LONDON–(BUSINESS WIRE)–#householdappliance–The global residential toaster ovens market is expected to post a CAGR of about 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The sales of residential toaster ovens with better performance, features, and design are always high, which encourages the vendors to invest in R&D, leading to product premiumization. Growing disposable income will further drive the demand for premium appliances that are smart, energy-efficient, and user-friendly. Companies such as Koninklijke Philips, Hamilton Beach Brands, and Conair Corporation already offer a wide range of residential toaster ovens with advanced functions. Since manufacturers set premium prices for innovative and tech-savvy products, the preference for premium products among consumers will increase the profit margins of residential toaster oven manufacturers. These factors will boost the global residential toaster ovens market growth during the forecast period of 2019-2023.
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As per Technavio, the introduction of multi-cooking features in toaster ovens, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Residential Toaster Ovens Market: Introduction of Multi-Cooking Features in Toaster Ovens
The introduction of multi-cooking features in residential toaster ovens will be one of the critical trends in the global market. Toaster oven vendors like Hamilton Beach Brands and Conair Corporation have come up with advanced features that allow consumers to cook different recipes easily. These ovens provide a wide array of options such as baking, roasting, warming, and grilling. Some toaster ovens also have separate compartments where two dishes can be prepared without creating a mess. The demand for residential toaster ovens with multi-cooking features is increasing significantly, which in turn, will boost the global market growth during the forecast period.
“The increasing need for smart connected toaster ovens and enhanced product safety features are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Residential Toaster Ovens Market: Segmentation Analysis
This market research report segments the global residential toaster ovens market by distribution channel (offline and online) and geographical regions (Americas, APAC, and EMEA).
The Americas led the market share in 2018, followed by EMEA and APAC respectively. During the forecast period, the Americas is expected to maintain its dominance over the global market. This is due to consumer preference for faster cooking and baking methods.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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
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