The Residential Toaster Ovens Market size to grow by USD 924.07 million from 2022 to 2027 | The enhanced product safety features to boost market growth - Technavio

NEW YORK, Aug. 28, 2023 /PRNewswire/ -- The residential toaster ovens market is estimated to increase by USD 924.07 million from 2022 to 2027, with a CAGR of 6.96%, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report - Request a free sample report

Residential Toaster Ovens Market - Company Scope

The residential toaster ovens market report also offers 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., and Whirlpool Corp.  Download a free Sample Report

Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparative Analysis of Segments, and Y-O-Y Growth of Residential toaster ovens market

Residential Toaster Ovens Market - Segmentation Analysis

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.

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Residential Toaster Ovens Market - Market Dynamics

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.

Major Trend - Portability and compatibility are major trends in the market.

Significant Challenge - The long product replacement cycle is a significant challenge restricting market growth. 

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The smart oven market is estimated to grow at a CAGR of 14.02% between 2022 and 2027. The market size is forecast to increase by USD 272.65 million. This smart oven market report extensively covers market segmentation by distribution channel (offline and online), product (smart microwave oven and small wall oven), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The changing lifestyles in developed and developing economies are driving growth in the smart oven market. 

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. 

Table of Contents

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 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio