The global microwave oven market size is anticipated to reach USD 12.7 billion by 2022, rising at a CAGR of 2.8 percent. Improving standard of living of consumers, growing number of nuclear families, and increasing demand for frozen and ready-to-eat food are some of the key factors stimulating market growth.
Growing number of working women and preoccupied schedule 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. In case of the residential application segment, the most significant driver is the changing lifestyles and food consumption preferences of people, with more consumers shifting toward 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.
The convection segment is poised to account for half of the overall market value by 2022. The grill microwave ovens market is anticipated to be valued at around USD 4.50 billion by 2022. In 2016, North America was the leading revenue contributor in the market, with a valuation of around USD 3.5 billion. The household application segment accounted for a larger revenue share in 2016 and is likely to expand at a CAGR of around 3 percent.