Market outlook of the global built-in microwave oven market
Technavio’s 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.
Geographical segmentation and analysis of the built-in microwave oven market
Technavio Announces the Publication of its Research Report – Global In-built Microwave Oven Market 2016-2020
Technavio recognizes the following companies as the key players in the Global In-built Microwave Oven Market: Bosch, Electrolux, GE, LG and Whirlpool
Other Prominent Vendors in the market are: Arcelik, Galanz, Gorenge, Miele, and Panasonic.
Commenting on the report, an analyst from Technavio’s team said: “Organized retail stores like hypermarkets and specialty electronic stores have streamlined the supply chain processes and increased the prevalence of premium quality and branded products in the market.”
According to the report, the change in consumer preferences has caused vendors to add new streamlined appliances to their portfolio that will fulfill the needs of consumers. The built-in appliances market is burgeoning because of these trends. This has also affected the appliance vendors that have introduced built-in microwave ovens in their product offerings.
Further, the report states that high maintenance and installation charges hinders the market growth
Bosch, Electrolux, GE, LG, Whirlpool, Arcelik, Galanz, Gorenge, Miele, Panasonic.