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The residential toaster ovens market size is estimated to grow at a CAGR of 6.96% between 2022 and 2027. The size of the market is forecast to increase by USD 924.07 million. The growth of the market depends on several factors, including technological advances and innovation leading to product premiumization, enhanced product safety features, and increasing disposable income of consumers in developing countries.
This report extensively covers market segmentation by distribution channel (offline and online), product (nonsmart toaster ovens and smart toaster ovens), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The enhanced product safety features are notably driving the market growth, although factors such as the long product replacement cycle may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Residential Toaster Ovens Market Driver
The enhanced product safety features are notably driving market growth. Faulty operation or mishandling of the appliances can cause severe burns and injuries to children and adults. Hence, vendors focus on offering technologically advanced products that are safe for use at home.
Most residential toaster ovens come with auto-switch-off buttons. This provides maximum protection against unintentional use by children. Even if users forget to switch them off, these toasters switch off automatically after food is cooked, based on the pre-set timer functions. High-quality materials and shock-resistant wires are used to manufacture toaster ovens. These residential toaster ovens also come with fire-resistant wires. They are launched after rigorous quality checks on electrical wiring. These security checks and certifications ensure the requisite safety. Therefore, such factors will boost the market growth during the forecast period.
Significant Residential Toaster Ovens Market Trend
Portability and compatibility are emerging trends in market growth. The growing number of working professionals and their busy lifestyles increase the demand for appliances that cook food quickly and conveniently. Vendors are trying to capitalize on the high demand for time-efficient products among employed consumers. As residential toaster ovens come with multiple cooking options, smart connectivity, and easy cleaning features, their demand is increasing.
Additionally, residential toaster ovens are portable and compatible with every type of kitchen (small and large kitchen spaces). These ovens are available in countertop formats, which makes them easy to carry from one place to another in kitchens. Further, this product's portability helps consumers to move such appliances easily while changing houses. Moreover, toaster ovens cook food faster and help retain its nutrients when cooked. Hence, these factors will boost the market's growth during the forecast period.
Major Residential Toaster Ovens Market Challenge
The long product replacement cycle is a major challenge impeding the market growth. Cooking appliances such as residential toaster ovens from major market players are branded and of reliable quality. They are made of stainless steel or hard and durable metals and are characterized by long replacement cycles. Moreover, vendors also invest in R&D and use innovative and durable materials to extend the operational life of these appliances.
The long lifespan of such appliances reduces the frequency of product replacements, thereby adversely affecting the year-over-year growth of the market. Manufacturers of residential toaster ovens offer product warranties and guarantees, which further increase product lifespan. These factors decrease repeat purchases. Adherence to industry regulations, norms, and compliances enhances the durability of products. Their low maintenance requirement further contributes to infrequent product purchases. Therefore, these factors will hinder the market growth during the forecast period.
Key Residential Toaster Ovens Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Residential Toaster Ovens Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Avanti Products - The company primarily offers a wide range of products such as refrigerators, freezers, water dispensers, dishwashers, ovens, and many more. The key offerings of the company include residential toaster oven grills.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The offline distribution channel comprises sales of products through specialty stores, department stores, hypermarkets, supermarkets, convenience stores, and clubhouse stores. To fuel the sales through the offline channel, vendors are managing their sales through local retail entities such as specialty stores and hypermarkets. They also maintain strategic alliances with a professional chain of household appliance retailers.
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The offline segment was valued at USD 1,885.52 million in 2017 and continued to grow until 2021. Specialty stores accounted for the largest share of the market through the offline distribution channel in 2022. These stores include brand-owned stores, multi-brand household appliance stores, and home decor and home improvement stores. They house a wide range of residential toaster ovens from different brands and price ranges. These brand specialty retail stores also help vendors to plan their budgets for marketing, advertising, promotions, brand building, training, and IT support. The hypermarkets, supermarkets, convenience stores, and clubhouse stores segment was the second-largest segment of the market through the offline distribution channel in 2022. Some factors considered while purchasing products from hypermarkets, supermarkets, convenience stores, and clubhouse stores are convenience, huge SKUs, and wide brand variety. Department stores, in 2022 accounted for the lowest revenue through the offline distribution channel, But these stores are equally important. The availability of all products from various brands at a single stop is the major factor for consumers to select department stores to buy household appliances such as toaster ovens. Such factors are driving the demand for growth of the global market during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The major factor owing to the growth in demand for cooking appliances such as residential toaster ovens is the increasing working population. Working consumers prefer appliances that can prepare food quickly, a factor that makes residential toaster ovens important to them. Residential toaster ovens involve less hassle of cleaning and maintenance when compared with gas ovens and regular toasters. The awareness of the functions and benefits of residential toaster ovens is higher in North America than in other regions. Brands like Hamilton Beach Brands offer residential toaster ovens that are not only technologically advanced but also have improved aesthetic features such as color, design, and shape. Such factors will fuel the regional market growth during the forecast period.
In 2020-2021, the COVID-19 pandemic had a positive impact on the regional market. The governments of various countries imposed nationwide lockdowns and restrictions to curb the spread of the disease. This led to the shutting down of restaurants, hotels, and other food service outlets. Consumers in the region were compelled to cook their meals at home. As a result, the demand for home kitchen appliances, such as toaster ovens, increased. Furthermore, in 2021, due to the mass vaccination drives, the number of COVID-19 cases in the region declined. This resulted in the reopening of household appliance stores, supermarkets, and hypermarkets. The sales of residential toaster ovens from offline retail channels rebounded in 2021-2022. This trend in the increase in sales of residential toaster ovens is expected to continue, which, in turn, will drive the growth of the market in North America during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global residential toaster ovens market as a part of the global household appliances market within the global household durables industry. The parent global household appliances market covers revenue generated by manufacturers of electric household appliances and related products. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Residential Toaster Ovens Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.96% |
Market growth 2023-2027 |
USD 924.07 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.23 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Electrolux, Avanti Products, Bajaj Electricals Ltd., Brentwood Appliance Inc., Breville Pty Ltd, De Longhi S.p.A, Haier Smart Home Co. Ltd., Hamilton Beach Brands Holding Co., Havells India Ltd., Koninklijke Philips NV, Midea Group Co. Ltd., Newell Brands Inc., Panasonic Holdings Corp., Spectrum Brands Holdings Inc., Taurus Group, Toshiba Corp., TTK Prestige Ltd., Usha International Ltd., Weber Stephen Products HK Ltd., and Whirlpool Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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