Global Microwave Oven Market Overview, 2023-28

Microwave ovens have gained a global presence, becoming an indispensable device in numerous households and commercial kitchens alike. Their extensive use can be ascribed to the remarkable convenience and efficiency with which they heat, cook, and thaw food. Microwave ovens have transformed food preparation in homes all around the world. They have streamlined cooking procedures by reducing the amount of time and effort required to heat or cook food. With the touch of a button, families can quickly reheat leftovers, defrost frozen ingredients, or prepare full meals. Microwave ovens' tiny size also makes them a perfect alternative for smaller kitchens or living spaces, which contributes to their appeal among city dwellers. In the realm of culinary arts, microwave ovens have found their place as indispensable tools for professional chefs and culinary enthusiasts. Their precision in reheating and cooking allows for consistent results, making them valuable assets in commercial kitchens. Beyond homes and kitchens, microwave ovens are extensively utilized in various industries. They play a pivotal role in food processing, as they are used for pasteurization, drying, and sterilization processes. In laboratories, they aid in scientific research and experimentation, facilitating rapid heating and chemical reactions. The global presence of microwave ovens is a testament to their adaptability, convenience, and versatility. As technology continues to advance, these appliances are likely to evolve further, offering even more innovative features and expanding their role in various aspects of our lives. Their ability to save time, energy, and resources has undoubtedly secured their enduring place in households and industries worldwide. According to the research report "Global Microwave Oven Market Outlook, 2028," published by Bonafide Research, the Global market was valued at USD 10.86 Billion in 2022, and is anticipated to reach at more than USD 14 Billion by 2028 with the grow of 4.92%. The global market for microwave ovens is expanding rapidly, owing to a mix of innovation and the availability of premium models. This spike in popularity is not restricted to households, but also extends to other areas, such as laboratories, contributing to the market's overall expansion. Continuous innovation in technology and design is one of the primary factors driving the growth of the microwave oven market. Manufacturers are continually creating and releasing new features and functionalities in order to improve the overall user experience. These advancements include enhanced cooking presets, smart connection, and energy-efficient versions, all of which are popular among consumers looking for modern and practical kitchen appliances. The use of sensor and inverter technology has increased the precision and versatility of microwave ovens, making them more appealing to a broader range of customers. Furthermore, the availability of high-end microwave oven goods has piqued the interest of discerning consumers. High-end versions not only provide greater cooking performance, but also sleek designs and long-lasting materials, making them desirable to consumers seeking both practicality and aesthetic appeal in their kitchen equipment. As consumers are ready to invest in luxury microwave ovens for their homes and professional kitchens, the market's client base has grown.

