9.8%, Haier Smart Home Co., Ltd with 8.6%, LG Electronics Inc with 8.5%, Midea Group Co., Ltd with 7.1%, AB Electrolux with 5.8%, Robert Bosch GmbH with 5.2%, Sharp Corporation with 2.6%, Whirlpool Corporation with 2.2% and Illinois Tool Works Inc with 2.1%.

The top opportunities in the microwave ovens market segmented by product will arise in the convection segment, which will gain at $1.25 billion of global annual sales by 2027. The top opportunities in the microwave ovens market segmented by application will arise in the household segment, which will gain $1.51 billion of global annual sales by 2027. The top opportunities in the microwave ovens market segmented by structure will arise in the counter top segment, which will gain $1.55 billion of global annual sales by 2027. The top opportunities in the microwave ovens market segmented by distribution channel will arise in the online channel segment, which will gain $1.09 billion of global annual sales by 2027. The microwave ovens market size will gain the most in China at $913.9 million.

Market-trend-based strategies for the microwave ovens market include focus on launching technologically advanced multi-functional ovens, developing innovative ovens with advanced features such as a pickle mode, introducing microwave ovens with a charcoal lighting feature, introducing advanced features such as a scan-to-cook feature in microwave ovens and developing innovative ovens with advanced technological solutions such as AI.

Player-adopted strategies in the microwave ovens market include focus on strengthening operational capabilities through the launch of new products, enhancing operational capabilities through strategic collaborations and partnerships and strengthening business operations through securing regulatory certifications.

To take advantage of the opportunities, the analyst recommends the microwave ovens companies to focus on development of multi-functional ovens, focus on launch of microwaves with pickle mode, focus on introducing microwave ovens with charcoal lighting features, focus on introduction of scan-to-cook smart features, focus on innovative product developments, focus on integration of artificial intelligence (AI) within microwave ovens, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on fast-growing distribution channels, focus on competitive pricing, participate in trade shows and events, continue to focus on B2B promotions, continue to target fast-growing applications and increase focus on online buyers.