Market Size of Microwave Oven Industry
| Study Period | 2020-2029 |
| Market Size (2024) | USD 17.78 Billion |
| Market Size (2029) | USD 22.26 Billion |
| CAGR (2024 - 2029) | > 4.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Microwave Oven Market Analysis
The Microwave Oven Market size is estimated at USD 17.78 billion in 2024, and is expected to reach USD 22.26 billion by 2029, growing at a CAGR of greater than 4.60% during the forecast period (2024-2029).
The rising standard of living of customers, an increasing number of nuclear families, and surging demand for frozen and ready-to-eat food are key factors driving the market growth. The increasing number of working women and the preoccupied schedules of people in urban cities are likely to fuel the demand for ovens. The robust growth of the hospitality sector and rising catering contracts for large-scale functions, seminars, and other social gatherings are also expected to drive the demand for commercial appliances over the forecast period.
Economic factors, such as the rising population, increasing disposable income of consumers, and growing awareness about different cooking appliances, such as microwave ovens, grills, and barbeques, are projected to impact the market positively. The convection segment of the market is poised to account for half of the overall market.
The demand for a microwave oven may gain strong support from the rising consumer spending on kitchen appliances. The adoption of kitchen and home appliances is forecast to witness robust growth, owing to the increasing rate of urbanization. High power consumption is expected to be a dominant restraint for the growth of the microwave oven market. However, several companies are expected to develop products that consume less energy and offer a more significant advantage over their traditional counterparts.
The rising trend of connectivity between home appliances and innovations, such as inverter-based microwave ovens, is projected to create new opportunities in the market. The steady growth of sales of smart kitchen appliances is also an opportunity for the market players. Post-COVID, the microwave oven market has experienced a significant boost in sales due to increased home cooking and convenience.
