Market Size of North America Microwave Oven Industry
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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 Size Summary
The North American microwave oven market is poised for significant growth, driven by factors such as the increasing number of restaurants, residential constructions, and renovations across the region. Technological advancements, including smart connectivity and energy efficiency, have made microwave ovens a staple in homes, offices, and restaurants. The demand for efficient cooking solutions in both residential and commercial settings has further propelled market expansion. The modernization of kitchens and the influx of international franchises in the United States and Canada have also contributed to the market's growth. Additionally, the rising number of households, fueled by immigration, has led to an increased demand for modern, technologically advanced microwave ovens. The upward trend in household expenditure, particularly in Canada, is expected to continue driving sales in the forecast period.
Despite the challenges posed by the COVID-19 pandemic, which adversely affected the commercial segment due to restaurant closures and the shift to remote work, the North American microwave oven market is anticipated to recover and grow. The e-commerce boom, with platforms like Amazon leading the charge, has further supported market expansion, as online retail sales continue to rise. The market is highly competitive and fragmented, with both international and local players such as Whirlpool, Bosch Global, Electrolux, and Samsung vying for market share. This competition is expected to intensify, leading to innovations and new product launches. The focus on premium microwave ovens is likely to play a crucial role in the market's growth trajectory during the forecast period.
North America Microwave Oven Market Size - Table of Contents
-
1. MARKET INSIGHTS AND DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.3 Market Restraints/Challenges
-
1.4 Value Chain/Supply Chain Analysis
-
1.5 Porter's Five Forces Analysis
-
1.5.1 Threat of New Entrants
-
1.5.2 Bargaining Power of Buyers/Consumers
-
1.5.3 Bargaining Power of Suppliers
-
1.5.4 Threat of Substitute Products
-
1.5.5 Intensity of Competitive Rivalry
-
-
1.6 Insights into Consumer Buying Behavior in the North American Microwave Oven Market
-
1.7 Insights into Technological Disruption in the North American Microwave Oven Market
-
1.8 Impact of COVID-19 Pandemic on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Convection
-
2.1.2 Grill
-
2.1.3 Solo
-
-
2.2 By Structure
-
2.2.1 Built-in
-
2.2.2 Counter Top
-
-
2.3 By Distribution Channel
-
2.3.1 Multi-brand Stores
-
2.3.2 Exclusive Stores
-
2.3.3 E-commerce
-
2.3.4 Other Distribution Channels
-
-
2.4 By End Users
-
2.4.1 Residential
-
2.4.2 Commercial
-
-
2.5 By Geography
-
2.5.1 United States
-
2.5.2 Canada
-
-
North America Microwave Oven Market Size 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.