North American Microwave Oven Market Is Projected To Deliver $ 7.9 Billion By 2020 Progress With Present Developments & – A Information
North America microwave oven market
The segment of countertop microwave ovens is the top-selling segment due to the ease of portability and the lower prices of these ovens. “
– Priyanka Bisht
PORTLAND, OREGON, UNITED STATES, Nov. 28, 2020 /EINPresswire.com/ – The North America Microwave Oven Market Report published by Allied Market Research predicts that the global market is expected to generate $ 7.9 billion by 2020 with a CAGR of 5.1% will be recorded in the period from 2015 to 2020. In terms of volume, the market is expected to reach 24.3 million units by 2020. Rising disposable income and the introduction of premium line kitchen appliances have contributed significantly to the growth of the North American microwave oven market.
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Because of its structure, the North American microwave oven market is divided into built-in microwave ovens and countertops. The countertop microwave oven segment accounted for the larger share of the market by sales due to the high penetration rate of countertop microwave ovens in most households in countries such as the United States and Canada.
However, a higher growth rate is expected for the segment of built-in microwave ovens in the forecast period. Although built-in microwave ovens are expensive, the rapidly growing trend of modular kitchens coupled with increasing purchasing power has made consumers increasingly choosing them.
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The report includes a nationwide analysis of the North America region across three countries, namely the United States, Canada, and Mexico. The USA makes the largest contribution to sales in the North American microwave market. Economic stability and increasing consumer purchasing power for technologically advanced cooking appliances in developing countries like Mexico are likely to fuel growth in the microwave market in North America. In addition, rising disposable incomes and improved living standards are encouraging consumers to choose premium microwave ovens, which is a major contributor to the growth of this market.
Product launch and acquisition are key strategies for leading companies like General Electric, Samsung and Life is Good (LG) to break into the market. These players have launched new appliances that are equipped with numerous advanced cooking functions, use less energy and are compact. Prominent companies featured in this report include General Electric Company, LG Electronics, AB Electrolux, Samsung Electronics, Sharp Corporation, Hoover Limited, Whirlpool Corporation, Galanz Enterprise Group, Illinois Tool Works Inc. ( ITW) and Alto-Shaam, Inc., and Panasonic Corporation.
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Key Findings from the North American Microwave Oven Market:
• The North American microwave market is growing moderately due to rising disposable incomes, improving consumer living standards and the increasing working class population
• The convection microwave oven market is the fastest growing segment with a CAGR of 6% expected from 2015-2020
• Households would be the main sales drivers in the application segment and account for around 60% of market sales during the analysis period
• The US is the largest contributor to the region due to the high penetration rate of microwave ovens, while Mexico is likely the most profitable market in terms of growth
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About allied market research:
Allied Market Research (AMR) is a full-service market research and management consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “market research reports” and “business intelligence solutions” to global corporations as well as medium and small businesses. AMR strives to provide business insights and advice to assist our clients with strategic business decisions and sustainable growth in their respective market areas.
We have professional corporate relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data contained in the reports we publish are extracted through primary interviews with top officials from leading companies in the affected domain. Our secondary data retrieval methodology includes extensive online and offline research and discussions with knowledgeable professionals and industry analysts.
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November 27, 2020 at 8:06 pm GMT
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