01 November 2019
Microwave Oven Market Report 2020-2030: Forecasts by Distribution Channel (Specialty Stores, Supermarkets/Hypermarkets, E-Commerce, Others), By Type (Grill, Solo, Convection), By Application (Residential, Commercial), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and profiling of leading international and domestic companies.
Consumers ' increased disposable income is projected to be one of the main driving factors of the sector. As a result, a high consumer tendency to spend more on smart devices is projected to further increase overall demand. Consumers are more focused on buying new and innovative home appliances, such as microwave ovens with a variety of advanced features.
Market players are increasingly using Internet of Things (IoT) platform to integrate appliances. Smart kitchen appliances operate in real time via mobile and desktop applications remotely and wirelessly. In turn, with increasing awareness of energy conservation, microwave oven producers are focused on developing power-efficient goods that are rated ENERGY STAR. The growth of the working-class population base is expected to increase demand for microwave ovens. It is predicted that key market players sell novel and innovative products such as auto program fitted microwave ovens and simple control panels to improve their functionality and satisfy growing consumer demands.
The demand for microwave ovens is split into industrial and domestic goods by request. Commercial ovens are used to prepare food in large quantities for a longer period of time. These are also meant for the storage of excess electricity and the constant use of machinery. On the other hand, products designed for home uses are easy to use and have a user-friendly interface.
In 2019, the household segment represented a revenue share of more than 60.0 percent of the global market and is characterized by a spiraling demand for energy-efficient and compact cooking appliances. On the other hand, due to its wide scope of application in fast-growing service restaurants and fast food centers, the commercial segment is likely to exhibit a higher CAGR during the forecast period.
The region of North America dominated the market in 2019 with a revenue share of more than 30%. The highest revenue share is expected to be accounted for throughout the forecast period. Increased demand for state-of - the-art technology-enabled goods is one of the US and Canada's primary market growth stimulants. However, the region is capable of witnessing slow growth, which can be attributed to the region's existing high product penetration.
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