Market Size of North America Microwave Oven Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Microwave Oven Market Analysis
The North American microwave oven market was valued at USD 3.63 billion in 2020, and the market is projected to register a CAGR of 4.03% during the forecast period (2021-2026). The market is expected to witness strong growth during the forecast period.
The rise in the numbers of restaurants, house constructions, and renovations all across the North American region is driving the market with more transactions. Increasing technological advancements, including smart connectivity and less energy consumption, have increased the presence of microwave ovens in every house, bakeries, office, and restaurant. The efficient way of baking and cooking with the help of microwave ovens in residential and commercial workplaces increased its demand, thus, boosting the North American microwave oven market.
Also, the modernization and contemporary kitchens at workplaces and houses have helped a large number of international franchises to enter the markets of the United States and Canada during the review period. Similarly, the number of immigrants is increasing at a very fast pace in the region, which is witnessing a rise in the number of households, thus, helping in the growth in the number of modern, smart, in-built, and technologically advanced -much efficient microwave ovens. An increasing per capita average household annual expenditure of Canadian households, which witnessed a record increase of 8.37 % in FY 2019 from FY 2018, is also driving the total sales of microwaves in the market. The upward trend in the North American microwave oven market is expected to be seen in the forecast period.
The COVID-19 pandemic impacted every industry badly and affected the North American microwave oven market adversely. The halt in dining out and shutting down of various small restaurant enterprises affected the commercial segment of the microwave oven market in the region. The growth in work from home practice led to the closure of office spaces, which resulted in a sudden drop in revenue from the commercial segment of the market.
