The global microwave oven market size is expected to reach USD 12.70 billion by 2022, according to a new study by Grand View Research, Inc. The market is expected to witness a sluggish growth in North America and Europe as microwaves have entered the mature stage of the product life cycle.
Majority of the revenue is generated from the section of population exhibiting willingness to spend on premium kitchen appliances. Changing lifestyles of people, especially the working class, have increased the popularity of frozen and ready-to-eat packaged foods which has positively impacted market growth. Inclination towards the use of traditional cooking equipment can be viewed as a hindrance for microwave ovens’ adoption, especially in developing countries. High electricity consumption and the costs associated with it are expected to challenge industry growth, which has led to manufacturers developing energy efficient microwaves. Access Full Research Report by Grand View Research: http://www.grandviewresearch.com/industry-analysis/microwave-oven-market Further key findings from the study suggest:
http://www.grandviewresearch.com/industry/electronic-devices Grand View Research has segmented the global microwave oven market on the basis of product, application, and region: Microwave Oven Type Outlook (Revenue, USD Million, 2012 - 2022)
http://www.grandviewresearch.com/press-release/global-microwave-oven-market About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For more information: http://www.grandviewresearch.com
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