Authored By: Sarah
11 Jul 2024

 Residential Toaster Ovens Market Size to grow by USD 1058.8 million between 2024-2028

According to a research report “ Residential Toaster Ovens Market” by Distribution Channel (Offline, Online) Product (Non smart toaster ovens, Smart toaster ovens) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1058.8 million, at a CAGR of  7.44% during the forecast period. In the dynamic residential toaster ovens market, technological innovations and advancements have significantly influenced consumer demand and preferences. Vendors are investing heavily in research and development (R&D) to introduce technologically superior, energy-efficient, and multi-featured toaster ovens. This intensified competition, as consumers seek premium cooking appliances that cater to their evolving needs. The growing purchasing power and disposable income have further fueled the demand for these premium offerings, leading vendors to invest in innovative product materials and technologies to meet consumer expectations.

Browse market data tables, figures, and in-depth TOC on “Residential Toaster Ovens Market” by Distribution Channel (Offline, Online) Product (Non smart toaster ovens, Smart toaster ovens) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Distribution Channel, the Offline segment is projected to dominate the market size in 2024

The Residential Toaster Ovens market represents a significant business opportunity, with growing demand driven by consumers seeking convenience and energy efficiency. These compact appliances offer versatility in cooking options, from toasting bread to baking pastries and reheating leftovers. Key market trends include increasing consumer awareness of healthy eating and the integration of smart technology. Manufacturers are responding with innovative product designs and features to meet these evolving consumer needs.

By Product, Non smart toaster ovens  segment is expected to hold the largest market size for the year 2024

The Residential Toaster Oven market represents a significant business opportunity, with increasing consumer preference for compact kitchen appliances that offer versatility and convenience. These appliances cater to various cooking needs, from reheating leftovers to baking small batches of pastries. Market growth is driven by factors such as urbanization, changing consumer demographics, and a focus on healthier, home-cooked meals. Key players in this market include Panasonic, Breville, and Cuisinart, who continually innovate to meet evolving consumer demands.

North America is forecasted to hold the largest market size by region in 2024

The Residential Toaster Ovens market represents a significant business opportunity, with growing demand for compact, energy-efficient appliances that cater to consumers' increasing preference for convenience and versatility in their kitchens. Market trends indicate a shift towards smart, connected devices, presenting potential for innovation and differentiation. Manufacturers must focus on product development, energy efficiency, and user-friendly features to capitalize on this expanding market.

The Residential Toaster Ovens Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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.
  • Whirlpool Corp.
.

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Research Analysis Overview

The Residential Toaster Oven market is witnessing significant growth due to the increasing popularity of quickservice restaurants, food outlets, and ecommerce giants offering discounts and financing options on toaster ovens. The internet has made online sales of toaster ovens, frying pans, and replacement items more accessible than ever before. However, the market faces intense rivalry from standard ovens and other cooking equipment. Toaster ovens are increasingly being adopted by adults, children, working women, cafes, quick service restaurants, coffee shops, and fast food outlets for their energy efficiency and convenience. The life cycle of toaster ovens is longer than that of other cooking equipment, making them a cost-effective solution for businesses and households. Key features of toaster ovens, such as fireproof wiring, automatic shutoff, and energy efficiency, have become essential for customer awareness. As the market grows, ecommerce platforms and store-based retailers are investing in improving the customer experience, offering a wide range of toaster ovens, and providing excellent after-sales service. The future of the Residential Toaster Oven market looks promising, with continued innovation and technological advancements in toasting equipment.

Market Research Overview

The Residential Toaster Oven market is an investment pocket with promising future estimations, driven by the increasing demand for energy-efficient kitchen appliances and the convenience they offer. Smart toasters, equipped with Bluetooth and smartphone app connectivity, are becoming increasingly popular among consumers, especially in meals establishments like cafés, quickservice restaurants, and food outlets. Ecommerce giants are capitalizing on this trend, offering discounts and financing options for online sales. The life cycle of toaster ovens includes replacement items such as heating components and controls. Standard ovens are being replaced by premium toaster ovens with advanced features like automatic shutoff and fireproof wiring, ensuring safety for adults and children. The market is competitive, with rivalry coming from not just toasting equipment but also frying pans and other kitchen appliances. Customer awareness about energy efficiency and the ease of online shopping have boosted sales, with online stores and specialty stores catering to different segments. The lockdown has further accelerated the shift towards online shopping, making it a crucial channel for sales growth. Overall, the Residential Toaster Oven market is poised for growth, with purchasing power and consumer preferences shaping its future.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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