Microwave Oven Market Revenue to Cross US$ 15.2 Billion at 3.9% CAGR by 2031| Transparency Market Research

WILMINGTON, DE / ACCESSWIRE / July 6, 2023 / According to projections, the microwave oven market is expected to experience a steady growth rate of 3.9% from 2023 to 2031, indicating a flourishing global market during this period.

According to Transparency Market Research, sales of microwave ovens are slated to total US$ 15.2 billion by the end of the aforementioned period of assessment.

With the advent of the Internet of Things (IoT), microwave ovens are becoming smarter and more connected. Manufacturers are integrating advanced functionalities such as voice control, remote monitoring, and seamless integration with smart home systems into their products. This trend not only enhances convenience but also opens up opportunities for seamless integration within modern households.

As health consciousness grows, consumers are seeking microwave ovens that support healthy cooking. Manufacturers are responding to this demand by introducing features like steam cooking, sensor-based cooking, and pre-programmed healthy recipes. These advancements provide users with the ability to cook nutritious meals efficiently, appealing to health-conscious individuals.

Energy efficiency is a crucial factor in the microwave oven market, driven by both environmental concerns and cost savings. Manufacturers are investing in research and development to enhance energy-saving capabilities in their products. Additionally, sustainable manufacturing practices, recyclable materials, and eco-friendly packaging are becoming more prevalent in the industry.

Microwave ovens are evolving to serve multiple purposes beyond reheating and defrosting. Combining microwave, convection, and grill functionalities, these multi-functional appliances cater to consumers' diverse cooking needs, saving space and providing a wider range of cooking options.

With the rise of smaller living spaces, the demand for compact and space-saving appliances has surged. Microwave oven manufacturers are developing sleek and slim designs that fit seamlessly into modern kitchens, catering to urban dwellers and those with limited kitchen space.

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Market Snapshot:

Key Findings of the Market Report

• Convection microwave ovens are currently the most dominating in the market, offering versatile cooking options and efficient performance.
• Countertop microwave ovens are the most dominating structure in the market due to their ease of installation, portability, and affordability, making them a popular choice for households and small kitchen spaces.
• Microwave ovens with power levels between 701 W and 900 W have emerged as the prevailing choice in the market, offering a harmonious blend of efficient cooking performance and optimal energy usage.

Microwave Oven Market Growth Drivers & Trends

• The microwave oven market is being driven by the increasing demand for smart and connected appliances. Integration with IoT technology allows for remote monitoring, voice control, and seamless integration within smart home systems.
• The market is witnessing a surge in the adoption of advanced cooking technologies in microwave ovens. Features such as inverter technology, rapid cooking, and intelligent sensors are enhancing cooking performance, reducing cooking time, and delivering superior results.
• Energy efficiency has become a significant growth driver in the microwave oven market. Consumers are increasingly conscious of energy consumption and manufacturers are investing in research and development to improve energy-saving capabilities, reducing environmental impact and providing cost savings.
• Multi-functional microwave ovens that offer microwave, convection, and grill functionalities are gaining popularity. These versatile appliances cater to consumers' diverse cooking needs, providing convenience and saving space in the kitchen.
• The microwave oven market is experiencing growth in emerging markets due to factors such as rising disposable income, urbanization, and changing lifestyles. Manufacturers are targeting these regions with affordable and feature-rich microwave ovens, tapping into the untapped market potential.

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Global Microwave Oven Market: Regional Profile

• The microwave oven market in North America is driven by technological advancements, busy lifestyles, and the growing trend of smart kitchen appliances. The region has a high adoption rate of microwave ovens due to convenience and time-saving features.
• In Europe, the microwave oven market is influenced by increasing urbanization, changing consumer preferences, and the demand for energy-efficient appliances. The region emphasizes eco-friendly products, leading to the introduction of energy-efficient microwave ovens with advanced cooking technologies.
• The microwave oven market in Asia Pacific is experiencing rapid growth due to the rising population, urbanization, and increasing disposable income. The region has a strong demand for affordable and compact microwave ovens, catering to smaller households and busy lifestyles.

Microwave Oven Market: Competitive Landscape

The competitive landscape of the microwave oven market is characterized by the presence of both established players and emerging manufacturers. Key companies focus on product innovation, technological advancements, and strategic collaborations to gain a competitive edge.

Brand reputation, pricing strategies, and distribution networks play significant roles in market dominance and market share acquisition. Some prominent manufacturers are as follows:

• Sharp Corporation
• Panasonic Corporation
• Hoover Limited
• Galanz Enterprise Group
• AB Electrolux
• Whirlpool Corporation
• Alto-Shaam Inc.
• Samsung Electronics
• LG Electronics
• Illinois Tool Works Inc.

Product Portfolio

• Sharp Corporation offers a diverse product portfolio in the microwave oven market. Their range includes countertop and built-in microwave ovens with varying capacities and power levels. Sharp's products feature advanced cooking technologies, intuitive controls, sleek designs, and energy-efficient operation, catering to the needs of different consumers and kitchen spaces.

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Microwave Oven Market: Key Segments

By Type

• Convection
• Grill
• Solo

By Structure

• Built-in
• Countertop

By Power

• Up to 700 W
• 701 W to 900 W
• 901 W to 1000 W
• Above 1000 W

By Distribution Channel

• Online
• E-commerce website
• Company-owned website
• Offline
• Supermarkets/Hypermarkets
• Departmental Stores
• Independent Retail Stores

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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