Microwave Ovens Market Outlook 2022-2028: Trends, Market Growth And Competitive Landscape

The Global Microwave Ovens market is estimated to be worth USD 16.98 Billion in 2021 and is projected to generate around USD 20.74 Billion by 2028, at a CAGR of 2.09% between 2022 to 2028.

Market Overview:

A microwave oven is a device mostly used for cooking and reheating meals. Instead of using heat to cook food, it uses electromagnetic radiation. One benefit of utilizing a microwave oven is that it has a moderately shorter cooking time than a traditional oven powered by gas or electricity, which results in time and energy savings. Reheating, cooking, baking, roasting, grilling, etc. are all done with it. Microwave Ovens are easy to use and quickly prepare a meal, in the USA approx. 95% of household people use microwaves.

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Market Dynamics:

Driver:

Customers' rising standard of living, an increase in nuclear families, and rising demand for frozen and ready-to-eat food are some of the key factors driving the market growth. The growing number of working women and people's busy schedules in cities are likely to fuel the demand for ovens. Moreover, Microwave ovens can thaw and temper food in reasonable amounts, preventing the loss of nutrients and moisture and the deterioration of quality. Furthermore, appliances like microwave ovens ensure the safe thawing of frozen foods by eliminating microbial hazards as the food melts and transforms into an unfrozen state. This advantage of Microwave ovens supports market growth.

Opportunities:

The growing trend of connectivity between home appliances and innovations, such as inverter-based microwave ovens, is expected to open up new market opportunities. The steady increase in sales of smart kitchen appliances is also an opportunity for market participants. In addition to this, New products entering the global microwave oven market are being equipped with interesting new features. For instance, Combi ovens (a combination of grill and convection microwave ovens) are witnessing a significant uptake among customers from both household and commercial settings. These new featured products offer the opportunity for market growth during the forecast year.

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Market coverage
•Available market numbers - 2022-2028
•Base Year - 2021
•Forecast Period - 2022-2028
•Segments covered - By Type, By Application, By Structure
•Competitive Landscape- Amana,Bosch,Cuisinart,Frigidaire,GE,Kenmore,KitchenAid,LG,Magic Chef,Maytag,Oster,Panasonic,Samsung

Market Segmentation

By Type
• Convection
• Grill
• Solo

By Application
• Commercial
• Household

By Structure

• Built-in
• Counter Top

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By Region

•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
•Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of South America)

Major Key Players Considered in the Market

•Amana
•Bosch
•Cuisinart
•Frigidaire
•GE
•Kenmore
•KitchenAid
•LG
•Magic Chef
•Maytag
•Oster
•Panasonic
•Samsung
•Sharp
•Whirlpool and other major players.

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