Microwave Oven Market

The article provides a comprehensive analysis of the global market for microwave ovens, forecasting an increase in market volume and value by 2030. The report covers consumption patterns, market performance, production, and imports of microwave ovens worldwide. Key highlights include the dominant role of China in both consumption and production, as well as the growth of countries like Turkey and South Korea in the market. The data also highlights trends in import and export prices, with notable fluctuations in the global market.

Market Forecast

Driven by increasing demand for microwave ovens worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.3% for the period from 2022 to 2030, which is projected to bring the market volume to 165M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $15.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Microwave Ovens

In 2022, global consumption of microwave ovens totaled 160M units, surging by 5.1% against 2021. The total consumption volume increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Over the period under review, global consumption attained the peak volume at 164M units in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global microwave oven market revenue rose remarkably to $12.4B in 2022, surging by 5.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Global consumption peaked in 2022 and is likely to see steady growth in years to come.

Consumption By Country

The country with the largest volume of microwave oven consumption was China (45M units), comprising approx. 28% of total volume. Moreover, microwave oven consumption in China exceeded the figures recorded by the second-largest consumer, the United States (20M units), twofold. The third position in this ranking was held by India (8.9M units), with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +4.5%. In the other countries, the average annual rates were as follows: the United States (+2.3% per year) and India (+4.7% per year).

In value terms, the largest microwave oven markets worldwide were China ($2.4B), the United States ($1.6B) and Democratic Republic of the Congo ($1.4B), together comprising 43% of the global market. Germany, Turkey, Japan, India, Brazil, France, Thailand, the UK, South Korea and Russia lagged somewhat behind, together comprising a further 33%.

Among the main consuming countries, Turkey, with a CAGR of +7.8%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of microwave oven per capita consumption in 2022 were Germany (73 units per 1000 persons), Turkey (65 units per 1000 persons) and the United States (61 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by China (with a CAGR of +4.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Microwave Ovens

In 2022, global production of microwave ovens expanded modestly to 166M units, surging by 2.2% compared with the previous year's figure. The total output volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 31% against the previous year. Over the period under review, global production reached the peak volume at 173M units in 2020; however, from 2021 to 2022, production failed to regain momentum.

In value terms, microwave oven production expanded to $26B in 2022 estimated in export price. Overall, production, however, saw a slight curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 61%. Over the period under review, global production attained the maximum level at $81.3B in 2016; however, from 2017 to 2022, production remained at a lower figure.

Production By Country

China (105M units) constituted the country with the largest volume of microwave oven production, accounting for 63% of total volume. Moreover, microwave oven production in China exceeded the figures recorded by the second-largest producer, Malaysia (9M units), more than tenfold. The third position in this ranking was held by India (7.5M units), with a 4.5% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +2.4%. The remaining producing countries recorded the following average annual rates of production growth: Malaysia (+2.5% per year) and India (+4.9% per year).

Imports

World Imports of Microwave Ovens

After five years of growth, purchases abroad of microwave ovens decreased by -8.3% to 73M units in 2022. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 8.5%. Global imports peaked at 80M units in 2021, and then declined in the following year.

In value terms, microwave oven imports amounted to $5.3B in 2022. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 16% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

The United States was the major importing country with an import of around 20M units, which finished at 28% of total imports. Japan (6.2M units) held an 8.4% share (based on physical terms) of total imports, which put it in second place, followed by Russia (7.2%) and the UK (5.5%). Germany (2.5M units), France (2.3M units), Mexico (2.2M units), Canada (1.9M units), South Korea (1.8M units), Spain (1.6M units), Australia (1.6M units), India (1.4M units) and Poland (1.2M units) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to microwave oven imports into the United States stood at +2.3%. At the same time, South Korea (+11.3%), Germany (+8.9%), Poland (+5.6%), India (+4.2%), Mexico (+3.1%), Japan (+2.6%), Australia (+1.9%), Canada (+1.6%) and Russia (+1.4%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in the world, with a CAGR of +11.3% from 2012-2022. The UK and Spain experienced a relatively flat trend pattern. By contrast, France (-3.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States, Germany and South Korea increased by +3.8, +1.8 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.6B) constitutes the largest market for imported microwave ovens worldwide, comprising 30% of global imports. The second position in the ranking was taken by Japan ($478M), with a 9% share of global imports. It was followed by Germany, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States totaled +3.4%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+0.6% per year) and Germany (+2.4% per year).

Import Prices By Country

The average microwave oven import price stood at $73 per unit in 2022, picking up by 11% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($104 per unit), while Russia ($41 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+4.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Microwave Ovens

After six years of growth, overseas shipments of microwave ovens decreased by -12.1% to 79M units in 2022. Overall, total exports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when exports increased by 25% against the previous year. Over the period under review, the global exports reached the maximum at 90M units in 2021, and then dropped in the following year.

In value terms, microwave oven exports reduced to $5.2B in 2022. The total export value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 18% against the previous year. As a result, the exports reached the peak of $5.4B, and then shrank slightly in the following year.

Exports By Country

In 2022, China (61M units) was the largest exporter of microwave ovens, achieving 76% of total exports. It was distantly followed by Malaysia (8M units), committing a 10% share of total exports. Thailand (2.3M units) held a relatively small share of total exports.

Exports from China increased at an average annual rate of +1.2% from 2012 to 2022. At the same time, Malaysia (+2.8%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in the world, with a CAGR of +2.8% from 2012-2022. By contrast, Thailand (-4.8%) illustrated a downward trend over the same period. Thailand (-2.4 p.p.) significantly weakened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.4B) remains the largest microwave oven supplier worldwide, comprising 66% of global exports. The second position in the ranking was held by Malaysia ($631M), with a 12% share of global exports.

In China, microwave oven exports increased at an average annual rate of +2.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+4.9% per year) and Thailand (-2.9% per year).

Export Prices By Country

In 2022, the average microwave oven export price amounted to $66 per unit, picking up by 11% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2015 an increase of 30%. As a result, the export price attained the peak level of $76 per unit. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($109 per unit), while China ($57 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform