Global Residential Toaster Ovens Market 2019-2023
About this market
The growth in purchasing power and rising disposable income. expenditure on cooking appliances has increased. This further propels the demand for premium cooking appliances such as toaster ovens. The demand for premium toaster ovens also fuels investments in innovative product raw materials and technologies. This can have a positive impact on the performance of these appliances. Consumers prefer appliances that are smart highly-efficient. and user-friendly. This leads to product premiumization and consecutively drives the value sales of the market. Since premium products are priced higher than regular products these innovations widen the opportunities for vendors to expand their profit margins. Manufacturers of cooking appliances focus more on pricing strategies to increase their profit margins by setting premium pricing for innovative and tech-savvy products. Thus, the growing demand for premium innovative cooking appliances works as a price-metric parameter for market participants. Technavio’s analysts have predicted that the global residential toaster ovens market will register a CAGR of about 7% by 2023.
User friendly, convenience, and multifunctionality
Toaster ovens make cooking easier as they save time and offer convenience. They also allow consumers to use multiple cooking options such as bake, convection: broil, and rotisserie. Warming food is also a crucial function. With the introduction of toaster ovens, cooking has become easier and faster: and allow food warming as per requirement. Moreover; cooking preserves all the nutrients. vitamins: and minerals in the food along with flavor and texture.
Long product replacement cycle
The long lifespan of such appliances reduces the frequency of product replacements thereby adversely affecting the year-over-year growth of the market. Their low maintenance requirement further contributes to infrequent product purchases. Therefore. these factors drive and raise product lifespan, thereby restricting frequent sales.
For the detailed list of factors that will drive and challenge the growth of the residential toaster ovens market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several companies. Innovation and advances in technology have changed demand and preferences, thereby influencing vendors to invest in R&D and innovation in terms of technology: performance, features: and design. This has further intensified market competition. The demand for energy-efficient, multi-feature toaster ovens is high. To meet such evolving customer needs; vendors continuously widen their product portfolio per evolving consumer demand.
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