World Microwave Oven Market Is Expected to Reach $25.4 Billion, by 2020 - Allied Market Research

World Microwave Oven Market is Expected to Reach $25.4 billion, by 2020 - Allied Market Research

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. Increasing disposable income paired with rising number of working population has majorly contributed to the growth microwave oven market, worldwide.

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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...