Global Microwave Oven Market 2024

Microwave Oven Market Size

In 2022, after two years of decline, there was significant growth in the global microwave oven market, when its value increased by 5.4% to $X. The market value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 9.8%. Global consumption peaked in 2022 and is likely to see gradual growth in years to come.

Microwave Oven Production

In value terms, microwave oven production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 5.1% against the previous year. Global production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Microwave Oven Exports

Exports

In 2022, overseas shipments of microwave ovens decreased by -13.3% to X units for the first time since 2016, thus ending a five-year rising trend. The total export volume increased at an average annual rate of +1.2% 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 exports increased by 25%. The global exports peaked at X units in 2021, and then dropped in the following year.

In value terms, microwave oven exports reduced to $X in 2022. The total export value increased at an average annual rate of +1.9% 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 20% against the previous year. As a result, the exports reached the peak of $X, and then dropped in the following year.

Exports by Country

In 2022, China (X units) was the major exporter of microwave ovens, making up 76% of total exports. It was distantly followed by Malaysia (X units), constituting a 10% share of total exports. Thailand (X units) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to microwave oven exports from China stood at +1.2%. At the same time, Malaysia (+3.1%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in the world, with a CAGR of +3.1% from 2012-2022. By contrast, Thailand (-4.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia increased by +1.8 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest microwave oven supplier worldwide, comprising 68% of global exports. The second position in the ranking was held by Malaysia ($X), with a 10% share of global exports.

In China, microwave oven exports expanded 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 (+2.6% per year) and Thailand (-2.9% per year).

Export Prices by Country

In 2022, the average microwave oven export price amounted to $X per unit, with an increase of 6.2% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 27% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the average export prices remained at a 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 ($X per unit), while China ($X 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 mixed trends in the export price figures.

Microwave Oven Imports

Imports

In 2022, supplies from abroad of microwave ovens decreased by -4.7% to X units for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 7.9% against the previous year. Over the period under review, global imports reached the maximum at X units in 2021, and then reduced slightly in the following year.

In value terms, microwave oven imports dropped slightly to $X in 2022. The total import value increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 15%. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

The United States was the major importer of microwave ovens in the world, with the volume of imports accounting for X units, which was near 27% of total imports in 2022. It was distantly followed by Japan (X units), Russia (X units) and the UK (X units), together generating a 19% share of total imports. Germany (X units), France (X units), Mexico (X units), Spain (X units), Canada (X units), South Korea (X units), Australia (X units), Poland (X units) and Italy (X units) held a minor share of total imports.

Imports into the United States increased at an average annual rate of +2.3% from 2012 to 2022. At the same time, South Korea (+11.3%), Poland (+8.4%), Russia (+4.0%), Mexico (+3.1%), Spain (+3.0%), Japan (+2.6%), Italy (+2.4%), Australia (+1.9%) and Canada (+1.6%) 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, Germany and France experienced a relatively flat trend pattern. The United States (+3.3 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 ($X) constitutes the largest market for imported microwave ovens worldwide, comprising 30% of global imports. The second position in the ranking was held by Japan ($X), with a 9.2% share of global imports. It was followed by Germany, with a 5% share.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +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

In 2022, the average microwave oven import price amounted to $X per unit, rising by 4.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 9% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while Russia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+2.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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