Residential Toaster Ovens Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, UK, Germany, Japan - Size and Forecast 2024-2028

Residential Toaster Ovens Market Size 2024-2028

The residential toaster ovens market size is forecast to increase by USD 1.06 billion, at a CAGR of 7.44% between 2024 and 2028. Toaster ovens offer versatile cooking options like baking, roasting, warming, and grilling, making them ideal for preparing various cuisines. Manufacturers like Hamilton Beach Brands and Spectrum Brands have introduced advanced features for easy and convenient cooking. Equipped with convection technology, these ovens ensure 360-degree heating for even cooking. Additional features like smart oven, grilling, quartz heaters, inverter technology, and anti-bacterial cavities enhance convenience and hygiene. Consumers prefer multi-functional toaster ovens as they are cost-effective and eliminate the need for multiple appliances, driving market growth. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.

What will be the Size of the Market During the Forecast Period?

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Key Companies & Market Insights

Companies 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 LLC - The company offers a wide range of products such as refrigerators, freezers, water dispensers, dishwashers, ovens, and many more. 

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• AB Electrolux
• Bajaj Electricals Ltd.
• Brentwood Appliance Inc.
• Breville Group Ltd.
• De Longhi S.p.A
• Haier Smart Home Co. Ltd.
• Hamilton Beach Brands Holding Co.
• Havells India Ltd.
• Koninklijke Philips N.V.
• 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.
• Whirlpool Corp.

Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Distribution Channel Outlook
  • Offline
  • Online

• Product Outlook
  • Nonsmart toaster ovens
  • Smart toaster ovens

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

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 1.93 billion in 2018. 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.

Regional Analysis

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North America is estimated to contribute 33% 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. 

Market Dynamic and Customer Landscape

The market is experiencing growth driven by quick-service restaurants and cafes aiming for energy efficiency and automatic shutoff features. Consumers, particularly working women, prefer online shopping due to discounts and financing options offered by e-commerce giants. Modern toaster ovens are equipped with fireproof wiring and ensure customer awareness of energy efficiency ratings. Standard ovens face competition from toaster ovens known for quick service and toasting equipment capabilities. The life cycle of toaster ovens emphasizes replacement items like frying pans, catering to all smart kitchen appliances the market is characterized by rivalry and online sales dominance. As food outlets increasingly adopt residential toaster ovens, the market's trajectory highlights the synergy between store-based retail and online shopping platforms.

Key Market Driver

The enhanced product safety features are notably driving the market growth.  Faulty operation or mishandling of the kitchen 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.

Moreover, 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 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 combi 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 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.

Further, 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.

Customer Landscape

The market forecasting 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 market growth and forecasting strategies.

Market Customer Landscape

Market Analyst Overview

The market is evolving rapidly with advancements in smart toasters integrating Bluetooth connectivity and smartphone app for enhanced controls and convenience along with smart connected with other cooking appliances. As fast food and coffee shops seek compact kitchen appliance like premium toaster, consumer purchasing power drives growth through online stores and the internet. During lockdown, the demand for versatile toaster ovens capable of handling diverse dishes in meals establishments and cafés. The market's future estimations suggest continued innovation in heating components and investment pockets for technology-driven models. With a focus on energy efficiency and user-friendly interfaces, residential toaster ovens cater to a tech-savvy demographic keen on efficient cooking solutions. The intersection of smartphone integration and culinary trends underscores the expanding appeal of advanced toaster ovens in modern kitchens.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market report during the forecast period
• Detailed information of market analysis and report on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market and its contribution in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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