Global Microwave Ovens Market: Anticipated to Expand at a CAGR of +0.8% from 2023 to 2030

IndexBox has just published a new report: World - Microwave Ovens - Market Analysis, Forecast, Size, Trends and Insights.

Driven by rising demand, the global market for microwave ovens is projected to experience a steady increase over the next seven years. Market volume is expected to grow with a CAGR of +0.8%, reaching 179M units by 2030. Market value is forecasted to rise with a CAGR of +3.1%, reaching $16.5B by 2030 in nominal prices.

Market Forecast

Driven by increasing demand for microwave ovens worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.8% for the period from 2023 to 2030, which is projected to bring the market volume to 179M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% for the period from 2023 to 2030, which is projected to bring the market value to $16.5B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Microwave Ovens

In 2023, consumption of microwave ovens decreased by -0.9% to 169M units, falling for the second consecutive year after four years of growth. The total consumption volume increased at an average annual rate of +2.7% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption hit record highs at 171M units in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

The global microwave oven market value dropped slightly to $13.3B in 2023, shrinking by -2.7% 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 +2.7% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at $13.6B in 2022, and then dropped in the following year.

Consumption By Country

China (49M units) constituted the country with the largest volume of microwave oven consumption, accounting for 29% of total volume. Moreover, microwave oven consumption in China exceeded the figures recorded by the second-largest consumer, the United States (20M units), twofold. India (8.3M units) ranked third in terms of total consumption with a 4.9% share.

In China, microwave oven consumption expanded at an average annual rate of +5.6% over the period from 2013-2023. In the other countries, the average annual rates were as follows: the United States (+1.8% per year) and India (+4.7% per year).

In value terms, the largest microwave oven markets worldwide were China ($2.5B), the United States ($1.4B) and India ($1.1B), with a combined 38% share of the global market. Brazil, Japan, Germany, Turkey, Thailand, Malaysia, the UK, France, Tanzania and Russia lagged somewhat behind, together comprising a further 38%.

Malaysia, with a CAGR of +14.7%, saw the highest rates of growth with regard to market size among the main consuming countries 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 2023 were Malaysia (113 units per 1000 persons), Germany (74 units per 1000 persons) and Turkey (74 units per 1000 persons).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Malaysia (with a CAGR of +11.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Microwave Ovens

Global microwave oven production expanded modestly to 178M units in 2023, with an increase of 2.2% compared with 2022. Over the period under review, the total production indicated a moderate increase from 2013 to 2023: its volume increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by -2.1% against 2021 indices. The pace of growth was the most pronounced in 2018 with an increase of 34% against the previous year. Global production peaked at 182M units in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

In value terms, microwave oven production reduced to $13.1B in 2023 estimated in export price. The total output value increased at an average annual rate of +2.9% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 21% against the previous year. Over the period under review, global production reached the peak level at $13.1B in 2022, and then dropped slightly in the following year.

Production By Country

China (115M units) remains the largest microwave oven producing country worldwide, comprising approx. 65% of total volume. Moreover, microwave oven production in China exceeded the figures recorded by the second-largest producer, Malaysia (9.6M units), more than tenfold. India (7.3M units) ranked third in terms of total production with a 4.1% share.

From 2013 to 2023, the average annual rate of growth in terms of volume in China stood at +3.3%. The remaining producing countries recorded the following average annual rates of production growth: Malaysia (+3.5% per year) and India (+5.2% per year).

Imports

World Imports of Microwave Ovens

In 2023, overseas purchases of microwave ovens decreased by -3.8% to 72M units, falling for the second consecutive year after six years of growth. The total import volume increased at an average annual rate of +1.2% over the period from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2020 when imports increased by 8.1% against the previous year. Global imports peaked at 80M units in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, microwave oven imports declined to $4.7B in 2023. The total import value increased at an average annual rate of +1.6% from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 15%. As a result, imports attained the peak of $5.2B. From 2022 to 2023, the growth of global imports failed to regain momentum.

Imports By Country

In 2023, the United States (20M units) represented the major importer of microwave ovens, committing 28% of total imports. Russia (4.7M units) held the second position in the ranking, followed by Japan (4.7M units) and the UK (4.3M units). All these countries together held approx. 19% share of total imports. The following importers - France (2.9M units), Germany (2.5M units), Spain (2.4M units), Mexico (2M units), South Korea (1.7M units), Canada (1.6M units), Australia (1.4M units), Italy (1.3M units) and South Africa (1.3M units) - together made up 24% of total imports.

Imports into the United States increased at an average annual rate of +1.9% from 2013 to 2023. At the same time, South Korea (+4.8%), Spain (+3.2%), Mexico (+2.5%), Russia (+1.7%) and Australia (+1.1%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in the world, with a CAGR of +4.8% from 2013-2023. South Africa, Italy, Japan, France, the UK, Germany and Canada experienced a relatively flat trend pattern. Italy (+1.8 p.p.) and the United States (+1.8 p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.4B) constitutes the largest market for imported microwave ovens worldwide, comprising 31% of global imports. The second position in the ranking was held by Japan ($404M), with an 8.5% share of global imports. It was followed by the UK, with a 4.7% share.

From 2013 to 2023, the average annual rate of growth in terms of value in the United States stood at +1.9%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-0.1% per year) and the UK (+0.3% per year).

Import Prices By Country

The average microwave oven import price stood at $66 per unit in 2023, falling by -5% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 8.1%. Over the period under review, average import prices reached the peak figure at $70 per unit in 2022, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($86 per unit), while South Africa ($37 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (+3.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Microwave Ovens

In 2023, approx. 81M units of microwave ovens were exported worldwide; picking up by 3.2% against 2022 figures. Over the period under review, total exports indicated a mild expansion from 2013 to 2023: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by -10.5% against 2021 indices. The growth pace was the most rapid in 2018 with an increase of 25% against the previous year. Over the period under review, the global exports attained the maximum at 90M units in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, microwave oven exports contracted to $4.8B in 2023. The total export value increased at an average annual rate of +1.5% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 18% against the previous year. As a result, the exports reached the peak of $5.4B. From 2022 to 2023, the growth of the global exports failed to regain momentum.

Exports By Country

China dominates exports structure, amounting to 66M units, which was approx. 81% of total exports in 2023. It was distantly followed by Malaysia (6.1M units), achieving a 7.5% share of total exports. Thailand (2M units) held a minor share of total exports.

China was also the fastest-growing in terms of the microwave ovens exports, with a CAGR of +1.9% from 2013 to 2023. Malaysia experienced a relatively flat trend pattern. Thailand (-3.6%) illustrated a downward trend over the same period. From 2013 to 2023, the share of China increased by +3 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.3B) remains the largest microwave oven supplier worldwide, comprising 70% of global exports. The second position in the ranking was taken by Malaysia ($456M), with a 9.6% share of global exports.

From 2013 to 2023, the average annual rate of growth in terms of value in China totaled +2.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+1.8% per year) and Thailand (-3.6% per year).

Export Prices By Country

In 2023, the average microwave oven export price amounted to $59 per unit, falling by -10.2% against the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the average export price increased by 30% against the previous year. As a result, the export price reached the peak level of $75 per unit. From 2016 to 2023, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Thailand ($101 per unit), while China ($51 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (+1.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform