United States Microwave Oven Market Insights Forecasts to 2033

• The U.S. Microwave Oven Market Size was valued at USD 3.15 Billion in 2023.
• The Market Size is Growing at a CAGR of 3.47% from 2023 to 2033
• The U.S. Microwave Oven Market Size is Expected to reach USD 4.43 Billion by 2033

The United States Microwave Oven Market is anticipated to exceed USD 4.43 Billion by 2033, growing at a CAGR of 3.47% from 2023 to 2033. The growing demand for convenience, busy lifestyle, and the evolution of American urban living are driving the growth of the microwave oven market in the US.     

Market Overview

A microwave oven is a small, box-shaped appliance used for cooking food using microwaves, or high-frequency electromagnetic radiation. The heat is produced by the microwave vibrations when they are absorbed by water, lipids, carbohydrates, and certain other substances. Reheating prepared food, frozen meals, or leftovers is fast and easy with a microwave oven. These time-saving kitchen appliances in contemporary homes also fit into the busy schedules of those who work. Technological advancements including convection and sensor cooking have improved adaptability and functionality with cooking time and power level settings. Busier schedules and a growing inclination toward comfort are signs of the rapid changes occurring in American culture which is fueling the demand for time-saving and simple kitchen tools. There is increasing R&D spending to offer cutting-edge features like voice control, Wi-Fi connectivity, and sophisticated culinary capabilities which is expected to drive the market growth opportunity. Further, the rising energy costs and environmental concerns are seeking for energy-efficient appliances. Additionally, the creation of cutting-edge cooking features including multi-stage cooking programs and inverter technology are leveraging market expansion.     

Report Coverage

This research report categorizes the market for the US microwave oven market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States microwave oven market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the US microwave oven market.

Driving Factors

The rising in tandem with women's rising rates of work market participation surges the demand for time-saving kitchen gadgets which draws attention to the vital role of microwave ovens in modern kitchens. There is an increasing technological development in the field, such as convection microwave ovens and sensor cooking. The integration of smart technologies with kitchen appliances is being highlighted by high-profile product launches. Further, the application of microwave ovens in a variety of venues, including restaurants, convenience stores, and cafeterias is driving the market expansion.         

Restraining Factors

Price fluctuations for components used in manufacturing, such as stainless steel or electrical parts, can affect manufacturing costs, and, consequently, microwave oven prices. This leads to restraining the market growth.

Market Segmentation

The United States Microwave Oven Market share is classified into product type and application type.

• The convection segment dominates the US microwave oven market during the forecast period.

The United States microwave oven market is segmented by product type into grill, solo, and convection. Among these, the convection segment dominates the US microwave oven market during the forecast period. Convection microwave ovens are a very good substitute for smaller space kitchens due to their compact design and many buyers place higher value on multipurpose and space-saving equipment. The widespread application of convection microwave ovens in the commercial, as well as residential sectors, drives market growth.

• The residential segment dominates the US microwave oven market during the forecast period.       

Based on the application type, the U.S. microwave oven market is divided into commercial and residential. Among these, the residential segment dominates the US microwave oven market during the forecast period. Microwave ovens for homes continue to be a common household item. The increasing need for energy-efficient and compact cooking applications due to a shift in lifestyle leads to propelling the market demand.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the U.S. microwave oven market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Sharp
• LG Electronics
• Illinois Tool Works Inc.
• GE Appliances
• Whirlpool Corporation
• Samsung Electronics
• Panasonic Corporation
• Midea Group
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In January 2024, Panasonic, a leading provider of consumer lifestyle technologies, announced an expanded partnership with Fresco, the leading smart kitchen platform for the world’s top appliance brands. The companies would collaborate to deliver a revolutionary cooking assistant for Panasonic kitchen appliances, starting with the Panasonic HomeCHEF 4-in-1 multi-oven.

• In January 2023, Samsung Electronics unveiled the newest additions to its customizable Bespoke Home lineup. Samsung’s latest home appliances and services were designed to meet a growing demand for customization and provide a new level of intelligent connectivity.

Market Segment

This study forecasts revenue at U.S., regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United States Microwave Oven Market based on the below-mentioned segments:

US Microwave Oven Market, By Product Type

• Grill
• Solo
• Convection

US Microwave Oven Market, By Application Type

• Commercial
• Residential