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Residential Toaster Ovens Market size is set to grow by USD 1.05 billion from 2024-2028, Technology advances and innovation lead to product premiumization boost the market, Technavio

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NEW YORK, Aug. 6, 2024 /PRNewswire/ — The global residential toaster ovens market size is estimated to grow by USD 1.05 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.44%  during the forecast period. Technology advances and innovation lead to product premiumization is driving market growth, with a trend towards growing demand for smart connected toaster ovens. However, long product replacement cycle poses a challenge. Key market players include AB Electrolux, Avanti Products LLC, Bajaj Electricals Ltd., Brentwood Appliance Inc., Breville Group Ltd., De Longhi S.p.A, Haier Smart Home Co. Ltd., Hamilton Beach Brands Holding Co., Havells India Ltd., Koninklijke Philips N.V., 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..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Residential Toaster Ovens Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 7.44%

Market growth 2024-2028

USD 1058.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.4

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 33%

Key countries

US, China, UK, Germany, and Japan

Key companies profiled

AB Electrolux, Avanti Products LLC, Bajaj Electricals Ltd., Brentwood Appliance Inc., Breville Group Ltd., De Longhi S.p.A, Haier Smart Home Co. Ltd., Hamilton Beach Brands Holding Co., Havells India Ltd., Koninklijke Philips N.V., 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.

Market Driver

The residential toaster oven market is experiencing growth due to the increasing demand for advanced and innovative smart toaster ovens. These smart appliances offer user-friendly interfaces and various features, including energy-star certification for energy savings, hassle-free maintenance, alert systems for fault detection, enhanced safety, and remote control capabilities. For instance, June Life’s smart ovens come with seven different cooking appliances such as convection ovens, air fryers, dehydrators, slow cookers, broilers, toasters, and warming drawers. These features enhance functionality and cooking experience while ensuring safety and convenience. The market for residential toaster ovens is expected to grow significantly due to these advantages over conventional toaster ovens. 

The Residential Toaster Oven market is experiencing significant growth due to increasing demand from various sectors. With the rise of fast food, restaurants, coffee shops, and quick service establishments, there is a growing need for efficient kitchen appliances like toaster ovens. Working women and adults, as well as children, find toaster ovens convenient for preparing meals at home. Key trends include automatic shutoff and fireproof wiring for safety, energy efficiency, and sales through store-based retail and online shopping platforms. The purchasing power of consumers is driving the market, with premium toaster ovens and specialty stores gaining popularity. The lockdown and shift to online sales have accelerated growth, with ecommerce giants offering financing options and discounts. Toaster ovens are used for heating dishes and cooking components, with controls that make them easy to use. Sales are expected to continue growing as consumer awareness increases, with replacement items like frying pans and toasting equipment also in demand. Rivalry among manufacturers is fierce, with the internet and smartphone apps playing a key role in sales, including smart toasters with Bluetooth connectivity. Future estimations suggest continued growth as energy efficiency and customer convenience remain top priorities. 

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Market Challenges

Major players in the residential toaster oven market, including Haier Group, Koninklijke Philips, Panasonic Corporation, Spectrum Brands, and Whirlpool Corporation, provide reliable and high-quality appliances. These toaster ovens are made of stainless steel or durable metals, ensuring long replacement cycles. To prevent rusting, they use stainless steel or high-grade plastic materials during manufacturing. Vendors invest in research and development and employ innovative and long-lasting materials to extend the operational life of these appliances. Regulations, norms, and compliances are strictly adhered to, enhancing product durability. The low maintenance requirement further contributes to infrequent purchases. Manufacturers offer product warranties and guarantees, increasing the appliances’ lifespan. However, the long lifespan of these toaster ovens reduces the need for frequent replacements, negatively impacting the growth of the global residential toaster ovens market during the forecast period.The Residential Toaster Oven market faces challenges in various areas. Controls, such as temperature and cooking time, require continuous improvement for consumer convenience. Sales are impacted by purchasing power and the shift towards premium toaster ovens. Specialty stores and online sales platforms, including ecommerce giants, intensify the competition. Lockdowns and increased energy efficiency drive customer awareness towards kitchen appliances. The life cycle of toaster ovens and replacement items, like frying pans and toasting equipment, create opportunities for manufacturers. Rivalry among brands is heightened with the advent of smart toasters, smartphone apps, and Bluetooth connectivity. Future estimations indicate financing options, discounts, and partnerships with food outlets, quickservice restaurants, cafés, and meals establishments as potential growth areas. Energy efficiency, customer awareness, and the internet continue to influence market trends.

