Smart Microwave Ovens Global Market Report 2024

The smart microwave ovens market size has grown rapidly in recent years. It will grow from $4.36 billion in 2023 to $5.17 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The expansion observed in the historical period can be ascribed to factors such as consumer convenience, energy efficiency, evolving lifestyles, health consciousness, and the rise in disposable income.

The smart microwave ovens market size is expected to see rapid growth in the next few years. It will grow to $9.02 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The anticipated growth in the forecast period can be credited to the increasing integration of the Internet of Things (IoT), the expansion of smart home ecosystems, a focus on customization and personalization, the incorporation of sustainability features, the integration of health-tech, and the penetration of the market in emerging economies. Key trends expected in the forecast period involve heightened connectivity and IoT integration, the adoption of in-oven cameras for monitoring, the expansion of pre-programmed cooking options, the integration of recipe libraries and cooking guidance, and a concerted emphasis on energy efficiency and sustainability.

The anticipated growth in the smart microwave ovens market is driven by the increasing adoption of smart home appliances. Smart homes, equipped with various internet-connected devices, enable homeowners to control and automate various aspects of their living space. Smart microwaves contribute to the sense of automation in smart homes, automating tasks efficiently. For instance, a November 2022 report, the State of the Connected Home, revealed that 77% of adults in the UK own at least one smart home appliance, reflecting a growing trend from 67% in 2020 and 76% in 2021. Additionally, the number of advanced adopters of smart home devices reached 26% in 2022, up from 24% in 2021 and 17% in 2020, emphasizing the increasing demand for smart microwave ovens.

The rise in disposable income is expected to further drive the growth of the smart microwave oven market. Disposable income, representing funds available for spending and saving after taxes and obligatory deductions, influences the adoption of appliances that save time and effort, such as microwave ovens. For example, according to the Bureau of Economic Analysis, US disposable personal income increased by $7.3 billion (less than 0.1 percent) in July 2023. Additionally, the World Bank reported that in 2021, lower-middle-income countries had per capita net disposal income ranging from $1,036 to $4,045, while upper-middle-income countries had per capita net disposal income ranging from $4,046 to $12,535. Increasing disposable income contributes significantly to the growth of the smart microwave oven market.

The potential cybersecurity risks pose a threat to the smart appliance market, as hackers could exploit vulnerabilities to cause harm to users. Smart microwave ovens, with remote control capabilities, may be susceptible to cyber-attacks, creating safety concerns. For instance, a July 2021 report indicated that smart homes could experience over 12,000 cyber-attacks in a single week. The safety issues arising from cyber-attacks may hinder the growth of the smart microwave oven market during the forecast period.

The Scan-to-Cook feature is a technological advancement that simplifies the preparation and cooking of pre-packaged and frozen foods by allowing users to scan the barcode on the package using a smartphone and an associated app. This process sends customized and recommended instructions to the microwave oven, ensuring the perfection of the prepared meals. In 2021, LG introduced the Double Oven Gas Slide-in Range and Over-the-Range Microwave Oven, both equipped with the Scan-to-Cook feature. LG collaborated with the AI start-up Foodspace Technology, based in Boston, to develop this innovative feature. With the increasing global trend of busy lifestyles leading many families to opt for frozen foods, the Scan-to-Cook feature eliminates the guesswork from cooking, resulting in precise and perfect meals, thereby driving the demand for smart microwave ovens.

Key players in the smart microwave oven market are strategically focusing on the introduction of Wi-Fi-connected ovens to capitalize on market growth. These ovens can be controlled and monitored wirelessly through an internet connection. For instance, Sharp Corporation launched the world's first smart convection microwave drawer oven, the SMD2499FS, in February 2021. This product features dual convection fans for turntable-free baking, roasting, grilling, and air-frying. With an easy wave-open feature for touchless operation and compatibility with Alexa and Wi-Fi connectivity, this oven aligns seamlessly with modern smart home setups.

In January 2021, Weber-Stephen Products, LLC., a US-based manufacturer of grills and accessories, acquired June for an undisclosed amount. This acquisition is part of the company's strategy to enhance the outdoor cooking experience by incorporating digital goods, services, and experiences that add dynamism and interest to grilling. June is a US-based home automation company.

Major companies operating in the smart microwave ovens market report are Samsung Electronics Co. Ltd., Robert Bosch GmbH, Siemens AG, General Electric Company, LG Electronics Inc., Panasonic Corporation, Haier Group Corporation, Midea Group Co. Ltd., Smeg S.p.A., Toshiba Corporation, Whirlpool Corporation, BSH Home Appliances Corporation, Emerson Electric Co., Miele & Cie. KG, SharkNinja Operating LLC, Sharp Corporation, Breville Group Limited, Electrolux AB (publ), Sub-Zero Group Inc., Kenmore Brands, SANYO Electric Co. Ltd., Viking Range Corporation, Dacor Inc., June Life Inc., Candy Hoover S.p.A., Morphy Richards Ltd., Tovala Inc., Hestan Smart Cooking Inc., Galanz Group, Gorenje Group d.o.o., Teka Industrial S.A.U., Hannspree Group Inc., Hisense Group Co. Ltd., TTK Prestige Limited. Asia-Pacific was the largest region in the smart microwave oven market in 2023. Western Europe was the second-largest region in the global smart microwave oven market analysis. The regions covered in the smart microwave ovens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Smart microwave ovens come in various types, including grill microwave ovens, convection microwave ovens, microwave/light-wave ovens, and others, employing technologies such as Bluetooth, Wi-Fi, and NFC. Grill microwave ovens leverage smart technology for grilling, offering time and space-saving benefits. These appliances are available through various channels such as hypermarkets, supermarkets, specialty stores, online platforms, and others, catering to both commercial and personal users.

The smart microwave oven market research report is one of a series of new reports that provides smart microwave oven market statistics, including smart microwave oven industry global market size, regional shares, competitors with a smart microwave oven market share, detailed smart microwave oven market segments, market trends and opportunities, and any further data you may need to thrive in the smart microwave oven industry. This smart microwave oven market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the smart microwave ovens market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The smart microwave ovens market consists of sales of smart grill microwave ovens, smart convection microwave ovens, and other smart microwave ovens. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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