Market Size of US 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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US Microwave Oven Market Analysis
The US Microwave Oven Market is valued at about USD 9.4 Billion in the current year, and it is expected to witness a CAGR of more than 4% during the forecast period.
The growth of the microwave oven market in the United States can be attributed to the following factors: the shift in smart lifestyle from home interiors to smart home appliances, the rapid adoption of microwave ovens, the rapid growth of nuclear families in the United States, and the increasing demand of microwave ovens in the United States. Customers want modular kitchens with stylish designs, color options, texture, and cutting-edge features like smart microwave ovens driven by technology in market touch solutions, which helps in forecasting the growth of smart microwave ovens.
Furthermore, due to the constant changes in consumer eating habits and lifestyles, the growth of hotels, restaurants, and cafes is expected to increase the demand for smart kitchen products. As the trend has shifted from traditional to modular kitchens over the years, both residential and commercial customers are eager to invest in smart kitchen products. As the number of nuclear families continues to grow in the United States, as well as the number of women working to increase the income of their families, there is a growing need for microwaves. In the United States, the consumption of ready-to-eat meals is very common, with 96% of households having a microwave oven.
The growing inclination of customers toward spending on appliances to manage kitchen chores drives the growth of the household microwave oven segment. The growing number of smart homes in the United States, mainly in metropolitan cities of the United States such as New York, Chicago, etc., have triggered consumer interest in connectivity-enabled smart appliances. Consumers are opting for smart appliances, like smart microwave ovens, which can be connected to their smartphones and monitored remotely. Moreover, the improvement in network infrastructure across the United States has resulted in better broadband and internet penetration, and consumers from this country prefer wireless and technologically advanced products due to the convenience offered by such products. With the growing trend of home automation in the United States, smart microwave ovens will witness increased adoption over the forecast period.
The coronavirus pandemic has shown an impact on the proper functioning of various industries in various regions. This was primarily due to reduced sales because of the lockdown being imposed and, thus, a halt in logistics and electronic manufacturing. Closures of restaurants caused a ripple effect among related industries such as food production and equipment manufacturers.
