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The residential microwave oven market size is forecast to increase by USD 5.71 billion, at a CAGR of 8.8% between 2023 and 2028. The market is experiencing significant growth, driven by several key factors. Firstly, the increasing disposable income of consumers allows them to invest in modern kitchen appliances, including microwaves. Secondly, vendors are focusing on new product innovations, such as smart oven sand energy-efficient models, to cater to evolving consumer preferences. However, the market also faces challenges from alternative cooking methods and appliances, such as air fryers and convection ovens, which offer unique features and functionality. Despite these challenges, the market is expected to continue its growth trajectory due to the convenience and versatility of microwave ovens in modern households.
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The market is witnessing significant growth due to urbanization and the increasing demand for convenient cooking solutions. Smart microwaves with enhanced cooking features, energy efficiency, and eco-friendly appliances are becoming popular among time-pressed consumers with busy lifestyles and time constraints. Technological advancements in microwave ovens, such as Inverter technology, sensors, connectivity modulus, software, IoT technology, and digital control features, are driving the market growth. Alternative appliances like toaster ovens and air fryers are facing stiff competition from microwave ovens due to their convenience and versatility. The microwave oven industry is also witnessing the integration of smart technology and energy-saving features, making them an essential appliance in modern kitchens. Frozen foods are another significant factor fueling the market growth, as microwave ovens offer quick and easy cooking solutions for these convenience foods. Online retail channels are also contributing to the market growth, making microwave ovens easily accessible to consumers. Commercial ovens are a separate market segment, catering to the needs of the foodservice industry. Overall, the Residential Microwave Oven Market is expected to continue its growth trajectory in the coming years.
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 of consumers 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.
Market Customer Landscape
Companies 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 company offers residential microwave oven such as 6 10 pro, 10 10 pro, and 7 20 pro.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, 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 segment 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 5.08 billion in 2018. 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 43% 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.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is evolving to meet the needs of eco-conscious consumers and time-pressed lifestyles. Modern appliances now feature eco-friendly innovations like A grade energy efficiency and HydroClean feature. Multi-cookers and models with grill and convection settings cater to single person households and dual income families seeking convenience. These appliances, available through multibrand stores, exclusive stores, online platforms, and supermarkets, are designed to minimize energy consumption and e-waste. grill microwave ovens, solo microwave ovens and convection microwave ovens offer versatile cooking options, while innovations like magnetrons enhance performance. As consumers become more aware of sustainable life, the focus on efficient, energy-conscious products grows. Distribution channels are adapting to these trends, emphasizing eCommerce and electronics stores to cater to a diverse market. Further, eco conscious consumers, who are time pressed and seek eco friendly appliances and ready to eat foods, often turn to multi cookers, while also being mindful of e waste management.
| Market Scope | |
| Report Coverage | Details |
| Page number |
161 |
| Base year |
2023 |
| Historic period | 2018-2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 8.8% |
| Market growth 2024-2028 |
USD 5.71 billion |
| Market structure |
Fragmented |
| YoY growth 2023-2024(%) |
7.49 |
| Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
| Performing market contribution |
APAC at 43% |
| Key countries |
US, China, Japan, Germany, and UK |
| Competitive landscape | Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
| Key companies profiled |
Alto Shaam Inc., Brandt Group, Breville Group Ltd., Daewoo Electricals, Electrolux group, Felix Storch Inc., Haier Smart Home Co. Ltd., LG Electronics Inc., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Shandong Qingneng Power Co. Ltd., Sharp Corp., Smeg S.p.a., Techtronic Industries Co. Ltd., The Middleby Corp., and Whirlpool Corp. |
| 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, Market condition analysis for the market forecast period |
| Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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