Authored By: Sarah
16 Jul 2024

 Residential Microwave Oven Market Size to grow by USD 4313.45 million between 2023-2027

According to a research report “ Residential Microwave Oven Market” by Type (Countertop microwave oven, Built-in microwave oven ) Product (Microwave oven without smart connectivity, Microwave oven with smart connectivity ) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 4313.45 million, at a CAGR of 7.35% during the forecast period. The residential microwave oven market is experiencing significant growth due to the rising disposable income in developing economies, particularly in India and China. Factors such as rapid demographic shifts, urbanization, increasing per capita income, and an expanding workforce of women are fueling the demand for modern and efficient kitchen appliances. Furthermore, the proliferation of e-commerce platforms has made microwave ovens readily accessible to consumers in rural areas and tier II and III cities. In India, the government's Saubhagya scheme, which aims to provide electricity to rural households, is anticipated to boost the demand for electrical appliances, including microwave ovens..

Browse market data tables, figures, and in-depth TOC on “Residential Microwave Oven Market” by Type (Countertop microwave oven, Built-in microwave oven ) Product (Microwave oven without smart connectivity, Microwave oven with smart connectivity ) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample

 

By Type, the Countertop microwave oven segment is projected to dominate the market size in 2024

Microwave ovens that do not incorporate smart connectivity technologies, such as Wi-Fi or Bluetooth, are essential appliances that utilize high-frequency electromagnetic waves, known as microwaves, to expeditiously cook food. The uncomplicated and user-friendly design, coupled with their cost-effective structure, makes microwave ovens without smart connectivity an attractive choice for consumers. Key factors driving the demand for these appliances include time-saving cooking, efficient energy consumption, and the ability to prevent food from burning. The growing trend of consumers investing in appliances that streamline kitchen tasks further fuels the market growth for microwave ovens without smart connectivity.

By Product, Microwave oven without smart connectivity  segment is expected to hold the largest market size for the year 2024

The countertop microwave oven, installed on kitchen counters, is a space-saving and accessible solution for food heating and cooking. These appliances, often compact in design, are particularly popular in small apartments or homes due to their ease of installation, which only requires plugging into a nearby electrical outlet. In contrast, range microwaves, which may require professional installation to connect to built-in ventilation systems, are more complex and space-consuming alternatives. The affordability and convenience of countertop microwave ovens contribute significantly to their market demand.

APAC is forecasted to hold the largest market size by region in 2024

The residential microwave oven market in developing countries, particularly China and India, is projected to experience significant growth due to the rising preference for premium kitchen appliances among consumers. This trend can be attributed to the increasing disposable income and the growing working population, particularly women, in urban areas of these countries. The convenience of reheating frozen and ready-to-eat meals using residential microwave ovens has become increasingly popular among busy consumers in India, China, and other developing economies. This market growth is further fueled by the availability of a wide range of high-end microwave oven models catering to the diverse needs and preferences of consumers.

The Residential Microwave Oven Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Alto-Shaam Inc.
  • Brandt Group
  • Breville Pty Ltd
  • Daewoo Electricals
  • Electrolux AB
  • Felix Storch Inc.
  • Haier Smart Home Co. Ltd.
  • LG Electronics Inc.
  • Panasonic Holdings Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Sharp Corp.
  • Smeg S.p.a.
  • Techtronic Industries Co. Ltd.
  • The Middleby Corp.
  • Whirlpool Corp.
  • Shandong Qingneng Power Co. Ltd.
.

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Research Analysis Overview

The Residential Microwave Oven Market is witnessing significant growth due to technological advancements and time-pressed consumers' increasing reliance on convenient cooking solutions. The market is witnessing the integration of IoT technology, digital control features, and smart technology, including the HydroClean feature, which ensures easy and efficient cleaning. Inverter technology enhances energy efficiency and cooking performance, while sensors offer precise temperature control. The microwave oven industry is also embracing software and connectivity modulus, enabling users to monitor and control their appliances remotely. Alternative appliances like air fryers and toaster ovens are gaining popularity, but microwaves remain a preferred choice for their versatility and convenience. Commercial ovens' increasing adoption in residential settings further expands the market's scope. Urbanization and busy lifestyles have fueled the demand for eco-friendly and energy-efficient appliances, making the microwave oven market a significant player in the global appliance industry. The market's growth is further accelerated by the availability of microwaves on eCommerce platforms, making them easily accessible to consumers. Overall, the microwave oven market is poised for continued growth, driven by technological advancements and the evolving needs of time-pressed consumers.

Market Research Overview

The Residential Microwave Oven Market caters to the living solutions needs of various consumer segments, including dual income families and single person households. This market encompasses a wide range of appliances, from Laundry appliances to Kitchen appliances, as consumers strive for a sustainable life. Technological advancements such as HydroClean feature, IoT technology, Digital control features, and Sensors have transformed traditional microwaves into Smart Technology-driven cooking solutions. The Microwave Oven Industry has seen significant growth due to time constraints and busy lifestyles, with eCommerce platforms like electronics stores, supermarkets, online platforms, exclusive stores, and multibrand stores serving as key distribution channels. Commercial ovens, Inverter technology, Software, Connectivity modulus, and Magnetrons are other essential components of this market. Eco-conscious consumers prioritize energy consumption and price sensitivity, leading to the popularity of alternative appliances like multi cookers, air fryers, and toaster ovens. The Microwave Oven Market also includes e-waste management and energy efficiency initiatives. Technological advancements, such as Smart Technology and enhanced cooking features like Convection Microwave Ovens, Solo Microwave Ovens, Grill Microwave Ovens, and Smart Microwaves, cater to the lifestyle of consumers in urban areas. Frozen foods and online retail channels further fuel the demand for these appliances.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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