LONDON–(BUSINESS WIRE)–Technavio has announced the release of their research report on the global residential toaster ovens market for the forecast period 2019-2023. This residential toaster ovens market analysis report segments the market by distribution channel (offline and online), technology (non-smart toaster ovens and smart toaster ovens), and geography (the Americas, APAC, and EMEA).
Global residential toaster ovens market size will grow by over USD 602 million during 2019-2023, at a CAGR of nearly 7%. Busy lifestyle of the working professionals has increased the demand for appliances that can be used to cook food easily and conveniently. Time-efficient products are highly in demand. Residential toaster ovens have multiple cooking options, smart connectivity, and easy cleaning features. They are available in countertop formats and can be easily carries and stored in any type of kitchen.
Product premiumization as a result of technological advancements and innovation
Advancements in technology and innovative designs have altered the demand and preferences of consumers. This has compelled vendors to invest in R&D and innovation in terms of technology, performance, features, and design; leading to stiff competition in the market. Consumers prefer appliances that are smart, highly-efficient, and user-friendly. Innovation in these products leads to higher profit margin as premium products are priced higher than regular products. Manufacturers of cooking appliances set premium pricing for innovative and tech-savvy products.
“More than 39% of the market’s growth will come from the Americas. Increasing working population is a crucial factor for the growing demand in this region. Consumers in this region are more concerned to have a healthy lifestyle and are refraining from eating out. Thus, they prefer either home-cooked food or healthy food served in high-end restaurants,” says an analyst at Technavio.
To meet the increasing needs of customer, vendors in the market are expanding their product portfolio per evolving consumer demand. Companies such as Cuisinart, a brand owned by Conair Corporation, offers CHEF’S CONVECTION TOASTER OVEN that features 15 cooking functions. The exact heat sensor of the appliance delivers precise temperatures, while the always even toast shade control offers consistent results for every slice of bread.
This residential toaster ovens industry research report provides in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several residential toaster ovens products manufacturers including –
- Haier Group
- Koninklijke Philips
- Panasonic Corporation
- Spectrum Brands
- Whirlpool Corporation
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.