Microwave Oven Market 2020 Business Growth, Size and Comprehensive Research Study Forecast

Global Microwave Oven Market is expected to garner $25.4 billion by 2020, registering a CAGR of 6.07% during the forecast period 2015-2020.

The global market for microwave oven is segmented, based on type, application, structure and geography. Based on types of microwave oven, the report covers convection, grill and solo. The convection microwave oven accounts for the bigger market share within the global market. Owing to its high functionality feature, convection microwave oven is witnessing a rapid growth. The report is also analyzed from the perspective of application of microwave oven. Household microwave oven market accounts for a higher share than the commercial microwave oven market. The product structure segment comprises of built-in and counter top. Built-in microwave oven are expensive and involve installation charges, whereas counter top microwave ovens do not have any installation cost and can be placed conveniently in the kitchen.

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The global microwave oven market is expected to register a notable growth in the near future, owing to a significant increase in disposable income and growing working class segment in emerging markets. The increasing propensity of consumers to spend on appliances which assist them in kitchen chores has generated an increasing demand for microwave ovens. Additionally, the changing lifestyle of consumers has encouraged the users to opt for stylish and convenient appliances which complement their living standards. However, the prominent use of traditional cooking equipment in the less developed regions of Asian countries, limits the growth of the market. Moreover, the need of energy efficient kitchen appliances and growing demand for smart appliances are factors that will drive the growth of the market. North America is a major revenue contributor to the global microwave oven market. The Asia Pacific region would witness an impressive growth in the market during the forecast period.

Several companies are offering energy-efficient microwave ovens owing to the growing market demand. Consumers prefer less power-consuming microwave ovens. Companies are investing heavily in R&D to develop energy-efficient microwave ovens equipped with features such as access to internet, to strengthen their market presence. With the launch of energy efficient and easy to use kitchen appliances, consumers would be encouraged to opt for microwave oven, thus giving them opportunity to try new cuisines without consuming much time on cooking. Thereby, leading to increased demand for microwave oven.

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Key players dominating the microwave oven market include LG Electronics, Samsung Electronics, Alto-Shaam Inc., AB Electrolux, Sharp Corporation, Hoover Limited, Illinois Tool Works Inc., Galanz Enterprise Group, Whirlpool Corporation and Panasonic Corporation.

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