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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. Market growth hinges on various factors such as technological advancements driving product premiumization, improved safety features, and rising disposable incomes in developing nations. These elements collectively propel market expansion by catering to heightened consumer expectations for advanced, safer, and more luxurious products. Innovations in technology play a crucial role in elevating product offerings, ensuring they meet evolving consumer demands for quality and performance. Moreover, as disposable incomes rise in emerging economies, there is a corresponding increase in consumer spending on upgraded products that offer superior safety and enhanced features. This intersection of innovation, safety enhancements, and economic growth underscores a dynamic shift towards more sophisticated and consumer-centric market dynamics, fostering a competitive landscape driven by continuous improvement and customer satisfaction. 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.
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The market is experiencing robust 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 ecommerce 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 a market 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.
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.
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.
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.
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.
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
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:
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.
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.
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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.
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.
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The market is evolving rapidly with advancements in smart toasters integrating Bluetooth connectivity and smartphone app for enhanced controls and convenience. 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 surged 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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Industry Scope |
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Report Coverage |
Details |
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Page number |
175 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
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Market growth 2024-2028 |
USD 1058.8 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.4 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 33% |
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Key countries |
US, China, UK, Germany, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Electrolux, Avanti Products LLC, 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., and Whirlpool Corp. |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market 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 market research report to meet your requirements.
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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