Global Household Refrigerator Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Household Refrigerator Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Household refrigerators are intended for keeping small volumes of many different foods and drinks simultaneously at low temperatures, as can be found in any household. Household refrigerator is a household appliance primarily used for food storage with protecting it from getting contaminated. It consists of thermally insulated compartment(s) and a heat pump that transfers heat from the inside of the appliance to its external environment maintaining the refrigerator temperature below the ambient room temperature. This reduces the reproduction rate of bacteria and reduces the rate
of food spoilage.

Market Overview:

The latest research study on the global Household Refrigerator market finds that the global Household Refrigerator market reached a value of USD 63610.79 million in 2022. It’s expected that the market will achieve USD 82695.2 million by 2028, exhibiting a CAGR of 4.47% during the forecast period.

1.7.2 Influence of COVID-19 Outbreak on Household Refrigerator Industry Development

In the specific environment based on the outbreak of COVID-19, the global economy has been significantly affected, resulting in challenges and opportunities for the development status of various industries. The report is based on the impact of COVID-19 and conducts research on the household refrigerator industry from different perspectives such as macroeconomics, industrial chains, and regions.

Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. During the epidemic, the resumption of work, operations, revenue targets, and industry development of the household refrigerator industry were all challenge.

The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the household refrigerator market in 2020. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor/outdoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future. The global household refrigerator market is expected to be impacted significantly by COVID-19. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent household refrigerator is expected to be affected in the near future.

First of all, marketing channel sales will be affected differently, the COVID-19 Outbreak has led to a decline in offline passenger flow, and the advantages of e-commerce companies have become prominent. During the epidemic prevention and control period, some household refrigerator enterprises did not carry out internet marketing and promotion for their business, so they encountered great resistance in undertaking business. For enterprises that fail to make good use of network promotion means, there is almost no market development during the epidemic period, and the original offline market development plan is disrupted, and the epidemic will face fierce market homogenization competition, which is expected to have a great impact on the company's business throughout the year.

Drivers

Based on geography the global household refrigerator market is segmented into North America, Europe, South America, Asia Pacific and Middle East and Africa. North America is leading the household refrigerator market due to increased manufacturing of energy efficient household refrigerator in the region. Moreover, Asia Pacific is expected to show significant growth in household refrigerator market due to advancements in the regional home appliance sector and high demand for household refrigerators in this region during the forecasted period.

North America is expected to hold a considerable share of the market because of the higher disposable income of the population in countries such as the United States and Canada. Moreover, factors such as large urban population base and increasing nuclear families would result in the larger adoption of smart electrical appliances in the region. South America is projected to grow at a considerable rate owing to the growing middle-class population in countries such as Brazil and Argentina. Moreover, the increasing interest of people towards energy-efficient home appliances would help to create demand for energy-efficient refrigeration products in the region.

Asia Pacific is expected to dominate the market owing to the presence of a large population and households. Additionally, increasing infrastructural demand in this region would result in the increasing adoption of home appliance products. other key factors that are supporting the growth of the market in Asia-Pacific include robust replacement demand from traditional to smart appliances, rising disposable income, increasing urbanization, & the number of households. APAC Household refrigerator market has been experiencing sustainable growth in recent years due to increasing demand for consumer goods, rapid economic growth, increasing demand for refrigerated food products, easy consumer finance, growth in urbanization and import and export activities in food and beverage sector. The other additional factor contributing to the growth of APAC household refrigerator market is emerging commercialization and changing lifestyles of human in line with adoption of smart technologies. However, low rural penetration and inadequate infrastructure is hindering the household refrigerator market growth. The trends towards smaller families and seasonality in demand is expected to provide opportunities for growth of APAC household refrigerator market during the forecast period.

In addition, Europe is projected to grow at a faster rate because of the introduction of technologically advanced refrigeration products by prominent companies in the region. That would attract and influence people to purchase smart refrigerators. For instance, in2019, Samsung Electronics opened a new era of kitchen design with its latest BESPOKE fridges to introduce the new lifestyle innovations of quality craftsmanship and BESPOKE to satisfy the unique needs of each household in Europe.

Moreover, the Middle East and African market is driven by the smaller Headquarter of home appliances brands such as Panasonic, Hitachi, and more. Moreover, a stiff increase in the spending power of the population for home appliances products is set to create demand for refrigerators in these regions.

Region Overview:

China had the highest growth rate of all regions.

Company Overview:

Haier Group Corporation is one of the major players operating in the Household Refrigerator market, holding a share of 15.25% in 2020.

Haier Group Corporation manufactures household appliances. The Company produces refrigerators, air conditioners, washing machines, microwave ovens, freezers, televisions, and water heaters.

Whirlpool Corporation manufactures and markets major home appliances. The Company provides principal products include laundry appliances, refrigeration, room air conditioning equipment, cooking appliances, dishwashers, and mixers and other small household appliances. Whirlpool serves customers worldwide

Segmentation Overview:

Among different product types, Side by Side Door segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Offline segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Household Refrigerator market covered in Chapter 3:

SHARP
Robert Bosch GmbH
Haier Group Corporation
Midea
Meiling
LG Electronics
AB Electrolux
The Whirlpool Corporation
Hisense
Samsung Electronics
Panasonic Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the Household Refrigerator market from 2018 to 2029 is primarily split into:

Single Door
Double Door
Side by Side Door
French Door

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Household Refrigerator market from 2018 to 2029 covers:

Online
Offline

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)