Market Size of US 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 |
US Microwave Oven Market Analysis
The US Microwave Oven Market is valued at about USD 9.4 Billion in the current year, and it is expected to witness a CAGR of more than 4% during the forecast period.
The growth of the microwave oven market in the United States can be attributed to the following factors: the shift in smart lifestyle from home interiors to smart home appliances, the rapid adoption of microwave ovens, the rapid growth of nuclear families in the United States, and the increasing demand of microwave ovens in the United States. Customers want modular kitchens with stylish designs, color options, texture, and cutting-edge features like smart microwave ovens driven by technology in market touch solutions, which helps in forecasting the growth of smart microwave ovens.
Furthermore, due to the constant changes in consumer eating habits and lifestyles, the growth of hotels, restaurants, and cafes is expected to increase the demand for smart kitchen products. As the trend has shifted from traditional to modular kitchens over the years, both residential and commercial customers are eager to invest in smart kitchen products. As the number of nuclear families continues to grow in the United States, as well as the number of women working to increase the income of their families, there is a growing need for microwaves. In the United States, the consumption of ready-to-eat meals is very common, with 96% of households having a microwave oven.
The growing inclination of customers toward spending on appliances to manage kitchen chores drives the growth of the household microwave oven segment. The growing number of smart homes in the United States, mainly in metropolitan cities of the United States such as New York, Chicago, etc., have triggered consumer interest in connectivity-enabled smart appliances. Consumers are opting for smart appliances, like smart microwave ovens, which can be connected to their smartphones and monitored remotely. Moreover, the improvement in network infrastructure across the United States has resulted in better broadband and internet penetration, and consumers from this country prefer wireless and technologically advanced products due to the convenience offered by such products. With the growing trend of home automation in the United States, smart microwave ovens will witness increased adoption over the forecast period.
The coronavirus pandemic has shown an impact on the proper functioning of various industries in various regions. This was primarily due to reduced sales because of the lockdown being imposed and, thus, a halt in logistics and electronic manufacturing. Closures of restaurants caused a ripple effect among related industries such as food production and equipment manufacturers.
US Microwave Oven Industry Segmentation
The US Microwave Oven Market is one of the most widely demanded Microwave Oven industries as people prefer upgraded and smart kitchens. 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, are covered in the report.
The US Microwave Oven Market is Segmented By Type (Convection, Grill, and Solo), Structure (Built-in and Countertop), End Users (Residential and Commercial), and Distribution Channel (Multi-brand Stores, Exclusive Stores, E-Commerce, and Other Distribution Channels). The report offers the market size in value terms in USD for all the abovementioned segments.
By Type | |
Convection | |
Grill | |
Solo |
By Structure | |
Built-in | |
Counter Top |
By End Users | |
Residential | |
Commercial |
By Distribution Channel | |
Multi-brand Stores | |
Exclusive Stores | |
E-Commerce | |
Other Distribution Channel |
US Microwave Oven Market Size Summary
The US microwave oven market is experiencing significant growth, driven by the increasing shift towards smart home appliances and the rapid adoption of microwave ovens. This trend is further fueled by the rise of nuclear families and the growing demand for modular kitchens with advanced features. Consumers are increasingly seeking stylish designs and technology-driven solutions, such as smart microwave ovens that offer connectivity and remote monitoring capabilities. The market is also benefiting from changes in consumer eating habits, with a growing preference for ready-to-eat meals and the expansion of the food service industry, including hotels, restaurants, and cafes. The convenience and ease of use of smart kitchen appliances are major factors contributing to the market's expansion, as they cater to the busy lifestyles of modern consumers, particularly in urban areas.
The competitive landscape of the US microwave oven market is highly fragmented, with numerous international and local players vying for market share. Companies like Whirlpool, Bosch, Electrolux, and Samsung are leading the charge by introducing innovative products with advanced features, including artificial intelligence and smart connectivity. The market is expected to see intensified competition, with new entrants and ongoing mergers and acquisitions. The focus on premium microwave ovens and the integration of smart technology are anticipated to drive further growth. Additionally, the improvement in network infrastructure and the increasing number of smart homes in metropolitan areas are expected to enhance consumer interest in these appliances, supporting the market's upward trajectory during the forecast period.
US Microwave Oven Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Urbanization is Driving the Market
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1.2.2 Increase in Usage of Smart Kitchen Appliances is Driving the Market
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1.3 Market Restraints/ Challenges
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1.3.1 High Power Consumption
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1.4 Value Chain/ Supply Chain Analysis
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1.5 Porter's Five Forces Analysis
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1.5.1 Threat of new Entrants
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1.5.2 Bargaining Power of Buyers/ Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Insights into Consumer Buying Behavior in the US Microwave Oven Market
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1.7 Insights into Technological Innovations in the Market
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1.8 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Convection
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2.1.2 Grill
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2.1.3 Solo
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2.2 By Structure
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2.2.1 Built-in
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2.2.2 Counter Top
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2.3 By End Users
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2.3.1 Residential
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2.3.2 Commercial
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2.4 By Distribution Channel
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2.4.1 Multi-brand Stores
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2.4.2 Exclusive Stores
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2.4.3 E-Commerce
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2.4.4 Other Distribution Channel
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US Microwave Oven Market Size FAQs
What is the current United States Microwave Oven Market size?
The United States Microwave Oven Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in United States Microwave Oven Market?
Whirlpool, Bosch , Electrolux , KitchenAid and Kenmore are the major companies operating in the United States Microwave Oven Market.