The different types of microwave ovens available in the market include convection, grill, and solo ovens. Among the three key types mentioned above, convection microwave ovens are largely preferred as they facilitate uniform cooking. The segment contributed over 50% of the total market revenue in 2014, and is expected to maintain its dominance throughout the forecast period.
North America Microwave Oven Market Report
North America Microwave Oven Market is expected to garner $7.9 billion by 2020, registering a CAGR of 5.1% during the forecast period 2015-2020. Microwave ovens have become an essential part of the kitchen, be it for re-heating the food or preparing daily meals. These ovens function on thermal energy by heating the polar molecules in food, a process also known as dielectric heating. The microwave radiations emitted from microwave oven are of shorter wavelength, but they possess enormous amount of energy which facilitates faster cooking. Microwaves, depending on their power output, can alternatively be used for roasting, baking, and grilling.
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Based on structure, the North America microwave oven market is bifurcated into built-in and countertop microwave ovens. The countertop microwave oven segment accounted for the larger market share by revenue, as the penetration rate of countertop microwave ovens in most of the households in countries such as the U.S. and Canada is high. However, the built-in microwave oven segment is expected to exhibit a higher growth rate during the forecast period. Although built-in microwave ovens are high priced, consumers are increasingly opting for these owing to the fast growing trend of modular kitchen coupled with the increase in purchasing power.
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The report provides a country-wide analysis of the North America region into three countries, namely the U.S., Canada, and Mexico. The U.S. is the major revenue contributor in the North America microwave oven market. Further, the economic stability and increasing purchasing power of consumers to spend on technologically advanced cooking appliances in developing countries such as Mexicoare anticipated to foster the growth of the microwave market in North America. In addition, the rising disposable income and improving living standards encourage consumers to opt for premium range microwave ovens, which is majorly contributing to the growth of this market.
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Key Findings of North America Microwave Oven Market:
- The North America microwave oven market is growing at a moderate rate owing to increasing disposable income, improving living standard of consumers, and rising working class population
- Convection microwave oven market is the fastest growing segment, anticipated to register a CAGR of 6% from 2015 to 2020
- Households would be the major revenue contributors in the application segment, constituting around 60% of the market revenue throughout the analysis period
- The U.S. contributes the highest share, owing to high penetration rate of microwave oven in the region, while Mexico is likely to be the most profitable market in terms of growth
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