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Segment Overview 

This residential toaster ovens market report extensively covers market segmentation by  

Distribution Channel1.1 Offline1.2 OnlineProduct 2.1 Non smart toaster ovens2.2 Smart toaster ovensGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Offline-  The Residential Toaster Ovens market is growing steadily due to increasing consumer preference for compact kitchen appliances. These ovens offer convenience and energy efficiency, making them a popular choice for baking and toasting. Major players in this market include Panasonic, Breville, and Cuisinart, who continuously innovate to meet consumer demands. Toaster ovens are available in various sizes and features, catering to different budgets and cooking needs. This market is expected to continue its growth trajectory in the coming years.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global major home appliances market is experiencing significant growth driven by advancements in technology and rising consumer demand for smart appliances. In India, the consumer electronics and home appliances market is booming, fueled by increasing urbanization and disposable incomes. Meanwhile, the global commercial espresso machines market is expanding rapidly, thanks to the growing popularity of specialty coffee shops and the rising coffee culture worldwide. Key players are focusing on innovation and sustainability to capture a larger market share and cater to evolving consumer preferences.

Research Analysis

The Residential Toaster Ovens market caters to the needs of various consumer segments, including fast food lovers, restaurant goers, coffee shops, and quick service establishments. Cafes and working women also benefit from the convenience and energy efficiency of toaster ovens. Features like automatic shutoff and fireproof wiring ensure safety. Toaster ovens are available in store-based retail and online shopping platforms. Dishes, frying pans, and toasting equipment are common replacement items. Energy efficiency and customer awareness drive market growth. Standard ovens have a longer life cycle, but ecommerce giants offer financing options, discounts, and ease of purchase. Rivalry among players is high, with the internet and online sales playing a significant role in market dynamics.

Market Research Overview

The Residential Toaster Oven market is witnessing significant growth due to the increasing demand from various sectors including fast food, restaurants, coffee shops, quick service, and cafes. Working women and adults also prefer toaster ovens for their convenience and energy efficiency. Key features such as automatic shutoff and fireproof wiring add to their popularity. The market is expanding through store-based retail and online shopping channels. The lockdown and the rise of ecommerce giants have further boosted sales. Toaster ovens are now available in premium models with advanced controls and smart features like Bluetooth and smartphone apps. The market’s future estimations indicate investment pockets in energy efficiency, replacement items, and frying pans. Rivalry among heating components and toasting equipment manufacturers is intense, with the internet and online sales becoming crucial channels for customer awareness and financing options, including discounts. Meals establishments continue to be major consumers, with standard ovens having a long life cycle.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelOfflineOnlineProductNon Smart Toaster OvensSmart Toaster OvensGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Ceva Wi-Fi 6 and Bluetooth IPs Power Bestechnic’s New Combo Products

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Bestechnic integrates market leading Ceva-Waves Wi-Fi 6 IP together with Ceva-Waves Bluetooth Dual Mode IP in low power silicon products targeting smart wearables, smart home and smart audio applications

LAS VEGAS, Jan. 6, 2025 /PRNewswire/ — Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and infer data more reliably and efficiently, today announced that Bestechnic, a global leader in the design and development of wireless ultra-low power computing SoCs for the advanced smart audio, smart wearables, wireless connectivity and smart home markets, has extended its long-term partnership with Ceva to integrate Ceva-Waves Wi-Fi 6  and Bluetooth dual-mode IP platforms in new Bluetooth/Wi-Fi combo products, including the BES2610 and BES2800 families. Bestechnic has shipped more than 1 billion smart audio SoCs powered by Ceva’s Bluetooth Dual Mode IP to date, and is one of the world’s leading suppliers of smart audio SoCs for TWS earbuds, headsets, smart glasses, smartwatches and smart speakers.

