Microwave Oven Market Size, Share & Trends Analysis Report By Product (Convection, Grill, Solo), By Application (Commercial, Household), By Structure (Built-in, Countertop), By Region, And Segment Forecasts, 2023 - 2030

Microwave Oven Market Size, Share & Trends Analysis Report By Product (Convection, Grill, Solo), By Application (Commercial, Household), By Structure (Built-in, Countertop), By Region, And Segment Forecasts, 2023 - 2030

Microwave Oven Market Growth & Trends

The global microwave oven market size is anticipated to reach USD 13.24 billion by 2030, according to a new report by Grand View Research, Inc., rising at a CAGR of 2.8% during the forecast period. Improving the standard of living of consumers, a growing number of nuclear families, and increasing demand for frozen and ready-to-eat food are some of the key factors stimulating market growth.

A growing number of working women and preoccupied schedules 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 the 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.

Microwave Oven Market Report Highlights

• The convection segment is poised to maintain its dominance in the market over the forecast period.
• The grill microwave ovens segment is expected to grow at a significant CAGR of 3.05% over the forecast period.
• The Asia Pacific held the largest revenue share of 33.6% in 2022 and is expected to capture the largest CAGR of 4.8% from 2023 to 2030
• The household segment accounted for a revenue share of 60.6% of the global market in 2022.

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