Microwave ovens are electronic devices that use microwaves to generate heat and cook food. They have become a common kitchen appliance due to their convenience and time-saving capabilities. The surge in the popularity of frozen food items is reshaping consumer cooking habits worldwide, with a consequential impact on the widespread adoption of rapid cooking appliances, notably microwave ovens. Consumers are drawn to their versatility, which effortlessly handles a diverse range of frozen items, from complete meals to snacks. Additionally, these appliances preserve nutritional value, and a rise in disposable income is expected to provide a higher potential to the market.
In February 2022, GE Appliances launched the GE Profile series, which features laundry and kitchen appliances with advanced features such as voice control, AI, and smart upgrades. These appliances cater to modern lifestyles and provide innovative solutions to simplify consumers' lives. The integration of cutting-edge technologies enhances the appliances' performance and aligns with the smart and interconnected home device trend.The microwave oven market grew in 2021 due to increased household spending, particularly in the United States, where consumer spending will reach US$ 15.9 Trillion. This trend has led to a higher demand for microwave ovens as consumers spend more on various products and services.
China Microwave Oven Market
Over the past few decades, the microwave oven market in China has grown significantly. It has become a popular appliance for urban Chinese families due to its convenience, adaptability to various cooking styles, and time-saving capability. Manufacturers have introduced advanced features, such as inverter technology, sensor cooking, and convection capabilities, to cater to customer demands. Health consciousness has also influenced the market, leading to the popularity of microwaves with steam cooking functions and low-power settings. The tech-savvy Chinese population has embraced smart appliances, and microwave ovens are no exception. Wi-Fi-enabled and app-controlled microwaves have become a symbol of the digital age in Chinese kitchens.Microwave Oven Company News
Key players such as Illinois Tool Works Inc., Sharp, LG Electronics, Whirlpool Corporation, GE Appliances, Panasonic Corporation, Samsung Electronics, and Midea Group dominate the market.Miele introduced the Miele Steam Oven with HydroClean in August 2023. The self-cleaning function removes food residue by pouring cleaner into the filter at the oven's base and dispersing it throughout the interior.
LG Electronics launched a line of energy-efficient home appliances in August 2023 for the 'Net-Zero House.' These products are designed to help consumers reduce power consumption, operating costs, and environmental impact. The latest kitchen, laundry, and living solutions are eco-friendly and meet the growing demand for sustainable home appliances.
LG Electronics India and ITC Foods partnered in 2023 to revolutionize cooking experiences in India. They aim to provide consumers with enhanced convenience, health benefits, and cooking versatility.
Sharp's 'CookWonder' microwave series will include Kamado C29 and C27, Hikari G25 Grill, and Sakura S20 Solo models in July 2023. These microwaves set a new standard for microwave cooking with simple and healthy options.
Huawei launched MAGICSwave, a new microwave, in March 2023 at MWC 2023 Barcelona. It simplifies the process of building 5G networks, optimizes TCO, and ensures a smooth transition for operators.
Miele's 2022 Steam Oven has a self-cleaning feature called HydroClean that makes maintenance easy. Pour liquid cleaner into the base strainer, and the oven automatically disperses the mixture to remove stubborn food residues.
Type - Global Microwave Oven Marketbreakup in 3 viewpoints:
1. Grill2. Solo
3. Convection
Application - Global Microwave Oven Marketbreakup in 2 viewpoints:
1. Commercial2. Household
Structure - Global Microwave Oven Marketbreakup in 2 viewpoints:
1. Built-In2. Counter Top
Power - Global Microwave Oven Marketbreakup in 4 viewpoints:
1. Up to 700 W2. 701 W TO 900 W
3. 901 W TO 1000 W
4. Above 1000 W
Distribution Channel - Global Microwave Oven Marketbreakup in 2 viewpoints:
1. Online2. Offline
Country - Global Microwave Oven Market breakup of 25 Countries:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the key players have been covered from 3 viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Illinois Tool Works Inc.2. Sharp
3. LG Electronics
4. Whirlpool Corporation
5. GE Appliances
6. Panasonic Corporation
7. Samsung Electronics
8. Midea Group
Table of Contents
Companies Mentioned
- Illinois Tool Works Inc.
- Sharp
- LG Electronics
- Whirlpool Corporation
- GE Appliances
- Panasonic Corporation
- Samsung Electronics
- Midea Group
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 215 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 10.91 Billion |
| Forecasted Market Value ( USD | $ 15.52 Billion |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
