Cost-effectiveness of OTG and rising awareness is expected to drive the demand for India OTG market for the forecast period.
According to TechSci Research report, “India OTG Market – By Capacity (Small, Medium, Large) By Power (Below 1,200 Watts, 1,200 to 2,000 Watts, 2,000 to 5,000 Watts, and Above 5,000 Watts) By Distribution Channel (Hypermarket/Supermarket, Multi-branded Electronic Stores, Online, Others) By Application (Residential, Commercial) By Company, By Region, Forecast & Opportunities, FY2027”, India OTG market is expected to witness steady growth for the next five years. OTG is short for oven, toaster and grill and it is a versatile electronic device and can be used for baking, toasting, and grilling. OTG uses heated coil to cook meals and requires less amount of time for setting-up. Thermostat installed in OTG ensures uniform heating of food for cooking purpose. The biggest benefit of using an OTG is that it consumes lower time as compared to microwave or a regular oven. Due to careful considerations by key players in developing OTG, they are able to improve the flavor of the food by maintain crispiness of food and reducing moisture at the same time. Also, OTG are light in weight thus it can be moved around according to requirements of consumers. OTG have higher capacity than microwave ovens and therefore it is more suitable to cook large batches of food such as in fast-food chains or restaurants. OTG consumes less electricity which is major reason for preference of buying by consumers for their households and commercial spaces. Increasing demand for ready-to-eat and frozen foods is fueling the market of OTG in India. Rise in number of working women and busy schedules of consumers in urban areas is expected to fuel the demand of OTG ovens in India. A major part of new households consists of singles who prefer to dine out than preparing food as its time consuming which is paving the way for the growth of OTG in India. Growth of hospitality sector and rise in marriages, functions, or seminars due to presence of large population in India is augmenting in increase the demand for OTG market. OTG are preferred by bakers as it gives more freedom and flexibility to bakers in preparing bread, pasta, cookies, and cupcakes.
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Due to the ongoing pandemic COVID-19, lockdown was imposed all over the country. Complete shutdown was observed, and people started practicing social distancing and started following the precautionary guidelines. Imposition of strict regulations and policies by leading authorities led to huge losses bore by manufacturers. Manufacturing units were shut down and loss of availability of skilled labors led to market decline. Number of units imported or exported to other countries were restricted. After the ban on lockdown was lifted, companies become operational again thereby supporting the growth of the OTG market for the forecast period.
However, presence of several control and setting features installed in OTG confuses consumers which may hamper the growth of the OTG market for the forecast period.
India OTG market is segmented into capacity, power, distribution channel, application, regional distribution, and company. Based on capacity, OTG market is further divided into small, medium, and large. Small OTG is generally less than 20 litres, medium is between 20 to 40 litres and large OTG lies above 40 litres. Consumers are preferring to buy OTG according to needs of their residential and commercial spaces. Large OTG segment is expected to witness growth in the forecast period due to high demand from commercial spaces due to availability of space in OTG and capability to prepare large food batches at a single time.
Bajaj Electricals Ltd, Wonderchef Home Appliances Private Limited, Morphy Richards Ltd, Usha Industries India, TTK Prestige Limited, Panasonic India Private Limited, Philips India Limited, Universal Corporation Ltd. (AGARO), Vandana Trade Links Pvt Ltd (Skyline Home Appliances), Pigeon India Private Limited are the leading players operating in India OTG market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several OTG manufacturers are coming up with their technologically advanced offerings.
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“High-end investments by key players for technological advancements to upgrade the existing infrastructure by increasing the efficiency and performance in addition innovations to reduce the energy consumption of OTG is fueling the market demand. Also, adoption of attractive industries by players to promote their products by hiring celebrities and social media campaigns to expand the product reach and promote the product globally is expected to propel the growth of the market until FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India OTG Market By Capacity (Small, Medium, Large) By Power (Below 1,200 Watts, 1,200 to 2,000 Watts, 2,000 to 5,000 Watts, and Above 5,000 Watts) By Distribution Channel (Hypermarket/Supermarket, Multi-branded Electronic Stores, Online, Others) By Application (Residential, Commercial) By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India OTG market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India OTG market.