Smart Microwave Ovens Market Insights, Size, Share, Overview And Growth Report 2024

The smart microwave ovens market size has grown rapidly in recent years. It will grow from $4.36 billion in 2023 to $5.17 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to consumer convenience, energy efficiency, changing lifestyles, health consciousness, increasing disposable income.

The smart microwave ovens market size is expected to see rapid growth in the next few years. It will grow to $9.02 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to growing internet of things (iot) integration, smart home ecosystems, customization and personalization, sustainability features, health-tech integration, market penetration in emerging economies. Major trends in the forecast period include increased connectivity and iot integration, adoption of in-oven cameras for monitoring, expansion of pre-programmed cooking options, integration of recipe libraries and cooking guidance, focus on energy efficiency and sustainability.

Market Overview -
A smart microwave oven is an appliance that is connected to the internet and smartphone, or other smart devices through the cloud or app. The connectivity gives more control over the oven, and the user can decide its activity through the commands on the app or through other means such as voice.

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Rising Growth Of Smart Homes
The growing adoption of smart home appliances is expected to propel the growth of the smart microwave ovens market going forward. A smart home is a residence equipped with various internet-connected devices and systems that allow homeowners to control, monitor, and automate various aspects of their living space. Smart Microwaves are used in smart homes to provide a better sense of automation and can be very helpful in automating several tasks in smart homes. For instance, in November 2022, according to the State of the Connected Home report that included a survey of 1000 adults across the UK conducted by techUK, a UK-based non-profit trade association, 77% of the adults in the UK own at least one smart home appliance, which is up from 67% in 2020 and 76% in 2021. Further, the number of advanced adopters of smart home devices reached 26% in 2022, up from 24% in 2021 and 17% in 2020. Therefore, the growing development of smart home drives smart microwave oven demand.

Competitive Landscape -
Major companies operating in the smart microwave ovens market report are Samsung Electronics Co. Ltd., Robert Bosch GmbH, Siemens AG, General Electric Company, LG Electronics Inc., Panasonic Corporation, Haier Group Corporation, Midea Group Co. Ltd., Smeg S.p.A., Toshiba Corporation, Whirlpool Corporation, BSH Home Appliances Corporation, Emerson Electric Co., Miele & Cie. KG, SharkNinja Operating LLC, Sharp Corporation, Breville Group Limited, Electrolux AB (publ), Sub-Zero Group Inc., Kenmore Brands, SANYO Electric Co. Ltd., Viking Range Corporation, Dacor Inc., June Life Inc., Candy Hoover S.p.A., Morphy Richards Ltd., Tovala Inc., Hestan Smart Cooking Inc., Galanz Group, Gorenje Group d.o.o., Teka Industrial S.A.U., Hannspree Group Inc., Hisense Group Co. Ltd., TTK Prestige Limited

Revolutionizing Meal Preparation With Scan-To-Cook Technology
Scan-to-cook feature is a technology that makes the preparation and cooking of pre-packaged and frozen foods easier with a scan of the barcode over the package by the smartphone with the use of an associated app. The customized and recommended instructions are sent to the microwave oven with a barcode scan which results in the perfection of the meals being prepared. In in 2021, LG announced the launch of Double Oven Gas Slide-in Range and Over-the-Range Microwave Oven with the scan-to-cook feature. The brand has partnered with Boston-based AI start-up Food space Technology to develop the scan-to-cook feature. With a busy lifestyle globally, many families prefer frozen foods for meals and with the advantage of the Scan-to-cook feature the user need not depend on frozen food preparation instructions which takes the guesswork out of cooking and results in perfection which is expected to boost the demand of smart microwave oven market.

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Key Segments -

The smart microwave ovens market covered in this report is segmented -

1) By Product Type: Grill Microwave Oven, Convection Microwave Oven, Microwave/Light-wave Oven, Other Product Types
2) By Technology: Bluetooth, Wi-Fi, NFC
3) By Distribution Channel: Hypermarket and Supermarket, Speciality Store, Online Store, Other Distribution Channels
4) By End User: Commercial, Personal

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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