Market research analyst predicts the global built-in microwave oven market to grow at a healthy CAGR of 7% during the forecast period. The consumers increasing interest towards kitchen remodeling and renovation is a significant growth-promoting factor in this market during the forecast period.
The recent change in kitchen design and trends is the key driver for the growth of this market. With the increase in disposable income, consumers are investing more on renovating their kitchen. This change in the consumers preference is expected to force vendors to add new streamlined appliances to their portfolio, which in turn will result in market growth.
Market research analysts estimate the North American region to account for a market share of nearly 42% by 2020. This region currently dominates the market and is envisaged to retain its dominating hold over the market due to the augmented investments made by consumers towards kitchen remodeling and renovations, which will improve the aesthetic appeal of their residences.
In the global market for built-in microwaves, competition among the leading companies is intense. However, due to increasing consumer expenditure on electric kitchen appliances, especially built-in home appliances, the market is expected to grow rapidly during the forecast year. The vendors potential to thrive in this market is high, provided they offer products that are competitively priced.