This industry research report includes a market forecast of revenue from the sales of built-in microwave ovens. It also outlines the market shares of key regions such as APAC, Europe, North America, and ROW. The key vendors analyzed in this market study are Bosch, Electrolux, GE, LG, and Whirlpool.
Technavio has released its new market research report, global built-in microwave oven market, which is expected to grow at a CAGR of 7% between 2016 and 2020. The consumers’ increasing interest towards kitchen remodeling and renovation is a significant growth-promoting factor in this market during the forecast period. North America leads the global market for built-in microwave ovens, accounting for 42% of the total market share. Much of this region’s growth is due to the augmented investments made by consumers towards kitchen remodeling and renovations, which will improve the aesthetic appeal of their residences.
“Of late, growing interest towards modular kitchen is gaining prominence especially in emerging nations like India. Consumers have become tech savvy and are opting for more sophisticated and advanced products for their kitchens. Also, better awareness about product innovations through online and offline channels helps consumers to replace older appliances with the best possible alternatives,” says Jhansi Mary, Lead Analyst, Education, Technavio Research
The recent change in kitchen design and trends a major factor driving the growth of this market. With the increase in disposable income, consumers are investing more on renovating their kitchen. This change in the consumers’ preference is expected to force vendors to add new streamlined appliances to their portfolio, which in turn will result in market growth.
The key players in the global built-in microwave oven market include Bosch, Electrolux, GE, LG, and Whirlpool. Intense competition prevails in the market, especially among the leading companies. However, due to increasing consumer expenditure on electric kitchen appliances, especially built-in home appliances, the market is expected to grow rapidly during the forecast year. The vendors’ potential to thrive in this market is high, provided they offer products that are competitively priced.
A more detailed analysis is available in the Technavio report, Global Built-in Microwave Oven Market 2016-2020.
We can customize this reports by other regions and specific segments upon request.
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