The global microwave ovens market has been forecasted to gain traction from the increasing demand for microwavable food. The market is expected to earn USD 25 billion by 2022 at a CAGR of 5.8 percent between 2017 and 2022. In 2017, the market had raked in approximately USD 18.9 billion. The growing market for home and kitchen appliances has been envisioned to augur well for the microwave ovens industry with an increased growth potential, as per Transparency Market Research.
As per product classification, convection, grill, and solo microwave ovens could be the major markets, where the first product could gather a lion’s share of USD 12.2 billion by the end of 2022. According to the segmentation analysis by structure, countertop and built-in microwave ovens will grow. On the regional front, North America will continue to set the benchmark for the rest of the key regions such as Europe, APAC except Japan, the Middle East and Africa, and Latin America and Japan.
Key growth factors include the aggressive usage of technologically sophisticated kitchen and home appliances owing to the improving standards of people. The growing trend of connectivity between home appliances and innovations, such as inverter-based microwave ovens, has been projected to create new opportunities in the market. High power consumption could be a dominant restraint checking the growth of the world microwave ovens market. However, several companies have been anticipated to develop products that consume less energy and offer greater advantage over traditional counterparts.