The Global Microwave Oven Market is valued at 7.5 billion USD in 2016 and is expected to reach 10.3 billion USD by the end of 2022, growing at a CAGR of 5.31% between 2016 and 2022.
Growing number of working women and preoccupied schedule of people in urban cities are likely to fuel the demand for ovens. A large part of new households comprises working singles who prefer to dine out rather than setting up their kitchen. This may be a drawback for the residential appliance market. However, this trend is estimated to boost the culture of quick service restaurants, cafes, and small eateries, which in turn will work in favor of the market.
Robust growth of the hospitality sector and rising catering contracts for large-scale functions, seminars, and other social gatherings are also expected to stir up the demand for commercial appliances over the forecast period. In case of the residential application segment, the most significant driver is the changing lifestyles and food consumption preferences of people, with more consumers shifting towards ready-to-eat and frozen food.
Macroeconomic factors such as growing population, rising disposable income of consumers, and increasing awareness of different cooking media such as microwave oven, grills, and barbeques are projected to impact the market positively.
Market players are increasingly integrating appliances with Internet of Things (IoT) platform. Smart kitchen appliances operate remotely and wirelessly in real time through mobile and desktop applications. Also, with rising awareness about energy conservation, microwave oven manufacturers are focused on developing energy efficient products that are ENERGY STAR rated. Widening base of working-class population is likely to fuel the demand for microwave oven. Key market players are estimated to offer novel and innovative products such as microwave ovens equipped with auto program and easy control panels to enhance its usability and cater to changing consumer demands.
Increasing disposable income of consumers is expected to be one of the key factors driving the market. As a consequence, high tendency of consumers to spend more on smart appliances is projected to increase the overall demand further. Consumers focus more on buying new and innovative home appliances, such as microwave ovens that are equipped with varied advanced features.
The global microwave oven market is expected to register a notable growth in the near future, owing to a significant increase in disposable income and growing working class segment in emerging markets. The increasing propensity of consumers to spend on appliances which assist them in kitchen chores has generated an increasing demand for microwave ovens. Additionally, the changing lifestyle of consumers has encouraged the users to opt for stylish and convenient appliances which complement their living standards. However, the prominent use of traditional cooking equipment in the less developed regions of Asian countries, limits the growth of the market. Moreover, the need of energy efficient kitchen appliances and growing demand for smart appliances are factors that will drive the growth of the market. North America is a major revenue contributor to the global microwave oven market. The Asia Pacific region would witness an impressive growth in the market during the forecast period.
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