Microwave Oven Market Size, Share & Trends Report

Microwave Oven Market Size, Share & Trends Analysis Report By Product (Convection, Grill, Solo), By Application (Commercial, Household), By Structure (Built-in, Counter top), By Region, And Segment Forecasts, 2012 - 2022

  • Published Date: May, 2018
  • Base Year for Estimate: 2015
  • Report ID: 978-1-68038-654-7
  • Format: Electronic (PDF)
  • Historical Data: 2012 - 2015
  • Number of Pages: 92

Industry Outlook

The global microwave oven market size was valued at USD 10.67 billion in 2016. It is anticipated to expand at a CAGR of 2.8% over the forecast period. Surging demand for frozen & precooked ready-to-eat food, changing eating preferences & lifestyles, and rising disposable income of consumers are among the key trends escalating market growth.

North America microwave oven market

Market players are increasingly integrating appliances with Internet of Things (IoT) platform. Smart kitchen appliances operate remotely and wirelessly in real time through mobile and desktop applications. Also, with rising awareness about energy conservation, microwave oven manufacturers are focused on developing energy efficient products that are ENERGY STAR rated.Widening base of working-class population is likely to fuel the demand for microwave oven. Key market players are estimated to offer novel and innovative products such as microwave ovens equipped with auto program and easy control panels to enhance its usability and cater to changing consumer demands.

Increasing disposable income of consumers is expected to be one of the key factors driving the market. As a consequence, high tendency of consumers to spend more on smart appliances is projected to increase the overall demand further. Consumers focus more on buying new and innovative home appliances, such as microwave ovens that are equipped with varied advanced features.

Product Insights

By product, the market is segmented into grill, solo, and convection microwave ovens. A convection oven is a combination of a regular convection oven with a microwave and supplies both hot air and microwaves for cooking. These are mostly used in commercial businesses such as restaurants and hotels, where food is prepared in large quantity, which requires reheating and defrosting.

Solo models, on the other hand, consist of a magnetron inside for producing microwaves. Solo microwave ovens can heat as well as boil food. However, they do not contain features for roasting and baking.

In 2016, the convection segment contributed to over 45.0% of the overall revenue. The segment is poised to maintain its dominance in the market over the forecast period. The segment is anticipated to rise at a CAGR of more than 3.0% over the forecast period. Solo microwave ovens accounted for a marginal revenue share on account of its limited functionality as well as low prices.

Application Insights

By application, the microwave oven market is divided into commercial and household. Commercial ovens are used for preparing food for longer duration and in large quantity. Hence, these are designed for handling excess electricity load and continuous usage of equipment. Products designed for household applications, on the other hand, is convenient to use and have an easy user interface.

The household segment accounted for a revenue share of over 60.0% of the global market in 2016 and is characterized by spiraling demand for energy efficient and compact cooking appliances. The commercial segment, on the other hand, is likely to exhibit a higher CAGR during the forecast period owing to its wide scope of application in rapidly growing quick service restaurants and fast food centers.

Structure Insights

Based on structure, the market is bifurcated into counter top and built-in microwave ovens. Built-in appliances can easily fit into a kitchen’s customized space and thus, increase the overall aesthetic appeal of the commercial or residential space. These products save counter space and their exterior appearance gives kitchen a modern look in addition to offering easy cooking. The counter top ovens are more space consuming and are usually adjusted in limited space.

Global microwave oven market

As compared to counter top appliances, the built-in segment is estimated to progress at a higher CAGR over the forecast period owing to increasing installation of designer kitchen ranges. However, the counter top segment accounted for a larger revenue share in 2016 and was valued at around USD 6.87 billion. The segment is expected to maintain its position in the market throughout the forecast period.

Regional Insights

The North America region dominated the market with a revenue share of over 30.0% in 2016. It is projected to account for the highest revenue share throughout the forecast period. Heightened demand for latest technology-enabled products is one of the primary growth stimulants in the market in the U.S. and Canada. The region is, however, poised to witness slow growth, which can be attributed to existing high product penetration in the region.

Asia Pacific is anticipated to witness considerable growth of around 5.0% over the forecast period. Rising disposable income and improving standard of living of consumers are playing a vital role in driving the market, especially in countries such as India, China, Philippines, and Korea. Major manufacturers outsource the production of appliances and their component to these off-shore locations to benefit from cost-effective labor.

Microwave Oven Market Share Insights

Some of the major players dominating the market are Whirlpool Corporation, SMEG, Sharp Corporation, Robert Bosch GmbH, Panasonic Corporation, LG Electronics, Haier Group Corporation, Dongbu Daewoo Electronics, Alto-Shaam, and AB Electrolux. Original Equipment Manufacturers (OEMs) focus on strategic partnerships and merger & acquisition (M&A) to benefit from latest technologies and to expand their geographical footprint.

Established players have a strong foothold in the market with a large customer base, which gives them an edge over their competitors in the global industry. Additionally, companies also invest heavily in marketing campaigns to increase their visibility in the arena. Major players are shifting their focus toward energy efficient appliances integrated with IoT platform to enable customers to operate their appliances remotely.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2012 - 2015

Forecast period

2016 - 2022

Market representation

Market revenue in USD Billion & CAGR from 2016 to 2022

Regional scope

North America, Europe, Asia Pacific, and RoW

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growths at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2012 to 2022. For the purpose of this study, Grand View Research has segmented the global microwave oven market report on the basis of product, application, structure, and region.

  • Product Outlook (Revenue, USD Billion, 2012 - 2022)

    • Convection

    • Grill

    • Solo

  • Application Outlook (Revenue, USD Billion, 2012 - 2022)

    • Commercial

    • Household

  • Structure Outlook (Revenue, USD Billion, 2012 - 2022)

    • Built-in

    • Counter top

  • Regional Outlook (Revenue, USD Billion, 2012 - 2022)

    • North America

    • Europe

    • Asia Pacific

    • Rest of the World (RoW)

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