GITNUX MARKETDATA REPORT 2024

Microwave Oven Industry Statistics

The Microwave Oven Industry is expected to experience steady growth in revenue and market share over the next few years due to increased consumer demand for convenient and time-saving cooking appliances.

Highlights: Microwave Oven Industry Statistics

  • The global microwave oven market size was valued at USD 9.9 billion in 2018.
  • The market is expected to expand at a CAGR of 2.8% from 2019 to 2025.
  • Asia Pacific held the lead closely trailed by North America, which together held over 60% of the total market's volume share in 2017.
  • The commercial segment is anticipated to register a significant CAGR of 3.2% from 2019 to 2025.
  • Solo microwave ovens are expected to maintain the highest percentage of the market share by 2025.
  • The convection microwave ovens market size is projected to reach USD 1,882.3 million by 2027.
  • Whirlpool Corporation was the market leader in North America in 2019.
  • As of 2020, 95% of American homes own a microwave oven.
  • The oven industry, which includes microwave ovens, is expected to reach USD 11.68 billion by 2027.
  • In 2018, 130.56 million microwave ovens were sold worldwide.
  • In 2020, China was the largest market of microwave ovens, selling almost 30 million units.
  • The smart microwave oven market is projected to reach USD 989.3 million by 2026.
  • The commercial microwave oven market size was valued at USD 1.06 billion in 2020.
  • By revenue, Europe will contribute 39% to the commercial microwave oven market share by 2024.
  • The revenue of the microwave oven market in the U.S. amounted to approximately 7.9 billion U.S. dollars in 2020.
  • Compact microwave ovens with a capacity of less than 1 cu. ft. are projected to reach a market size of USD 1,514.2 million by 2025.
  • In 2019, microwave oven distribution channels saw over 60% of the revenue generated through offline channels.
  • Japan has an 85% penetration rate for microwave ovens as of 2019.
  • Approximately 13% of microwave ovens in the US are replaced every year.
  • The global microwave oven market size will increase by 4.36 billion USD from 2020 to 2024.

Table of Contents

The Latest Microwave Oven Industry Statistics Explained

The global microwave oven market size was valued at USD 9.9 billion in 2018.

This statistic reveals that the total value of the global microwave oven market in 2018 was estimated at USD 9.9 billion. This figure represents the total revenue generated by sales of microwave ovens worldwide during that year. The market size is a key indicator of the scale and economic significance of the microwave oven industry on a global level. This information is valuable for stakeholders such as manufacturers, retailers, investors, and policymakers in understanding the market potential, trends, and opportunities within the microwave oven sector. Additionally, it can also provide insights into consumer demand, technological advancements, and competitive dynamics within the market.

The market is expected to expand at a CAGR of 2.8% from 2019 to 2025.

This statistic implies that the market is projected to grow steadily at a Compound Annual Growth Rate (CAGR) of 2.8% from the year 2019 to 2025. The CAGR is a measure used to show the average annual growth rate of an investment over a specified period of time, in this case, the market expansion. A CAGR of 2.8% indicates moderate but consistent growth over the six-year period. This projection suggests that the market is expected to gradually increase in size, potentially driven by factors such as increasing demand, technological advancements, or changing consumer preferences.

Asia Pacific held the lead closely trailed by North America, which together held over 60% of the total market’s volume share in 2017.

The statistic indicates that in 2017, the Asia Pacific region had the highest market volume share, followed closely by North America. Combined, these two regions accounted for over 60% of the total market volume share. This suggests that the Asia Pacific and North American markets were the dominant players in the industry during that year. The tight competition between the two regions highlights their significance in driving the overall market dynamics. The data underscores the importance of focusing on these regions for market analysis and strategic decision-making to capture a substantial share of the market.

The commercial segment is anticipated to register a significant CAGR of 3.2% from 2019 to 2025.

The statistic indicates that the commercial segment, within a particular industry or market, is projected to experience a Compound Annual Growth Rate (CAGR) of 3.2% between the years 2019 and 2025. This suggests that the commercial sector is expected to exhibit consistent and sustained growth over the specified period. A CAGR of 3.2% reflects a moderate but steady rate of expansion in the commercial segment, which could be influenced by various factors such as increasing demand, favorable market conditions, or advancements in technology. This anticipated growth rate can provide valuable insights for businesses operating within this segment, allowing them to prepare for potential opportunities and challenges that may arise in the future.

Solo microwave ovens are expected to maintain the highest percentage of the market share by 2025.

This statistic suggests that solo microwave ovens are projected to retain the largest portion of the market share compared to other types of microwave ovens by the year 2025. Solo microwave ovens are typically the most basic type, offering simple functions like reheating and defrosting. The expectation that solo microwave ovens will dominate the market share indicates that consumers are likely prioritizing functionality and affordability over advanced features like convection or grill options. This trend could be driven by factors such as cost-effectiveness, ease of use, and the increasing popularity of compact kitchen appliances. Companies within the microwave oven industry may need to adjust their product strategies to cater to this demand for solo microwave ovens in order to remain competitive in the market.

