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Global Microwave Oven Market to reach USD 13.40 billion by the end of 2030.

Global Microwave Oven Market Size study & Forecast, by Structure (Built In, Counter Top), by Production (Commercial, Household), by Type (Convection, Grill, Solo) and Regional Analysis, 2023-2030

Product Code: OIRCGS-39745389
Publish Date: 30-10-2023
Page: 200

Global Microwave Oven Market Size study & Forecast, by Structure (Built In, Counter Top), by Production (Commercial, Household), by Type (Convection, Grill, Solo) and Regional Analysis, 2023-2030

Global Microwave Oven Market to reach USD 13.40 billion by the end of 2030.

Global Microwave Oven Market is valued approximately USD 9.35billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.60% over the forecast period 2023-2030. The Microwave Oven market has experienced significant growth in recent years, driven by various factors. The convenience and time efficiency offered by microwave ovens has made them a popular choice for consumers with busy lifestyles. As urbanization continues and the number of working professionals and dual-income households increases, the demand for quick and easy cooking solutions has surged. Moreover, the rising preference for ready-to-eat and frozen foods has further boosted the market, as microwave ovens provide a convenient way to heat and prepare these types of meals. Technological advancements, such as smart features and improved energy efficiency, have enhanced the functionality and appeal of microwave ovens, attracting a wider consumer base

rising preference for ready-to-eat food across the world is driving the market growth. As the microwave are use to cook and heat the food in a very short time. According to the Eating Better report of 2020, a staggering 88% of adults in the UK consume ready meals or ready-to-cook foods. Furthermore, the report reveals that 2 in 5 people in the UK eat ready meals every week. This data highlights the significant popularity and reliance on convenience food options in the country. Additionally, according to Statista, the frequency of ready-meal consumption is on the rise in the United Kingdom. For instance, the number of people consuming ready meals more than once a week increased from 3,410 thousand in 2019 to 5,328 thousand in 2020. These statistics demonstrate the increasing demand for quick and easy meal solutions, contributing to the growth of the ready meals market in the UK. Along with this, according to Statista, in Spain, the number of restaurants and the mobile food industry is rising over the forecast period 2023-2030. For instance, in 2016, there were 65,935 restaurants and the mobile food industry which increased up to 69,811 in 2021. However, the high cost of Microwave Oven stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Microwave Oven Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America has been a dominating market for Microwave Ovens, in 2022. The United States and Canada are the key contributors to the market in this region. Factors such as busy lifestyles, convenience, and the popularity of ready-to-eat meals have driven the demand for microwave ovens in North America. Additionally, technological advancements, such as smart features and integration with other kitchen appliances, have further boosted market growth. The Asia Pacific region is one of the fastest-growing markets for Microwave Ovens. Countries such as China, Japan, South Korea, and India are the primary contributors to the market growth in this region. Rapid urbanization, rising disposable income, and changing consumer lifestyles are key factors driving the demand for microwave ovens. Additionally, the increasing trend of modular kitchens and the influence of Western-style cooking have further propelled the market growth in Asia Pacific.

Major market player included in this report are:
Hoover Limited
Alto-Shaam Inc.
Illinois Tool Works Inc.
LG Electronics
Samsung Electronics Co. Ltd
Guangdong Galanz Enterprises Co., Ltd.
AB Electrolux
Sharp Corporation
Whirlpool Corporation
Panasonic Holding Corporation

Recent Developments in the Market:
Ø In April 2021, Panasonic created the first sensitivity-improvement technique for phononic crystal-structured far-infrared sensors.
Ø In December 2020, LG Electronics (LG) unveil its ground-breaking InstaView Range with Air Sous Vide in December 2020. The complete cooking solution also includes LG’s air-frying mode, InstaView oven door, and a number of smart features for a practical and healthy culinary lifestyle at home.

Global Microwave Oven Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Structure, Production, Type, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Structure offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Structure:
Built In
Counter Top
By Production:
By Type:

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Microwave Oven Market, by Region, 2020-2030 (USD Billion)
1.2.2. Microwave Oven Market, by Structure, 2020-2030 (USD Billion)
1.2.3. Microwave Oven Market, by Production, 2020-2030 (USD Billion)
1.2.4. Microwave Oven Market, by Type, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Microwave Oven Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Microwave Oven Market Dynamics
3.1. Microwave Oven Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising preference for ready-to-eat and frozen foods Growing urbanization
3.1.2. Market Challenges High Cost of Microwave Oven Rising health concerns
3.1.3. Market Opportunities Rising Technological advancements Rising disposable income
Chapter 4. Global Microwave Oven Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Microwave Oven Market, by Structure
5.1. Market Snapshot
5.2. Global Microwave Oven Market by Structure, Performance – Potential Analysis
5.3. Global Microwave Oven Market Estimates & Forecasts by Structure 2020-2030 (USD Billion)
5.4. Microwave Oven Market, Sub Segment Analysis
5.4.1. Built In
5.4.2. Counter Top
Chapter 6. Global Microwave Oven Market, by Production
6.1. Market Snapshot
6.2. Global Microwave Oven Market by Production, Performance – Potential Analysis
6.3. Global Microwave Oven Market Estimates & Forecasts by Production 2020-2030 (USD Billion)
6.4. Microwave Oven Market, Sub Segment Analysis
6.4.1. Commercial
6.4.2. Household
Chapter 7. Global Microwave Oven Market, by Type
7.1. Market Snapshot
7.2. Global Microwave Oven Market by Type, Performance – Potential Analysis
7.3. Global Microwave Oven Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
7.4. Microwave Oven Market, Sub Segment Analysis
7.4.1. Convection
7.4.2. Grill
7.4.3. Solo
Chapter 8. Global Microwave Oven Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Microwave Oven Market, Regional Market Snapshot
8.4. North America Microwave Oven Market
8.4.1. U.S. Microwave Oven Market Structure breakdown estimates & forecasts, 2020-2030 Production breakdown estimates & forecasts, 2020-2030 Type breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Microwave Oven Market
8.5. Europe Microwave Oven Market Snapshot
8.5.1. U.K. Microwave Oven Market
8.5.2. Germany Microwave Oven Market
8.5.3. France Microwave Oven Market
8.5.4. Spain Microwave Oven Market
8.5.5. Italy Microwave Oven Market
8.5.6. Rest of Europe Microwave Oven Market
8.6. Asia-Pacific Microwave Oven Market Snapshot
8.6.1. China Microwave Oven Market
8.6.2. India Microwave Oven Market
8.6.3. Japan Microwave Oven Market
8.6.4. Australia Microwave Oven Market
8.6.5. South Korea Microwave Oven Market
8.6.6. Rest of Asia Pacific Microwave Oven Market
8.7. Latin America Microwave Oven Market Snapshot
8.7.1. Brazil Microwave Oven Market
8.7.2. Mexico Microwave Oven Market
8.8. Middle East & Africa Microwave Oven Market
8.8.1. Saudi Arabia Microwave Oven Market
8.8.2. South Africa Microwave Oven Market
8.8.3. Rest of Middle East & Africa Microwave Oven Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Hoover Limited Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. Alto-Shaam Inc.
9.3.3. Illinois Tool Works Inc.
9.3.4. LG Electronics
9.3.5. Samsung Electronics Co. Ltd
9.3.6. Guangdong Galanz Enterprises Co., Ltd.
9.3.7. AB Electrolux
9.3.8. Sharp Corporation
9.3.9. Whirlpool Corporation
9.3.10. Panasonic Holding Corporation
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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