ABI Research forecasts that Wi-Fi 6 shipments will approach 2.7 billion units annually by 2027. This growth is fueled by the adoption of Wi-Fi 6 in various devices, including smart audio products like TWS earbuds, smart speakers, and other wearables. Wi-Fi 6 is designed to provide high efficiency and performance while significantly reducing power consumption compared to previous generations of Wi-Fi. This makes it ideal for battery-powered IoT devices such as wearables and speakers where it complements Bluetooth audio functionality, offering high throughput and low latency which is critical for high-definition audio streaming and increasingly required for real-time data processing associated with embedded AI.

Bestechnic has deployed the Ceva-Waves Wi-Fi 6 IP alongside the Ceva-Waves Bluetooth Dual Mode IP in its recently introduced combo families of ultra-low power Bluetooth/Wi-Fi chips. The platforms incorporate a dual-mode Bluetooth 5.4 subsystem for both Bluetooth classic and LE audio, and a Wi-Fi 6 subsystem for high-throughput wireless connectivity and lossless audio. The highly integrated solution with BES optimized ultra-low power system, is designed to provide Bluetooth level power consumption for a Wi-Fi enabled device. For example, the current of 2.4GHz Wi-Fi RX is as low as 14mA, making it ideal for battery powered wearable devices.

“Our long-standing partnership with Ceva has been instrumental in our success, and we are excited to incorporate their Wi-Fi 6 IP into our newest combo device families,” said Zhao Guoguang, General Manager, Bestechnic. “This collaboration allows us to offer our customers cutting-edge wireless connectivity solutions that exceed the demands for high-definition audio streaming and other ultra-low power wearable applications such as smartwatches and smart glasses.”

“Bestechnic’s integration of our Wi-Fi 6 and Bluetooth Dual Mode IP in their combo devices showcases the exceptional value of our comprehensive wireless connectivity portfolio in addressing emerging trends and applications,” said Tal Shalev, Vice President and General Manager, Wireless IoT Business Unit at Ceva. “Embedded AI is rapidly making its way into every device around us, and seamless connectivity is the foundation of these devices. With Wi-Fi 6 providing robust data transmission that complements Bluetooth for streaming audio applications, our ability to deliver unmatched performance and power efficiency with our wireless connectivity IPs empowers Bestechnic to set a new benchmark for smart audio devices.”

About Ceva-Waves Wi-Fi
The Ceva-Waves Wi-Fi IP family offers a comprehensive Suite of IPs and platforms for embedding Wi-Fi connectivity into SoCs/ASSPs optimized implementations are available for various applications, from low power IoT peripherals right up to high performance, multi-user gateways and spanning all flavours of 802.11a/b/n/ac/be. Each Ceva-Waves Wi-Fi solution incorporates hardwired PHY modem functions and MAC functions, including a Full MAC software protocol stack. A fully hosted stack is also proposed, comprising the integration of FullMAC stack in FreeRTOS along with TCP/IP, supplicant and a reference IoT application. For more information, visit https://www.ceva-ip.com/product/rivierawaves-wi-fi-platforms/.  

About Bestechnic
Founded in 2015, Bestechnic specializes in the development of wireless ultra-low power computing SoCs for the advanced smart audio, smart wearables, wireless connectivity and smart home markets. Our engineering teams are dedicated to R&D work in a wide range of areas, including RF and analog, wireless communication, acoustic and audio signal processing, image and vision signal processing, NPU, ultra-low power computing SoC, as well as complete software stack and complex operating system. As a leading technology and SoC supplier, our products have been adopted by leading brands worldwide. Visit our website at https://www.bestechnic.com/.

