Technology

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

Published

2 months ago

August 6, 2024

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..

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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.

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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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SOURCE Technavio

Technology

PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”

Published

2 mins ago

September 21, 2024

24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music

MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.

“Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.”

On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.

“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.

Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.

“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.

Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.

“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.

About PEAC Institute

PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.

Media Contact

Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org

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SOURCE Pause for Peace

Technology

Global Times: China opens 12 nuclear research facilities to global scientists

Published

1 hour ago

September 21, 2024

The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.

These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.

The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.

Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.

IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.

Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.

On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.

Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.

China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.

At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.

The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.

Contact: xutianshu@globaltimes.com.cn

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SOURCE Global Times

Technology

The Ar-King of Spirits: Ed Arking’s Impact on the Liquor Industry

Published

2 hours ago

September 21, 2024

In the interest of providing luxury liquors in a convenient and stress-free format, Served Neat was born. When asked about his intentions for the company, Ed states, “My goal with Served Neat is to create a one-stop shop where customers can easily discover these rare gems.”

MOORESTOWN, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — Served Neat is an emerging online platform with a curated selection of some of the world’s most popular luxury spirits. The website offers daily flash deals that highlight a variety of high-end international brands including Pappy Van Winkle, Buffalo Trace, Clase Azul, and more.

“While there are websites selling spirits, none have the decades of experience that we bring from WTSO. Served Neat will offer not only incredible bottles but also the best customer service in the industry.”

Ed and Joe Arking, the father-son team behind the concept of Served Neat, have decades of experience hand-selecting and supplying sought-after liquors. Ed Arking, CEO of New Jersey’s Roger Wilco, grew up in the world of wine and spirits and formed his own business aspirations.

“Growing up, I watched my father navigate and succeed in the ever-evolving wine and spirits industry,” Ed explains. “While I always aspired to create something similar, I knew I needed to wait for the right moment.” Ed has gone on to manage his own liquor store and lead projects for up-and-coming brands, such as the vodka-infused and non-carbonated Smooth Water.

As he evolved in his career, Ed discovered the perfect time to make his lifelong vision a reality. He recalls, “I noticed a gap in the market—especially for whiskey and tequila. These categories have surged in popularity, making it difficult for the everyday consumer to find those elusive sought-after allocated bottles.”

When it comes to Served Neat, quality and knowledge is key. Ed adds, “While there are websites selling spirits, none have the decades of experience that we bring from WTSO. Served Neat will offer not only incredible bottles but also the best customer service in the industry.”

Served Neat is the sister company to WTSO and The Wine Market, two online platforms dedicated to sourcing and distributing top-notch wines from every corner of the globe.

At The Wine Market, an online marketplace for the world’s most popular wine brands, convenience and quality are key. Each bottle in their curated collection is a testament to exceptional flavor and craftsmanship.

Since 2006, WTSO has enjoyed creating a unique wine experience and sharing it with new beginners and seasoned connoisseurs alike. Using an extensive network of wineries and wine makers, WTSO connects customers to thousands of brands from top wine appellations around the globe. The strong relationships they’ve formed within the wine world allow the business to deliver authentic and high-quality bottles to homes across the United States.

Wine and spirits lovers alike are invited to explore Served Neat, WTSO, and The Wine Market to find their next favorite bottle. Visit their websites to learn more about these one-of-a-kind online marketplaces!

Media Contact

Julie Blount, WTSO, 1 8669572795, marketing@wtso.com

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SOURCE WTSO