Study by Technavio
According to a recent market study by Technavio, the residential toaster ovens market is estimated to increase by USD 924.07 million from 2022 to 2027, with a CAGR of 6.96%. The report also highlights the importance of enhanced product safety features in boosting market growth .
The residential toaster ovens market is expected to grow significantly in the next five years, with a CAGR of 6.96% . The report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. The market is segmented 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) . The offline segment is expected to have significant growth during the forecast period due to the convenience of finding products from different brands under one roof .
15 Company’s Data Used in Report
The report also provides information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 companies listed below:
- 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.
- Whirlpool Corp.
Online and Offline Segments Will Grow
The market is segmented 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)
- The market share growth by the offline segment will be significant during the forecast period. Offline distribution includes the retail sale of products in specialty stores, department stores, hypermarkets, supermarkets, convenience stores, and clubhouse stores. These include company-owned stores, multi-brand appliance retailers, and home improvement and decor stores. They offer a wide range of residential toaster ovens covering different brands and price ranges. In addition, the convenience of finding products from different brands under one roof significantly motivates consumers to choose department stores when shopping for home appliances. Hence, these factors are expected to drive segment growth during the forecast period.
Key Driver
The enhanced product safety features is one of the key factor driving market growth. Improper handling or use of these devices can cause burns and serious injury to both children and adults. Most home toasters are equipped with an automatic shut-off function, which greatly reduces the risk of accidental operation by children. Even if the user accidentally turns them off manually, these toasters will automatically turn off after cooking is complete, according to the programmed timer setting. In addition, residential toaster ovens are designed with fireproof wiring for enhanced safety. Hence, these factors are expected to drive market growth during the forecast period.
Related Reports
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The residential microwave oven market is estimated to grow at a CAGR of 7.35% between 2022 and 2027. The market size is forecast to increase by USD 4,313.45 million. This residential microwave oven market report extensively covers market segmentation by type (countertop microwave oven and built-in microwave oven), product (microwave oven without smart connectivity and microwave oven with smart connectivity), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The increasing disposable income of consumers is driving growth in residential microwave ovens.
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