As of 2022, the North America microwave oven market stands out as a dominant force in the global market, closely followed by Europe, Asia-Pacific (APAC), South America, and the Middle East & Africa (MEA) regions. This regional distribution reflects the widespread popularity and utility of microwave ovens across the world. North America holds a prominent position in the global microwave oven market due to high levels of consumer adoption and a strong presence of leading appliance manufacturers. In this region, microwave ovens are considered a kitchen staple, relied upon for their convenience and time-saving capabilities. The demand for microwave ovens in North America is driven by a busy lifestyle, with consumers seeking quick and efficient cooking solutions. Europe also boasts a substantial share of the global microwave oven market. The region's well-developed consumer appliance industry and a preference for modern kitchen conveniences have contributed to its significant market presence. European consumers appreciate the versatility of microwave ovens for reheating, defrosting, and even cooking, making them a common fixture in households across the continent. In the Asia-Pacific region, the microwave oven market has been steadily growing, driven by a burgeoning middle class, urbanization, and changing consumer lifestyles. As people in APAC countries increasingly adopt Western-style cooking and embrace convenience, the demand for microwave ovens continues to rise. South America and the MEA region, while trailing behind North America and Europe, have also seen growth in the microwave oven market. Economic development, urbanization, and changing dietary habits in these regions have led to an increased demand for kitchen appliances like microwave ovens. The market segmentation based on product type has revealed a definite hierarchy in the dynamic world of microwave ovens, with convection microwave ovens reigning supreme. Three key categories stand out in this competitive landscape: convection, grill, and solitary microwave ovens. Convection microwave ovens have established their supremacy among these, regularly garnering the lion's share of the market. Convection microwave ovens provide a unique combination of adaptability and efficiency, making them a popular choice among a wide spectrum of users. Because of their ability to not only reheat and defrost meals, but also bake, roast, and brown dishes to perfection, they have become an important kitchen device in many households. This multifunctionality caters to the current consumer's desire for efficiency and ease in their cooking routines. Solo microwave ovens, while still popular, excel only in simple heating and defrosting chores. They are an entry-level solution for individuals on a tight budget or with few cooking requirements. Meanwhile, grill microwave ovens appeal to individuals seeking the wonderful grilled flavor and texture in their dishes, which culinary enthusiasts frequently favor. Convection microwave ovens, on the other hand, have risen to the top of the market due to their sheer utility and variety. They've become an indispensable tool for busy people and families that want to create a range of meals fast and efficiently. Convection microwave ovens have grown to satisfy the different needs of today's consumers, with features like as convection cooking, combination cooking, and advanced programming options. Two basic structural types have emerged as frontrunners in the ever-changing microwave oven industry: built-in and counter-top microwaves. However, by 2022, it was abundantly evident that counter-top microwaves had firmly established their global dominance. For various reasons, counter-top microwaves, also known as freestanding microwaves, have gained widespread appeal and commercial supremacy. Their versatility and ease of installation have made them popular among consumers worldwide. Counter-top microwaves, unlike built-in microwaves, do not require any specific installation or cabinetry alterations, making them more accessible to a wider spectrum of consumers. Their global popularity has been driven by their ease of use and affordability. Moreover, counter-top microwaves often come in a wide range of sizes and power levels, catering to diverse consumer needs. Whether it's a compact model for a small kitchen or a larger, more powerful unit for a family, there's a counter-top microwave to fit virtually any space and cooking requirement. Additionally, the countertop microwave's portability has been a significant selling point. Consumers appreciate the flexibility of being able to relocate their microwave easily, which is especially valuable for renters or those frequently rearranging their kitchen layout. The market for microwave ovens is dominated by convection microwave ovens, which have the biggest market share when compared to its solo and grill substitutes. Convection microwaves have emerged as the favored option for people looking for adaptable and multifunctional kitchen appliances. Convection microwave ovens stand out because they can handle a wide range of cooking chores. Beyond the basic functions of heating and defrosting, they can bake, roast, and brown dishes, providing a level of culinary variety that is desirable to today's busy households. This versatility perfectly matches the current consumer's desire for convenience, efficiency, and the ability to create a range of meals with a single appliance. In contrast, solo microwave ovens, while still important in the market, primarily excel at basic heating and defrosting tasks. They serve as a cost-effective option for those with minimal cooking requirements or budget constraints. Grill microwave ovens cater to consumers who appreciate the flavor and texture of grilled dishes but are less common due to their specialized nature. Customers prefer to purchase microwave ovens through offline distribution channels like appliance merchants and kitchen appliance showrooms. This decision is greatly influenced by the need to physically inspect and interact with the things before making a purchase decision. Customers usually value the ability to physically view, touch, and even operate the microwave oven, which can provide them with confidence in their purchase and assurance of its quality. Furthermore, because buyers can take the product home with them or have it delivered promptly, physical channels provide immediate pleasure. The market dynamics of microwave ovens have shifted drastically in recent years, owing partly to the fast expansion of internet purchasing channels. Online marketplaces and e-commerce platforms have become increasingly popular among consumers looking to purchase microwave ovens. This shift is driven by several factors, including convenience, a wide variety of choices, and attractive offers and discounts available online. Customers browse through a vast array of microwave oven models, read reviews from other buyers, and compare prices and features without leaving the comfort of their homes. The emergence of online-exclusive deals and promotions, coupled with the convenience of doorstep delivery, has significantly boosted the appeal of online microwave oven shopping. Many online retailers also offer hassle-free return and exchange policies, further enhancing the online shopping experience. Looking ahead, the internet market for microwave ovens is likely to grow at a rapid pace in the future years. As more consumers grow tech-savvy and accustomed to online shopping, the convenience and competitive pricing of online retailers will continue to attract a larger share of the market. Manufacturers and retailers are also leveraging online platforms to market new microwave oven models and capitalize on the rising consumer base, making the internet channel a critical component of their distribution strategy. Start-ups

• In September 2020Electrolux Group has relaunched its Continental brand of home appliances in the Brazilian market, introducing a new generation of products and a brand campaign that encourages equality in the home. With new price ranges introduced, the portfolio has 27 products including stoves, cooktops, built-in ovens, refrigerators, microwaves and ducted and ductless range hoods and will be available at retailers nationwide. • Samsung released new kitchen appliances under the Baker Series microwaves in March 2021. Microwaves in the new series have steaming, grilling, and frying capabilities, as well as convection capabilities. • The Midea microwave oven MM720C-PM0E00 2AT has recently received the first Green Leaf Certification from Intertek for one of its globally best-selling microwave oven products, as being in accordance with the ISO 14067:2018 standard, which specifies principles and guidelines for the quantification and reporting of the carbon footprint of a product (CFP). This is the first Green Leaf Certification Intertek provided for a microwave oven. Companies Covered in the Report Robert Bosch GmbH, Panasonic Holdings Corporation, Koninklijke Philips N.V, Whirlpool Corporation, Electrolux AB, LG Corporation, Miele & Cie. KG, Haier Group Corporation, Arçelik A.?, Samsung Electronics, Sub-Zero Group, Inc., Gorenje, Havells India Limited, Smeg Group S.p.A, Breville Group Ltd, Groupe SEB, Bajaj Electricals Ltd, Hamilton Beach Brands Holding Company, Spectrum Brands Holdings, Inc., Crompton Greaves Consumer Electricals Limited Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Global Microwave Oven market Outlook with its value and forecast along with its segments • Country-wise Microwave Oven market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions & Countries covered in the report: • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Spain, Italy, Russia) • Asia-Pacific (China, Japan, India, Australia, South Korea) • South America (Brazil, Argentina, Colombia) • Middle-East & Africa (UAE, Saudi Arabia, South Africa By Type: • Convection • Grill • Solo By end user: • Household • Commercial By structure: • Built-in • Counter top By Distribution: • Offline • Online The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Microwave Oven industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.