Portland, OR — (PRESS RELEASE JET) — 09/25/2017 — Based on structure, the North America Microwave Oven Market is bifurcated into built-in and countertop microwave ovens. The countertop microwave oven segment accounted for the larger market share by revenue, as the penetration rate of countertop microwave ovens in most of the households in countries such as the U.S. and Canada is high. However, the built-in microwave oven segment is expected to exhibit a higher growth rate during the forecast period. Although built-in microwave ovens are high priced, consumers are increasingly opting for these owing to the fast growing trend of modular kitchen coupled with the increase in purchasing power.
North America Microwave Oven Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $7.9 billion by 2020, registering a CAGR of 5.1% during the period 2015 to 2020.
The North America microwave oven market is expected to grow at a moderate pace during the forecast period, with a CAGR of 5.1% over 2015 2020. U.S. is the largest market of microwave ovens in North America, followed by Canada. The market in the region is witnessing demand for premium range and in-built microwave ovens, driven by the growing popularity of modular kitchen designs and increasing purchasing power of the consumers.
The market is segmented on the basis of product type into: convection, grill, and solo microwave ovens. Convection microwave oven would be the highest revenue generating segment across all the years as it offers several cooking functions and enables uniform cooking. Based on the structure, the market is bifurcated into built-in and countertop microwave ovens. The countertop microwave oven segment is the major revenue-generating segment due to the easy portability and lower prices of these ovens. However, the built-in microwave ovens are likely to achieve robust growth during the analysis period. The market is also analyzed with respect to the household and commercial application of microwave ovens in the region.
Key Findings of North America Microwave Oven Market:
– The North America microwave oven market is growing at a moderate rate owing to increasing disposable income, improving living standard of consumers, and rising working class population
– Convection microwave oven market is the fastest growing segment, anticipated to register a CAGR of 6% from 2015 to 2020
– Households would be the major revenue contributors in the application segment, constituting around 60% of the market revenue throughout the analysis period
– The U.S. contributes the highest share, owing to high penetration rate of microwave oven in the region, while Mexico is likely to be the most profitable market in terms of growth
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