The convection microwave ovens market size is projected to reach USD 1,882.3 million by 2027.

The statistic suggests that the convection microwave ovens market is expected to grow significantly and reach a total value of USD 1,882.3 million by the year 2027. This projection indicates a potential increase in demand for convection microwave ovens in the coming years. Factors such as technological advancements, changing consumer preferences, and the growing trend of convenience in cooking methods may contribute to this projected market expansion. Businesses operating in the convection microwave ovens industry should take note of this forecasted growth and make strategic decisions to capitalize on the opportunities presented by this market expansion.

Whirlpool Corporation was the market leader in North America in 2019.

The statistic “Whirlpool Corporation was the market leader in North America in 2019” indicates that Whirlpool Corporation held the highest market share compared to its competitors in the North American region during that particular year. This implies that Whirlpool sold the largest volume of home appliances such as refrigerators, washing machines, and dishwashers in the North American market in 2019. Being the market leader suggests that Whirlpool had a competitive edge over other companies in terms of brand reputation, product quality, pricing strategy, distribution channels, and possibly innovation. This statistic is a testament to Whirlpool’s successful performance and market dominance in the North American region for that specific period.

As of 2020, 95% of American homes own a microwave oven.

The statistic ‘As of 2020, 95% of American homes own a microwave oven’ indicates that a large majority of households in the United States possess a microwave oven as an essential kitchen appliance. This high ownership rate suggests that microwave ovens are not only common but also widely utilized in American homes, possibly due to their convenience, time-saving benefits, and affordability. The statistic implies that microwave ovens have become an integral part of modern kitchen setups and everyday cooking practices for a significant proportion of the American population by the year 2020.

The oven industry, which includes microwave ovens, is expected to reach USD 11.68 billion by 2027.

The statistic that the oven industry, encompassing microwave ovens, is projected to reach USD 11.68 billion by 2027 indicates the anticipated economic size and growth within this specific sector. This information suggests a forecasted increase in overall revenue generated by the sales of ovens, particularly due to the rising demand for microwave ovens. Factors contributing to this growth could include technological advancements, changing consumer preferences, and increased household incomes. The statistic serves as a key indicator for market analysts, industry stakeholders, and investors in understanding the potential opportunities and trends within the oven industry leading up to 2027.

In 2018, 130.56 million microwave ovens were sold worldwide.

The statistic stating that 130.56 million microwave ovens were sold worldwide in 2018 represents the total number of microwave ovens purchased across the global market during that year. This figure highlights the widespread popularity and demand for microwave ovens as a kitchen appliance, indicating their essential role in modern households. The statistic serves as an important indicator for manufacturers, retailers, and industry analysts to assess market trends, consumer preferences, and potential growth opportunities for the microwave oven industry. Additionally, it underscores the significant impact that microwave ovens have on daily cooking practices and convenience for consumers worldwide.

In 2020, China was the largest market of microwave ovens, selling almost 30 million units.

The statistic stating that in 2020, China was the largest market of microwave ovens, selling almost 30 million units, signifies the dominance of China in the global market for this household appliance. This figure highlights the significant consumer demand for microwave ovens in China, reflecting the country’s vast population and rising standards of living. The sheer volume of units sold indicates a strong market presence for microwave oven manufacturers and retailers in China, potentially influenced by factors such as urbanization, changing lifestyles, and technological advancements. This statistic underscores the importance of the Chinese market for the global microwave oven industry and its implications for manufacturers, retailers, and other stakeholders in the sector.

The smart microwave oven market is projected to reach USD 989.3 million by 2026.

The statistic indicates that the smart microwave oven market, which refers to microwave ovens equipped with advanced technological features such as connectivity options and automation, is expected to grow significantly and reach a value of USD 989.3 million by the year 2026. This projection suggests a strong market demand for smart microwave ovens driven by factors such as increasing consumer preference for convenience and connectivity in kitchen appliances. The substantial market growth forecast also implies a potential shift towards more technologically advanced and feature-rich microwave ovens in the coming years, presenting opportunities for manufacturers and businesses operating in this sector to capitalize on this growing market trend.

The commercial microwave oven market size was valued at USD 1.06 billion in 2020.

The statistic indicates that the total value of the commercial microwave oven market was USD 1.06 billion in 2020. This figure represents the cumulative revenue generated from the sales of commercial microwave ovens within that specific market during the year. It signifies the economic significance and scale of the commercial microwave oven industry, highlighting the demand and market size for such products. This information is valuable for businesses operating within the industry, investors, and policymakers to understand the market dynamics, trends, and potential opportunities for growth or expansion within the commercial microwave oven sector.

By revenue, Europe will contribute 39% to the commercial microwave oven market share by 2024.

