Allied Market Research

2024

Countertop Microwave Market

Countertop Microwave Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2022-2032

CG : Consumer Electronics

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Author's: | Roshan Deshmukh
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Countertop microwave is a popular kitchen appliance for quick and convenient food preparation, using electromagnetic radiation to heat and cook food. With their compact size, this is ideal for use in small kitchens and apartments. Advanced features such as defrosting, preset cooking modes, and sensor cooking are also available in modern models, providing greater efficiency and ease of use. This is available in various power capacities, ranging from low to high. While higher-power microwaves may offer faster cooking times, lower-power microwaves are still suitable for everyday use and can be just as efficient. Moreover, lower power settings are recommended in many recipes to avoid overcooking or uneven heating.
 
The countertop microwave market is being driven by several factors, with one of the major driving forces being the growing trend of microwavable food. The increasing urbanization and subsequent rise in disposable income have led to higher purchasing power for urban citizens, who are now able to invest more in home and kitchen appliances, increasing the prospects for countertop microwaves. Furthermore, with the demand for energy-efficient appliances and advancements in technology, the global market for countertop microwaves is expected to grow significantly during the forecast period. Consumers are now seeking appliances that not only provide convenience but also help them save on energy costs, making energy-efficient countertop microwaves a highly sought-after product. Moreover, the growth in the e-commerce industry has made it easier for consumers to purchase countertop microwaves online, further driving market growth. With the increasing demand for fast and convenient cooking solutions, these are expected to continue to be a popular choice among consumers, driving the growth of the market in the coming years.
While countertop microwaves have several advantages, certain hindrances limit the market's potential. One of the main hindrances is the requirement for a special variety of utensils for cooking and heating food, which can make the process slightly expensive. This requirement can make the use of countertop microwaves less accessible to certain consumer groups. As a result, the market for countertop microwaves is limited to particular consumer groups, such as the upper middle class, who are willing to invest in high-quality utensils that are compatible with these. However, as technology continues to advance, manufacturers are finding ways to address this issue by designing microwaves that are compatible with a wider range of utensils, making them more accessible to a broader range of consumers. In addition to this, the availability of cheaper alternatives in the market, such as conventional ovens and stovetops, also limits the growth potential of this market.
The global countertop microwave market is being propelled by the increasing number of women entering the workforce and their need for appliances that save time and make cooking easier. Countertop microwaves are a convenient and cost-effective solution that helps women balance their work and home life. The rise in demand for microwavable meals has led to a growing need for countertop microwaves, which are essential appliances for quick and easy meal preparation. The global countertop microwave market is expected to continue to expand due to the increasing demand for appliances that help women save time and energy in the kitchen.
 
Segment overview:
By type: The countertop microwave market is categorized into below 22L, 22-25L, and above 25L.  The below 22L segment is expected to dominate the market during the forecast period due to its compact size, making it suitable for use in small kitchens or apartments. These microwaves are typically less expensive and are ideal for single individuals or small families. The 22-25L segment is expected to witness significant growth due to the increasing demand for medium-sized microwaves, which can accommodate larger food items and are suitable for small to medium-sized families. The above 25L segment is expected to have a moderate growth rate due to its higher price point and larger size, which may not be practical for all consumers. However, these microwaves are ideal for large families or commercial use in restaurants or cafeterias.
By application: The countertop microwave market is segmented into residential and commercial. The residential segment dominates the countertop microwave market. The dominance of the residential segment in the countertop microwave market can be attributed to the increasing trend of microwavable food, rising urbanization, and growing disposable income. Countertop microwaves are popular among residential users due to their compact size, ease of use, and convenience. In contrast, the commercial segment is also expected to grow due to the demand for quick and convenient meal preparation in the food service industry. These offer a simple solution for fast food preparation in restaurants, cafes, and offices, taking up minimal space. In addition, the increasing demand for healthier food options has led to the development of microwavable healthy meals, which are becoming more popular in the food service industry. This trend is expected to drive the growth of the commercial segment in this market.
By distribution channel: The countertop microwave market is divided into offline and online. Offline stores dominate the countertop microwave market due to the advantage of physical inspection and testing of the product. Consumers prefer to see the product in person, compare features, and make a purchase decision. Moreover, offline stores offer immediate gratification, where customers can take the product home with them immediately after purchase. Furthermore, brick-and-mortar stores often offer product demonstrations and in-store promotions that can help increase sales. However, the online distribution channel is expected to grow in this market due to its convenience and accessibility. E-commerce websites offer a wide variety of options and competitive pricing, making it easier for customers to find the perfect product. Moreover, online stores often offer customer reviews and ratings, which can help customers make informed purchase decisions. The growing trend of online shopping and the availability of various payment options further contribute to the growth of the online distribution channel in this market.
Competitive analysis and profiles of the major players in the countertop microwave market, such as Bosch Ltd., Electrolux Group, GE, Gree, Haier, LG Electronics Inc., Panasonic Co., Siemens, Samsung, and Whirlpool Co.

Countertop Microwave Market Report Highlights

Aspects Details
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By Type
  • Below 22 L
  • 22 - 25 L
  • Above 25 L
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By Application
  • Residential
  • Commercial
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By Distribution Channel
  • Offline
  • Online
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Key Market Players

LG Electronics Inc., Sumsung, Electrolux Group, Haier, Gree, Panasonic Corporation, Siemens, Bosch Ltd, GE, Whirlpool Corporation

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Countertop Microwave Market

Global Opportunity Analysis and Industry Forecast, 2022-2032