About Ceva, Inc.
At Ceva, we are passionate about bringing new levels of innovation to the smart edge. Our wireless communications, sensing and Edge AI technologies are at the heart of some of today’s most advanced smart edge products. From wireless connectivity IPs (Bluetooth, Wi-Fi, UWB and 5G platform IP), to scalable Edge AI NPU IPs and sensor fusion solutions, we have the broadest portfolio of IP to connect, sense and infer data more reliably and efficiently. We deliver differentiated solutions that combine outstanding performance at ultra-low power within a very small silicon footprint. Our goal is simple – to deliver the silicon and software IP to enable a smarter, safer, and more interconnected world. This philosophy is in practice today, with Ceva powering more than 18 billion of the world’s most innovative smart edge products from AI-infused smartwatches, IoT devices and wearables to autonomous vehicles and 5G mobile networks.

Our headquarters are in Rockville, Maryland with a global customer base supported by operations worldwide. Our employees are among the leading experts in their areas of specialty, consistently solving the most complex design challenges, enabling our customers to bring innovative smart edge products to market.

Ceva: Powering the Smart Edge™

Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTube, Facebook, and Instagram.

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SOURCE Ceva, Inc.

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Addtronics Announces Appointment of Adam Meyers to Board

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GREENWICH, Conn., Jan. 6, 2025 /PRNewswire/ — Addtronics, LLC (“Addtronics”), a consolidator of high-quality, niche automation technology and solution providers innovating for the life sciences and other industries, announced today the appointment of Adam Meyers to its Board of Directors.

Mr. Meyers brings more than three decades of experience managing and growing small and medium-sized medical technology businesses. Mr. Meyers had a twenty-six-year career at Halma, PLC (“Halma”), a FTSE 100 company and leading serial-acquirer of niche companies in the healthcare, environmental, and safety industries.

Mr. Meyers was the Sector CEO of Halma’s Medical and Environmental Divisions where he delivered consistently strong organic growth, was responsible for over 20 acquisitions, and was a member of both the Executive Board and Board of Directors. Prior to this, he held various other leadership roles at Halma and other organizations. Mr. Meyers received his MBA from Harvard and his undergraduate degree in systems engineering from the University of Pennsylvania.

On his appointment, Mr. Meyers said, “I am very attracted to Addtronics’ approach of assembling niche automation technology businesses in a decentralized and entrepreneurial operating model. I am extremely excited to join the Board and to work with Max Katzenstein, the investor group, and the executive team to help build lasting value through Addtronics’ model of acquiring, investing in and growing these businesses”.

Max Katzenstein, Executive Chairman of Addtronics, commented, “Adam is a both a highly experienced leader of niche medical technology companies as well as someone who had a front-row seat building one of the most successful serial-acquirers in history. We are extremely excited to welcome Adam to our Board of Directors and are confident he will help us achieve our mission and vision.”

Addtronics is actively searching for additional businesses to add to its family of automation solution providers. Ideal candidates will be excited about joining a mission-driven organization that values the entrepreneurial spirit of each of its operating companies and is inspired to pursue further growth and value-creation strategies.

About Addtronics: 
Addtronics is a consolidator of high-quality, niche automation technology and solution providers innovating for the life sciences and other industries. Addtronics seeks to be the acquirer of choice in this space by allowing its operating companies to retain their entrepreneurial spirit while enjoying the benefits of scale and partnership with other Addtronics companies. For more information on Addtronics, please visit www.addtronics.com.

