Market Trends of Europe Microwave Oven Industry
This section covers the major market trends shaping the Europe Microwave Oven Market according to our research experts:
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 2020, 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 from home due to COVID-19. This trend is estimated to boost the Residential use of microwave ovens.
Increasing Import And Trade Deficit
European Union is experiencing a huge demand for construction activities. Furthermore, Countries like the UK are experiencing an increase in Housing repair and private house construction activities wherein 20% of total construction is of private houses whereas 18% is of housing repair. Demand for Smart homes is gaining, pushing demand for smart refrigerators. Import is gradually being increased by value USD 1,766,195 for 2019 and USD 1,840,760 for 2020. Whereas export value being at USD 1,154,894 for 2019 and USD 1,208,599 for 2020. With a trade deficit of USD 632,161 for the year 2020.
