Global Statistics Representing Microwave Oven Market Scenario
A microwave oven, also referred to as a microwave, cooks food by means of electromagnetic radiation rather than heat. Cooking time is relatively short with a microwave oven as compared to conventional cooking by gas or electric means; therefore it saves time and energy. These ovens are available in countertop and space saver models wherein the latter includes an exhaust fan in the bottom and is installed above the stove to act as the for ventilation.
Microwave ovens uniformly cook food, and the flavor and texture are unchanged when food is reheated. Furthermore, food cooked in a microwave absorbs less oil, allowing for the preparation of low-fat food.
With increasing disposable income and a sizable working population, consumers are willing to spend more on technology-driven kitchen appliances including microwave ovens, which drives market growth. Additionally, the increasing need for energy-efficient kitchen appliances and rising demand for smart appliances are some of the factors propelling market growth, globally. Lifestyle changes are motivating users to opt for stylish and convenient appliances that complement their living standard. Increasing awareness regarding the different cooking methods provided by microwaves such grills and barbeques are also contributing to market growth to quite an extent.
The global microwave oven market was valued at USD 11.40 billion in 2018 and is projected to reach a value of USD 16.21 billion by 2026, registering a CAGR of 4.5% during the forecast period, 2019–2026.
The microwave oven market has been segmented on the basis of type, application, structure, and region.
By type, the global microwave oven market has been segmented into convection, grill, and solo. The convection microwave oven is expected to hold the major share for the market during the forecast period 2019–2026. This majorly attributed to benefits offered such as allow to put several dishes for cooking due to a more spacious room, minimize time and energy and the price is also reasonable as compared to others.
Based on application, the global microwave oven market has been segmented into household, commercial, and others. The commercial segment is expected to grow at fastest CAGR during forecast period. This mainly due to the growing working population which gives rise to hotel and restaurants business and the fast food industry.
In terms of structure, the microwave oven market has been segmented into built-in and countertop. It is estimated that countertop microwave is likely to drive the market. Countertop microwaves are placed on kitchen countertops. It is considerably cheaper than other types of microwave ovens. These oven gain major popularity owing to its zero installation cost and can be placed anywhere in the kitchen.
Geographically, the microwave oven market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is estimated to dominate the microwave oven market during the forecast period, 2018–2026. Growing popularity of modular kitchens and increasing purchasing power collectively drive market growth on the region. Additionally, the increasing use of microwave ovens in households and restaurants also adds to the growth momentum.
Europe is expected to register the highest CAGR in the global microwave oven market during the assessment period (2016–2026), owing to the increasing standard of living, high demand for household appliances, and rapid adoption of new technologies in the region.
Asia Pacific (APAC) is likely to experience significant growth due to the increasing expenditure and tendency to spend on household appliances in the region. The increasing demand for microwave ovens, especially in China and India, is expected drive market growth in APAC. Growing urban population and tremendous growth in the working population are also expected to positively influence market growth in the coming years.
Some of the prominent players in the microwave oven market are LG Electronics (South Korea), Samsung Electronics (South Korea), Alto-Shaam Inc. (U.S.), AB Electrolux (Sweden), Sharp Corporation (Japan), Hoover Limited (U.S.), Illinois Tool Works Inc. (U.S.), Galanz Enterprise Group (China), Whirlpool Corporation (U.S.), and Panasonic Corporation (Japan).
Microwave oven Market Segmentation