Market Trends of Microwave Oven Industry
Residential Application is Dominating the Market
In the case of the residential application segment, the most significant driver is the changing lifestyles and food consumption preferences of people, with more consumers shifting toward ready-to-eat and frozen food products. In the previous year, the residential application segment accounted for a large revenue share, and it is likely to expand at a healthy CAGR over the forecast period. A large part of new households comprises working singles who prefer to dine out rather than set up their kitchens. This may be a drawback for the residential segment of the market. However, this trend is estimated to boost the culture of quick-service restaurants, cafes, and small eateries, which, in turn, is expected to work in favor of the market.
Asia-Pacific is Expected to Witness the Highest Growth
Traditional cooking equipment is still a prominent choice among many of the population in the developed regions of Asian countries. The microwave oven industry has substantial growth prospects in the Asia-Pacific region as most sales are expected to originate from customers purchasing microwaves for the first time. The growing need for energy-efficient kitchen appliances and demand for smart appliances would have a positive impact on the market expansion.