This statistic indicates that, based on revenue projections, Europe is expected to hold a significant share of the commercial microwave oven market by the year 2024. Specifically, it is estimated that Europe will contribute 39% of the total market revenue in this industry by 2024. This suggests that European countries are expected to play a substantial role in driving the sales and growth of commercial microwave ovens over the next few years. Factors such as market demand, consumer preferences, economic conditions, and industry developments may all influence this projection, highlighting the importance of the European market in the commercial microwave oven industry.

The revenue of the microwave oven market in the U.S. amounted to approximately 7.9 billion U.S. dollars in 2020.

The statistic indicates that the total revenue generated by the sales of microwave ovens in the United States reached approximately 7.9 billion U.S. dollars in the year 2020. This figure reflects the overall economic value of microwave oven sales within the U.S. market during that specific time period. It suggests a sizable consumer demand for microwave ovens in the United States, with consumers collectively spending billions of dollars to purchase these appliances. The statistic provides insight into the scale and importance of the microwave oven market within the U.S. economy and offers a snapshot of the financial impact of this specific industry segment in 2020.

Compact microwave ovens with a capacity of less than 1 cu. ft. are projected to reach a market size of USD 1,514.2 million by 2025.

The statistic indicates a projected market size of USD 1,514.2 million by 2025 for compact microwave ovens with a capacity of less than 1 cubic foot. This figure represents the total estimated value of sales for this specific segment of microwave ovens. The projection suggests that there is a growing demand for smaller-capacity microwave ovens in the market, reflecting potential consumer preferences towards more compact and space-efficient kitchen appliances. The estimation also hints at potential opportunities for manufacturers and retailers to target this specific market segment and capitalize on the expected growth in demand for these types of compact microwave ovens in the coming years.

In 2019, microwave oven distribution channels saw over 60% of the revenue generated through offline channels.

The statistic suggests that the distribution of microwave ovens in 2019 primarily occurred through traditional offline channels, accounting for more than 60% of the total revenue generated in the industry. This indicates that brick-and-mortar stores, physical retail outlets, and other traditional offline platforms played a significant role in the sales and distribution of microwave ovens during that year. The dominance of offline channels highlights the continued importance and relevance of in-person shopping experiences for consumers purchasing microwave ovens, despite the rise of online shopping platforms and digital marketplaces. This statistic underscores the need for businesses in the microwave oven industry to maintain a strong presence in offline channels to effectively reach and engage with their target customers.

Japan has an 85% penetration rate for microwave ovens as of 2019.

This statistic indicates that in 2019, approximately 85% of households in Japan possessed a microwave oven. A high penetration rate of 85% suggests that microwave ovens are a common and widely adopted appliance in Japanese households, likely due to their convenience and practicality in modern cooking and food preparation. This statistic can be indicative of the popularity of microwave ovens in Japan, reflecting the appliance’s integration into daily life and potentially influencing consumer behaviors and cooking trends in the country.

Approximately 13% of microwave ovens in the US are replaced every year.

The statistic “Approximately 13% of microwave ovens in the US are replaced every year” indicates that a significant proportion of microwave ovens in the United States are being replaced annually. This percentage suggests that consumers are either regularly upgrading their microwaves or replacing them due to malfunctions or wear and tear. The high turnover rate of microwave ovens could be attributed to evolving technological advancements, changing consumer preferences, or the perception of microwaves as relatively affordable and easily replaceable household appliances. This statistic provides insight into the consumer behavior and market dynamics surrounding microwave ovens in the US.

The global microwave oven market size will increase by 4.36 billion USD from 2020 to 2024.

The statistic indicates that the global market size for microwave ovens is projected to grow by 4.36 billion USD over the period from 2020 to 2024. This growth represents an expansion in the overall demand and consumption of microwave oven products worldwide over the four-year period. The increase in market size suggests a positive trend in the industry, potentially driven by factors such as changing consumer preferences, technological advancements in microwave oven technology, and expanding market reach into new regions. This statistic implies a significant opportunity for businesses operating in the microwave oven market to capitalize on this growth by developing and marketing innovative products, expanding distribution channels, and targeting new customer segments to increase their market share and revenue.

Conclusion

In conclusion, the statistics presented in this blog post provide valuable insights into the dynamic and ever-evolving microwave oven industry. From market size and growth projections to consumer trends and technological advancements, it is clear that this industry is poised for continued innovation and expansion. By staying informed and leveraging these statistics, industry stakeholders can make informed decisions and navigate the competitive landscape with confidence.

References

0. – https://www.www.grandviewresearch.com

1. – https://www.www.statista.com

2. – https://www.www.technavio.com

3. – https://www.www.researchandmarkets.com

4. – https://www.www.fortunebusinessinsights.com

5. – https://www.www.transparencymarketresearch.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

Table of Contents

... Before You Leave, Catch This! 🔥

Your next business insight is just a subscription away. Our newsletter The Week in Data delivers the freshest statistics and trends directly to you. Stay informed, stay ahead—subscribe now.

Sign up for our newsletter and become the navigator of tomorrow's trends. Equip your strategy with unparalleled insights!