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The residential microwave oven market size is estimated to grow at a CAGR of 7.35% between 2022 and 2027. The market size is forecast to increase by USD 4,313.45 million. The accelerated growth of the market is by various factors, including the increasing disposable income of consumers, the enhanced product safety features in microwaves, and the growing demand for time-efficient cooking methods.
This residential microwave oven market report extensively covers market segmentation by type (countertop microwave oven and built-in microwave oven), product (microwave oven without smart connectivity and microwave oven with smart connectivity), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing disposable income of consumers is driving growth in residential microwave ovens. The global residential microwave oven market is growing due to the rising disposable income of consumers in developing countries such as India and China. Rapid demographic shift, rapid migration to urban areas, growing per capita income, an increase in the number of working women, and the improving standard of living of consumers in such countries are enabling consumers to purchase modern and efficient kitchen appliances. As a result of the successful implementation of Saubhagya, which guarantees electricity supply to households in villages, India's demand for electricity is also forecast to increase significantly. This is expected to have a positive impact on the growth of electric kitchen appliances, e.g. microwaves in households for refrigerating and preparing food during the forecast period. Increasing household incomes in rural areas in countries such as India are also expected to add to the demand for residential microwave ovens during the forecast period.
As disposable incomes are rising, consumers are willing to adopt smarter and more convenient appliances that add comfort to their lives. Consumers are willing to spend more on premium kitchen appliances, such as residential microwave ovens, driven by technology. In addition, multifunctional and hassle-free appliances make it easier to do kitchen work for consumers. Therefore, These factors drive the demand for residential microwave ovens, which is expected to lead to the growth of the global residential microwave oven market during the forecast period.
The portability, compatibility, and fit for every lifestyle are primary trends in the residential microwave oven market. The demand for kitchen appliances which can be used to cook food quickly and easily has increased due to a growing number of working professionals as well as their busy lifestyles. Vendors are trying to capitalize on the high demand for time-efficient products among employed consumers. The demand for these appliances is increasing because of the variety of cooking options in home microwave ovens, their intelligent connections, and a simple cleaning feature. Residential microwave ovens are available in countertop formats, which makes them easy to carry from one place to another in kitchens.
However, this product's portability helps consumers to move such appliances easily while changing houses. Food is cooked more quickly and retains its nutrients when cooked, thanks to microwave ovens. Due to lifestyle changes and a growing number of people going to work daily, demand for residential microwave ovens is expected to increase during the forecast period as users seek solutions such as microwave ovens that make food quickly. Therefore, features like portability, compatibility, and fit for every lifestyle drive the growth of the global residential microwave oven market during the forecast period.
The availability of alternative products is a major challenge faced by the residential microwave oven market. The market for household microwave ovens is being hampered by the availability of other appliances that can cook, heat and grill food. Traditional cooking equipment, rather than residential microwave ovens, is preferred in developing countries for the preparation of food. In lesser developed regions of the world, premium kitchen appliances such as residential microwave ovens are limited due to their high rates and maintenance costs. Alternatives to residential microwave ovens include toasters, air fryers, steamers, and popcorn makers.
Moreover, the emergence of appliances that provide varied features leads to reduced use of multiple appliances. The appliances are efficient, and preferred by smaller kitchens because they don't occupy huge areas and therefore require a lower cost of maintenance to maintain them. The availability of such alternative products is expected to have a negative impact on the growth of the global residential microwave oven market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Residential Microwave Oven Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alto-Shaam Inc. - The appliances are efficient, and preferred by smaller kitchens because they don't occupy huge areas and therefore require a lower cost of maintenance to maintain them.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The countertop microwave oven segments are estimated to witness significant growth during the forecast period. The ledge microwave is the one that is introduced on the ledge of the kitchen counters and can be gotten to by just connecting the machine to a close by outlet. Space is saved by countertop microwave ovens; Countertop microwaves typically come in small sizes that make the most efficient use of available space. It is a favorite for homes and small apartments; The clever way to free up space on the kitchen counter is to use a range microwave.
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The countertop microwave oven segment was the largest segment and was valued at USD 4,744.49 million in 2017. The demand for counter microwave ovens continues to increase, thanks to the easy and affordable installation of countertop microwaves. Some microwaves, like over-the-range (OTR), require a professional installer to connect them to a built-in ventilation system. Cooking multiple dishes, which require different cooking needs at the same time, is ideal with a countertop oven. Therefore, all such factors are expected to propel the growth of the countertop microwave oven segment in the global residential microwave oven market during the forecast period.
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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In APAC, the overall demand for kitchen appliances, such as residential microwave ovens, is expected to increase in developing countries, such as China and India. This can be attributed to the growing inclination of consumers toward high-end, premium kitchen electrical appliances like residential microwave ovens. The market for residential microwave ovens is growing in this region due to the rising disposable incomes of consumers in developing economies like India, China, and other countries. The demand for residential microwave ovens for household uses can be attributed to the regions expanding preferences for ready-to-eat meals.
In 2020, owing to the COVID-19 pandemic, vendors in the microwave oven market in the region witnessed disruptions. However, the large-scale vaccination drive that are initiated by the government across the region during the first half of 2021, helped to stabilize the situation. The demand for household microwave ovens has been boosted by the resumption of operation in all industrial and manufacturing units. An increase in the working population and a rise in disposable income among the residents will increase the spending on the kitchen appliances like residential microwave ovens in the region. Therefore, all such factors drive the growth of the residential microwave oven market in the region during the forecast period.
The residential microwave oven market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Residential Microwave Oven Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.35% |
Market growth 2023-2027 |
USD 4,313.45 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.29 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., and Shandong Qingneng Power Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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