The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Microwave Oven Market.
It was estimated prior to this unanticipated outbreak Microwave Oven Market will reach CAGR of 4.9% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Microwave Oven Market Insights
Microwave Oven market is projected to witness healthy CAGR of 4.9% over the next five years. The key demand generators of the market are growing global population coupled with their rising disposable income, rising standard of living, and rising demand for frozen and ready-to-eat food products.
Market Share Analysis
Microwave Oven Market Share: By Product Type
Based on the product type, the market is segmented as grill, solo, and convection. The convection segment is expected to remain dominant in the market during the forecast period, owing to its wider usage in commercial applications, such as restaurants and hotels and also in residential applications.
Microwave Oven Market Share: By Application Type
Based on the application type, the microwave oven market is segmented as commercial and residential. The residential segment is likely to remain the larger application of the market during the forecast period, propelled by changing lifestyle of individuals coupled with rising demand for energy-efficient and compact cooking applications.
Microwave Oven Market Share: By Region
North America is likely to maintain its supremacy in the market during the forecast period, mainly driven by high demand for advanced technologies in the USA and Canada. Robust supply chain across the region with presence of a large number of microwave oven manufacturers, component suppliers as well as large consumer base are the key growth propellers of the market.