According to a new report published by Allied Market Research titled, “World Microwave Oven-Market Opportunities and Forecasts, 2014-2020?, the global Microwave Oven market is expected to generate revenue of $25.4 billion by 2020, growing at a CAGR of 6.07% during the forecast period, 2015-2020.
The microwave oven market primarily includes three main types of ovens which include convection, grill and solo microwave oven. The convection microwave oven holds the largest market share in the global microwave oven market.
Whereas, grill microwave ovens occupy the second position, with 30% of the overall market share. Solo microwave ovens are used for cooking and heating purposes. However, they are not capable of providing browning and crispiness to the food as they are not equipped with grilling features. The convection microwave oven is equipped with heating element and a fan, hence is used for cooking and baking purposes.
These factors would largely drive the global convection microwave oven market, during the forecast period to generate an expected revenue of $12.54 billion by 2020.
With respect to application, household segment accounted for larger market share and is anticipated to grow at a higher rate as compared to the commercial segment. Increasing propensity of consumers to spend on appliances which assist them in kitchen chores, would drive the growth of household microwave oven segment.
The market has also been analysed from the perspective of microwave oven structure type. Counter top microwave oven accounts for major share of the microwave oven market.
However, the built-in microwave oven segment is expected to grow at a higher CAGR of 6.9% during the forecast period. Adoption of modular kitchen and increased purchasing power of individuals would foster the growth of built-in microwave oven segment.
Geographically, North America accounts for the highest revenue generating region in the global microwave oven market. Developing regions such as Asia-Pacific would foster the growth of the global microwave oven market. The rise in disposable incomes and purchasing power of consumers, are key factors that have boosted the demand for smart appliances/ microwave ovens, in this region.
Moreover, rising working class and growing food service establishment are also some of the factors contributing to the growth of the global microwave oven market. Microwave ovens are being increasingly adopted by commercial businesses such as catering, hotels and restaurants in an effort to cater the customers efficiently and provide them with swift food services.
Key findings of study:
? The global microwave oven market is growing as a result of the increasing disposable income, changing living standard of consumers and rise in working class segment
? Convection market is the major contributor to the microwave oven market, growing at a CAGR of 6.54% during 2015-2020
? The household microwave oven market would grow at a CAGR of 6.43% during the forecast period
? North America enjoys the largest share in the global microwave oven market
? Asia-Pacific would prove to be one of the most profitable markets, in terms of growth
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