A toaster is a small electric appliance, which is designed to expose several types of sliced bread pieces to heat, so that it becomes a toast. A toaster is traditionally used for quickly and easy toasting both sides of sliced bread in order to serve it hot. The most common household toasters are the pop-up toaster and the toaster oven. The most commonly found toasters in restaurants has a metal-mesh conveyor belt. The belt moves the bread past through constantly powered heat element. Toasters may also be used to toast other foods such as toaster pastry, teacakes, potato waffles, and crumpets. A toaster saves labor and time, is easy to maintain, and keeps kitchen clean and tidy.
Rapid urbanization and busy lifestyle have increased the demand for toaster appliances, which can be used to cook food simply and conveniently
Rise in disposable income of individuals resulting in increased purchasing power is expected to boost the growth of the toaster market
Increase in the number of quick-service/fast-food restaurants being established globally; this factor is expected to drive the global market
Factors such as increase in demand from various commercial applications such as restaurants, coffee shops, hotels, and other end users are expected to propel the market
Improvement in energy consumption, transportation costs, employee wages, and equipment depreciation would play a significant role in promoting the price of toasters. Hence, companies might face the risk of profit decline to some extent.
At the same time, there are some organizations, which are concentrating on upgrading equipment, technological improvements, and process enhancements to reduce costs and improve quality. The competition for basic toasters might get weak, while the market will be saturated for high-end toasters in the coming years.
Stringent government regulations related to exhaust emissions, high temperature, and coil efficiency, which would hamper the growth of the toaster market. There are various government standards and regulations, which are compulsory to be followed by manufacturers due to which, durability and functionality increases, and lowers the margin of manufacturers.
The important factor driving the market is the development of smart toasters connectivity through the Internet, Bluetooth, and through various connectivity technologies, which has a positive impact on the growth of the market
Compact structures and designs have assisted in reduction in portable toaster weight. This in turn increases the overall performance of the appliance and saves energy costs.
The global toaster market can be segmented based on product, type, application, distribution channel, and region
Based on product, the toaster market can be classified into pop-up toasters, toaster oven, and conveyor toasters
Based on type, the global toaster market can be divided into 2 slice toasters, 4 slice toasters, and others
In terms of application, the global toaster market can be bifurcated into residential and commercial
In terms of distribution channel, the global toasters market can be segregated into online and offline. Furthermore, online channel can be sub-divided into e-Commerce and company owned websites. The offline channel can be sub-divided into specialty or brands stores, and departmental stores.
Based on region, the global market can be divided into Europe (U.K., France, Germany, Italy), Asia Pacific (Japan, China, and India), North America (Canada and U.S.), South America (Brazil), and Middle East & Africa (GCC Countries and South Africa)
Key players operating in the global toasters market include Koninklijke Philips N.V., Bajaj Electricals Ltd, Morphy Richards, Stovekraft Pvt. Ltd, TTK Prestige Ltd, Borosil, Bosch Limited, Cello World, Panasonic, Usha International Ltd, Kent RO Systems Limited, Dualit Limited, SMEG S.p.A, Spectrum Brands Inc, and BRG Appliances Limited