North America Microwave Oven Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Microwave Oven Market Analysis
The North American microwave oven market was valued at USD 3.63 billion in 2020, and the market is projected to register a CAGR of 4.03% during the forecast period (2021-2026). The market is expected to witness strong growth during the forecast period.
The rise in the numbers of restaurants, house constructions, and renovations all across the North American region is driving the market with more transactions. Increasing technological advancements, including smart connectivity and less energy consumption, have increased the presence of microwave ovens in every house, bakeries, office, and restaurant. The efficient way of baking and cooking with the help of microwave ovens in residential and commercial workplaces increased its demand, thus, boosting the North American microwave oven market.
Also, the modernization and contemporary kitchens at workplaces and houses have helped a large number of international franchises to enter the markets of the United States and Canada during the review period. Similarly, the number of immigrants is increasing at a very fast pace in the region, which is witnessing a rise in the number of households, thus, helping in the growth in the number of modern, smart, in-built, and technologically advanced -much efficient microwave ovens. An increasing per capita average household annual expenditure of Canadian households, which witnessed a record increase of 8.37 % in FY 2019 from FY 2018, is also driving the total sales of microwaves in the market. The upward trend in the North American microwave oven market is expected to be seen in the forecast period.
The COVID-19 pandemic impacted every industry badly and affected the North American microwave oven market adversely. The halt in dining out and shutting down of various small restaurant enterprises affected the commercial segment of the microwave oven market in the region. The growth in work from home practice led to the closure of office spaces, which resulted in a sudden drop in revenue from the commercial segment of the market.
North America Microwave Oven Market Trends
This section covers the major market trends shaping the North America Microwave Oven Market according to our research experts:
Canada's Increasing Average Annual Household Expenditure Driving the Market
The average expenditure of Canadian households is witnessing growth. In the past five years, the average annual spending of households in Canada experienced a constant increase. In Canada, smart kitchens and modernization increased the expenditure on kitchen appliances. This continuously increasing expenditure behavior of Canada's population signifies that the market for microwave ovens may experience an upward trend during the forecast period.
Increasing E-commerce Sales During the COVID-19 Pandemic are Boosting the Growth in the North American Microwave Oven Market
The e-commerce giant, Amazon, took the top spot in various product segments during FY 2020 in North America, including food and personal care, electronics, and media. In 2018, in terms of retail e-commerce sales, North America was one of the largest regions. Based on the double-digit growth, industry experts projected that the North American e-retail market might surpass USD 1 trillion in 2022. Also, the e-commerce market in the United States was the second-largest market in 2020. Hence, the North American microwave oven market is expected to register positive growth during the forecast period.
North America Microwave Oven Industry Overview
The North American microwave oven market is very competitive and highly fragmented across the different countries, with continuous demand for new innovations and smart products. This market is highly competitive due to the presence of both international and local players operating across the region, such as Whirlpool, Bosch Global, Electrolux, and Samsung. Competition in the market is expected to intensify with the vendors coming up with innovative products to meet the changing consumer demands and increase their customer base. The market will also witness the entry of several new players, thus, resulting in price wars and increased M&As during the forecast period. Moreover, the growing focus on premium microwave ovens will play a key role in the growth of the market in the forecast period.
North America Microwave Oven Market Leaders
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Whirlpool
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Electrolux Group
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LG
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Bosch
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Samsumg
*Disclaimer: Major Players sorted in no particular order
North America Microwave Oven Market News
- In 2021, Whirlpool Corporation enhanced its voice-command capabilities as a launch collaborator for Google Assistant voice notifications, a new functionality available through Google's intelligent personal assistant software. Unlike traditional voice-command features that require direct questions, these voice notifications will proactively alert appliance users with updates.
- In 2020, White-Westinghouse International, a division of Electrolux Home Products Inc. and one of the leading consumer appliance companies, collaborated with Superplastronics Pvt. Ltd (SPPL) to enter the Indian market with the launch of its washing machines range of 7 kg, 6 kg, and 9 kg washing machine category on Amazon.
North America Microwave Oven Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXCEUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints/Challenges
- 4.4 Value Chain/Supply Chain Analysis
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4.5 Porter's Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Insights into Consumer Buying Behavior in the North American Microwave Oven Market
- 4.7 Insights into Technological Disruption in the North American Microwave Oven Market
- 4.8 Impact of COVID-19 Pandemic on the Market
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Convection
- 5.1.2 Grill
- 5.1.3 Solo
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5.2 By Structure
- 5.2.1 Built-in
- 5.2.2 Counter Top
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5.3 By Distribution Channel
- 5.3.1 Multi-brand Stores
- 5.3.2 Exclusive Stores
- 5.3.3 E-commerce
- 5.3.4 Other Distribution Channels
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5.4 By End Users
- 5.4.1 Residential
- 5.4.2 Commercial
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5.5 By Geography
- 5.5.1 United States
- 5.5.2 Canada
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Bosch Global
- 6.2.2 IFB
- 6.2.3 Panasonic India
- 6.2.4 Electrolux
- 6.2.5 General Electronics Corporation
- 6.2.6 LG
- 6.2.7 Samsung
- 6.2.8 Whirlpool
- 6.2.9 Haier
- 6.2.10 Hitachi*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER
North America Microwave Oven Industry Segmentation
The North American microwave oven market is one of the popular industries, as people prefer the upgraded and smart kitchens at their place. A complete background analysis of the microwave oven market, which includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles, is covered in the report. The North America microwave oven market is segmented by type (convection, grill, and solo), distribution channel (multi-brand stores, exclusive stores, e-commerce, and other distribution channels), structure (built-in and countertop), end users (residential and commercial), and geography (United States and Canada). The report offers market size and forecasts for the North American microwave oven market's revenue in value (USD million) for all the above segments.
| By Type | Convection |
| Grill | |
| Solo | |
| By Structure | Built-in |
| Counter Top | |
| By Distribution Channel | Multi-brand Stores |
| Exclusive Stores | |
| E-commerce | |
| Other Distribution Channels | |
| By End Users | Residential |
| Commercial | |
| By Geography | United States |
| Canada |
North America Microwave Oven Market Research FAQs
What is the current North America Microwave Oven Market size?
The North America Microwave Oven Market is projected to register a CAGR of less than 4% during the forecast period (2024-2029)
Who are the key players in North America Microwave Oven Market?
Whirlpool, Electrolux Group, LG, Bosch and Samsumg are the major companies operating in the North America Microwave Oven Market.
What years does this North America Microwave Oven Market cover?
The report covers the North America Microwave Oven Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Microwave Oven Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Microwave Oven Industry Report
Statistics for the 2024 North America Microwave Oven market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Microwave Oven analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
