Residential Microwave Oven Market | Contrive Datum Insights

The Global Residential Microwave Oven Market size is projected to grow at a CAGR of 5.5% during the forecast period, 2023-2030.

Residential Microwave Oven Market Overview:

A household microwave oven is a small home appliance that cooks food by using microwaves to heat the food. Most are made to go on countertops, but some can also be hidden in cabinets. One of the many things you can do with a microwave oven is cook a wide range of foods, like meats, vegetables, and even frozen foods. This market is growing because more and more people want smart home appliances and have more money to spend on things they don't have to. During the time period covered by the forecast, the market for microwave ovens with smart connections is expected to grow at a higher compound annual growth rate (CAGR) than the market for microwave ovens without smart connections. This growth can be explained by the fact that more and more customers want appliances that can connect to the internet, as well as by technological advances in this field. Between 2018 and 2028, the built-in segment of the residential microwave oven market is expected to have a larger share of the market than the countertop segment. This has to do with how the product should be used.

Residential Microwave Oven Market Dynamics

Growth Factors of the Residential Microwave Oven Market:

More people want meals that can be made quickly. One of the main things driving growth in the home microwave oven market is the rising demand for quick-to-make foods. Microwave ovens are often used to cook food quickly and are generally thought of as appliances that save time. consumers have more money to spend with more money in people's pockets, they are buying more expensive kitchen appliances like microwave ovens.

The growing number of homes where only one person lives: The growing number of one-person households is one of the most important things that is making the market for residential microwave ovens grow. Since more people are choosing to live alone, there is a growing need for small, space-saving kitchen tools like microwaves that save time and don't take up a lot of room.

The rise in the number of fast-food chains: In emerging countries, the number of fast-food chains is growing quickly, which is making more people eat ready-to-eat meals or takeaways. Using a microwave oven, you can make these meals quickly and easily at home, without much trouble. As a result of this change, the growth prospects for this market between 2017 and 2025 are boosted even more. One reason why the market is expected to grow in the years to come is that technology is changing quickly in this sector.

On the basis of Type:

A home microwave oven is a piece of kitchen equipment used to cook food quickly. It works because water, fat, and solid foods all absorb microwaves, which are a type of electromagnetic radiation. A smart-connectivity microwave oven works like a regular oven, but it gets its power from a 2G, 3G, or 4G mobile data network instead of the plug-in adapter.
A residential microwave oven that isn't smart is just a normal electric cooking appliance that is used to cook food in homes, small restaurants, and caterers. It has a compartment that keeps the food hot or warm after the cooking process is done. Microwave ovens are very helpful when camping in places that don't have electricity, like in the woods.

Application Analysis:

Built-in applications were responsible for more than 70 percent of the total revenue in 2017, and it is anticipated that they would maintain their dominant position throughout the forecast period. This can be attributable to an increase in demand from end consumers, who are searching for built-in microwave ovens that combine user-friendly operation features with innovative technological capabilities. The device is becoming increasingly popular as a result of the ease with which it can be installed and operated. This quality makes it appropriate even for domestic kitchens with limited financial resources.

Regional analysis:

With a revenue share of more than 40 percent in 2019, the Asia Pacific region maintained its dominant position on the worldwide market. This is because there is a significant demand in the region for easy-to-use cooking solutions, and there is also a growing presence of smart gadgets that are connected to the internet. It is anticipated that the growing trend of nuclear families, along with a rise in spending on kitchen equipment by consumers, would also be a driving force behind the regional expansion during the course of the projected year. Because of the high level of consumer awareness regarding health and hygiene in North America, as well as the widespread adoption of cutting-edge technology throughout the region's many different product categories, such as built-in and free-standing microwave ovens, North America accounted for more than 20% of the global revenue.

Scope Analysis:

Competitive Analysis:

Electrolux, Haier, LG Electronics, Panasonic Corporation, Robert Bosch, Whirlpool Corporation, Foxconn, Samsung, The Middleby Corporation, Group SEB, Electrolux, FELIX STORCH INC

Recent Development:

• In August 2000: With the launch of two top-end microwave oven models, white goods giant Electrolux India Limited has signaled its entry into the fiercely competitive microwave oven market. The Swedish major's move is a clear attempt to consolidate its position in India as a complete home appliances company.
• In November 2016: Haier has just launched two new Microwave ovens Model Number HIL2810EGCF and HIL2001 CSPH in India.
• In October 2022: LG Electronics, India’s leading consumer durable brand today unveiled the new range of 2022 MICROWAVE OVENS with sophisticated designs, smart features and the latest technology. The all-new range of Charcoal Microwaves by LG offers a healthier way of cooking while keeping the authentic smoky taste.
• In October 2021: Whirlpool of India presents the revolutionary W Series range of Premium 4 Door refrigerators. Designed for discerning Indians, the W series is an amalgamation of cutting-edge technology, superior design and premium aesthetics.

Market Segmentation

By Type:

• Microwave oven with smart connectivity
• Microwave oven without smart connectivity

By Application:

• Built-in
• Counter top

By Companies:

• Electrolux
• Haier
• LG Electronics
• Panasonic Corporation
• Robert Bosch
• Whirlpool Corporation
• Foxconn
• Samsung
• The Middleby Corporation
• Group SEB
• Electrolux
• FELIX STORCH INC