North America Microwave Oven Market is expected to garner $7.9 billion by 2020, registering a CAGR of 5.1% during the period 2015 to 2020. By volume, the market is expected to reach 24.3 million units by 2020. The rising disposable income and adoption of premium range kitchen appliances have majorly contributed to the growth of the North America microwave oven market.
Based on structure, theNorth America microwave oven marketis 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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