Oven Toaster Grill Market: Introduction
- An oven, toaster, grill (OTG) is essentially a smaller version of a traditional oven. It cooks food using hot coils and requires considerably less setup. The thermostat in OTGs helps to manage the temperature, ensuring that the food is properly cooked or heated. Furthermore, oven toaster grills have an option to switch on one or both the coils based on what one wants to cook. All these factors are expected to drive the demand for oven toaster grills during the forecast period.
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Key Drivers and Opportunities of the Global Oven Toaster Grill Market
- Oven toaster grills are portable due to their light weight, are inexpensive, consume less power as compared to microwaves and hence are more energy efficient, and come with rotisserie, a function which is ideal for cooking and roasting meat. All these factors are expected to drive the demand for oven toaster grills during the forecast period.
- Moreover, changes in lifestyle and rise in disposable income are also fueling the demand for oven toaster grills globally.
- Demand for oven toaster grills with improved performance, features, and design is constantly strong, which motivates manufacturers to invest in research and development, resulting in product premiumization. Furthermore, manufacturers have the opportunity to meet growing demand from developing countries, since customers choose oven toaster grills over microwave ovens due to their lighter weight and lower cost. This is expected to drive the market for oven toaster grills during the forecast period.
- Oven toaster grills take relatively more time to heat the food, and have less even heat distribution compared to a microwave oven. Furthermore, the functions of an oven toaster grill are limited compared to the microwave oven. All these factors are expected to hamper the oven toaster grill market during the forecast period.
- However, the global oven toaster grill market is expected to become more competitive in the near future, owing to innovations, product development, product pricing, and collaborations. Moreover, entry of new manufacturers is expected to intensify the competitive environment among players operating in the oven toaster grill market in the near future.
North America to Hold Major Share of the Global Oven Toaster Grill Market
- In terms of region, the oven toaster grill market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America accounts for major share of the global oven toaster grill market, due to an increase in spending capacity of the population in Canada and the U.S. Furthermore, the rise in awareness about the benefits and advantages of the product compared to microwave ovens in the region is fueling the demand for oven toaster grills and the demand is expected to continue during the forecast period.
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Key Players Operating in the Global Oven Toaster Grill Market
- American Micronic Instruments, Inc.
- Bajaj Electricals Limited
- Black+Decker Inc.
- Borosil Limited
- Havells India Limited
- Koninklijke Philips N.V.
- Morphy Richards Limited
- Panasonic Corporation
- Robert Bosch GmbH,
- Wonderchef Home Appliances Pvt. Ltd.
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