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ZINFI Continues to Thrive as a “Leader” in G2’s Winter 2025 Grid Report for Partner Management Software

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Among the four companies earning a slot in the leader’s quadrant, ZINFI’s overall Satisfaction Score is 28 points higher than its nearest competitor

PLEASANTON, Calif., Jan. 6, 2025 /PRNewswire/ — ZINFI Technologies, Inc., a company leading the definition and creation of Unified Partner Management (UPM) solutions, today announced that G2.com, Inc., the largest software marketplace, has once again named the company as a “Leader” in its Winter 2025 G2 Grid® Report for Partner Management Software. ZINFI has held its position in G2’s leaders’ quadrant for multiple consecutive quarters dating back to 2019, and is one of only four providers to earn the leadership designation in the current report. Among the four companies currently in the leader’s quadrant, ZINFI holds the top G2 Satisfaction Score (98), 28 points ahead of its nearest competitor. ZINFI is also identified as “Best for Mid-Market” in G2’s current summary of “Best Partner Relationship Management (PRM) Software.”

G2 strives to be the world’s most trusted and influential marketplace for software buyers, sellers, and service providers. The G2 Grid represents the democratic voice of real software users, rather than the subjective opinion of one analyst. G2 rates products from the Partner Relationship Management (PRM) category algorithmically based on data sourced from product reviews shared by G2 users and data sourced from third parties. In addition to G2’s rigorous review moderation process, that trust is earned by applying a consistent set of guidelines, methodologies, and definitions to give buyers the best view of a particular B2B software market.

G2’s Satisfaction Score for Partner Management Software is derived from user-focused metrics (Ease of Use, Meets Requirements, Quality of Support), admin-focused metrics (Ease of Admin, Ease of Setup, Ease of Doing Business With) and general satisfaction scores (Likelihood to Recommend, Direction of Product). Based on 480 reviews from actual users, ZINFI earned scores of 94% or higher on each of these eight metrics, including a score of 98% on Likelihood to Recommend and scores of 97% on four additional metrics.

“ZINFI is all about empowering our customers as they look for new and better ways to connect, collaborate, communicate, co-market and co-sell with their partners,” said Sugata Sanyal, founder & CEO of ZINFI. “We have always had a long-term, customer-focused approach to doing business, and we will continue to diligently monitor and learn from user feedback as we expand and improve our software to adapt to an evolving market and a constantly changing business environment. Nearly 500 of our customers have weighed in on G2 so far, and we are thrilled to learn that they continue to express overwhelming levels of satisfaction on key metrics like our platform’s usability, our responsiveness to their product and support requirements, and the ease with which they can perform important tasks like admin and setup.” 

The complete Winter 2025 G2 Grid® Report for Partner Management Software can be downloaded here:

ZINFI offers its potential customers a 30-day free trial (no credit card required) providing access to its entire Unified Partner Marketing (UPM) automation platform. This will allow any prospective buyers to test-drive its industry-leading channel management applications before making a purchase decision.

About ZINFI Technologies

ZINFI Technologies, Inc. a company leading the definition and creation of Unified Partner Management (UPM) innovation, enables vendors and their channel partners to achieve profitable growth predictably and rapidly on a worldwide level. Headquartered in Silicon Valley, USA and founded by channel veterans with extensive global channel management experience, we at ZINFI see an immense opportunity to build high-performing sales channels by deploying an easy-to-use, comprehensive and innovative state-of-the-art SaaS Unified Partner Management automation platform that streamlines and manages the entire partner lifecycle. ZINFI provides six core SaaS solution sets: “Onboard, Enable, Market, Sell, Incentivize and Accelerate” with tools and applications that span management of partner relationships, marketing, and incentives with additional tools for affiliate management. These solutions enable channel organizations to integrate all partner ecosystem management activities. In 26 countries, these core UPM SaaS solutions are also locally supported by ZINFI’s global marketing services team members.

To access more information about ZINFI’s Unified Partner Management platform or to download a copy of ZINFI’s best practices guide on partner relationship management, please visit our website at https://www.zinfi.com/. You can also follow ZINFI Technologies on LinkedIn and the ZINFI Channel Marketing Best Practices blog.

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SOURCE ZINFI Technologies, Inc.

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