The microwave market is projected to grow to US$8 billion by 2022. Sales of microwaves are expected to increase at a steady 4% CAGR, pushing the market size to US$ 11.84 Billion by 2032.
Nuclear families are increasing, which has resulted in a rise in the number of people living in cities. The demand for microwaves is expected to be driven by hectic schedules of consumers, along with increasing sales of frozen foods.
In addition to this, expansion in the hospitality and foodservice sectors across the globe will augment sales of microwaves. Increasing contracts for catering events are also anticipated to spur demand for microwaves in the commercial sector.
Besides this, hectic schedules and increasing focus on healthy diets among consumers will boost the adoption of microwaves.
Expansion in the hospitality sector, as well as a rise in catering contracts for large-scale events, seminars, and other social gatherings is expected to spur demand for commercial appliances. Increasing awareness of various kitchen equipment, such as grills, microwaves, and barbecue equipment is predicted to have a positive impact in the growth in the market.
Newmarket opportunities are likely to arise from the growing popularity of connected household appliances, such as the inverter-based microwave. The ongoing trend of smart household appliances will create opportunities for growth for microwave manufacturers over the forecast period.
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Key Takeaways:
- Based on structure, sales of countertop microwaves will increase at a 3.3% CAGR over the forecast period.
- In terms of applications, demand for microwaves in the commercial sector will grow at a 4.1% CAGR through 2032.
- By sales channel, the online segment will hold a dominant share in the market over the assessment period.
- Sales of microwaves in the U.S. will rise at a 1.1% CAGR over the forecast period.
- China will emerge as a lucrative pocket, with sales growing at a 10.2% CAGR through 2032.
- Demand for microwaves in India will increase at a 8% CAGR over the forecast period.
Competition Landscape
Aggressive promotional techniques, marketing, and new product launches are some of the key strategies being adopted by the leading microwave manufacturers.
Some of the key players in the global microwave market include Galanz Enterprise Group, Whirlpool Corporation, Hoover Limited, LG Electronics, AB Electrolux, Sharp Corporation, Illinois Tool works INC, Alto-Shaam INC, Panasonic Corporation, Haier group corporation, and Robert Bosch.
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Global Microwave Market by Category
By Product Type:
- Convection
- Grill
- Solo
By Application:
- Household
- Commercial
By Structure:
- Built-In
- Countertop
By Sales Channel:
- Hypermarkets/ Supermarkets
- Wholesalers/Distributors
- Specialty Stores
- Multibrand Stores
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceani
- MEA
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