Press release
Microwave Oven Market Reaches US$ 10.8 Billion in 2022, Forecasted to Expand at 3.9% CAGR from 2023 to 2031, Reaching US$ 15.2 Billion by 2031
Market Overview
In 2022, the global microwave oven industry was valued at US$ 10.8 billion. With a projected compound annual growth rate (CAGR) of 3.9% from 2023 to 2031, the market is expected to reach US$ 15.2 billion by the end of 2031.
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Key Developments
Partnership between Panasonic and Marion Grasby: In April 2022, Panasonic announced a partnership with Marion Grasby to expand its new home cooking concepts in Marion's Test Kitchen. This collaboration aims to test various Panasonic models, including microwave ovens, rice cookers, and bread makers, to enhance the brand's offerings.
Introduction of Smart Kitchen Appliances by LG: In January 2022, LG introduced two new smart kitchen appliances-the LG InstaView Double Oven Range and Over-the-Range Microwave. These appliances feature proprietary steam cook technology, offering convenience and healthier cooking options for consumers.
Launch of Smart Countertop Microwave Oven by Sharp: In December 2020, Sharp unveiled its first-of-its-kind smart countertop microwave oven with Wi-Fi connectivity and Alexa compatibility. This innovation enables users to perform hands-free operations, enhancing user experience and convenience.
Market Segmentation
The microwave oven market is segmented based on various factors:
Type: Convection, Grill, Solo
Structure: Built-in, Countertop
Power: Up to 700 W, 701 W to 900 W, 901 W to 1000 W, Above 1000 W
Distribution Channel: Online (E-commerce website, Company-owned website), Offline (Supermarkets/Hypermarkets, Departmental Stores, Independent Retail Stores)
Regional Analysis
The market is analyzed across key regions, including North America, Europe, Asia Pacific, Middle East & Africa, and South America. Each region presents distinct market dynamics influenced by factors such as consumer preferences, technological advancements, and regulatory frameworks.
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Market Drivers and Challenges
Market Drivers:
Increasing Demand for Convenience and Time-saving Kitchen Appliances
Technological Advancements, including Smart Features and Connectivity Options
Rising Disposable Income and Urbanization
Changing Consumer Lifestyles and Eating Habits
Market Challenges:
Intense Competition from Alternative Cooking Technologies
Concerns Regarding Health and Safety Associated with Microwave Cooking
Environmental Impact and Energy Efficiency
Market Trends
Integration of Smart Features: The integration of smart features, such as Wi-Fi connectivity and voice control, enhances user experience and convenience, driving the adoption of microwave ovens.
Focus on Healthier Cooking Options: Manufacturers are introducing features like steam cook technology to promote healthier cooking options and meet the growing demand for nutritious meals.
Future Outlook
The microwave oven market is expected to witness steady growth, fueled by ongoing technological innovations, expanding urbanization, and the increasing adoption of smart kitchen appliances. Emerging markets, such as China, India, and Brazil, present significant growth opportunities for market players.
Key Market Study Points
Consumer Preferences and Buying Behavior Analysis
Impact of Regulatory Standards and Guidelines on Product Development
Competitive Pricing Strategies and Market Penetration Tactics
Product Innovation and Technological Advancements
Competitive Landscape
Key players in the microwave oven market include Sharp Corporation, Panasonic Corporation, Hoover Limited, Galanz Enterprise Group, AB Electrolux, Whirlpool Corporation, Alto-Shaam Inc., Samsung Electronics, LG Electronics, and Illinois Tool Works Inc., among others.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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