EUROPE HOUSEHOLD REFRIGERATOR MARKET - GROWTH, TRENDS, COVID-19 IMPACT AND FORECAST(2022 - 2027)

EUROPE HOUSEHOLD REFRIGERATOR MARKET - GROWTH, TRENDS, COVID-19 IMPACT AND FORECAST(2022 - 2027)

Sales of the household refrigerators through specialist distribution formats, such as electronics and appliance specialist retailers, but also home and garden specialist retailers, have tended to decline through the review period, with e-commerce fast gaining retail volume shares. Concerning refrigeration appliances, it is easy and convenient for consumers to peruse models online or via showrooms, then buy via e-commerce, especially for freestanding items. Due to modernization and urbanization, the demand for Household Refrigerators is increasing in the country with a CAGR of 6% over the forecast period.

Retail volume sales of refrigeration appliances declined for the first time in many years during 2020. The economic shock of COVID-19 harmed consumer confidence, which led some to postpone purchases of big-ticket items. Freestanding freezers were by far the top performer in refrigeration appliances during 2020, with their rate of growth in retail volume sales accelerating slightly from the previous year. Demand for these appliances was boosted by the fact that some households sought to stockpile food during the early stages of the pandemic due to the perceived risk of shortages. Liebherr-Hausgeräte Ochsenhausen GmbH continued to lead refrigeration appliances in countries in Europe during 2020. It enjoys a strong reputation as a specialist offering an extremely wide array of high-quality, durable refrigeration appliances of all types and good value for money, with its frost-free fridge freezers particularly popular.

Key Market TrendsIncrease in Online Purchase of Household Appliances

The revenue from online household appliance purchases accounts for USD xx million in 2021. User penetration is 21.9% in 2021 and is expected to hit 30.2% by 2026. Furthermore, with a population in the European countries being more concentrated in urban regions people are spending more on lifestyle changes which are fuelling the growth of the market. With 95%, 85%, and 82% of the total population are leaving in cities and urban areas of Europe's most urbanized cities Malta, the UK, and the Netherlands, there is a surplus demand of household appliance accessories.

Increasing Import and Trade Deficit

European Union is experiencing a huge demand for construction activities. Furthermore, Countries like the UK are experiencing an increase in Housing repair and private house construction activities wherein 20% of total construction is of private houses whereas 18% is of housing repair. Demand for Smart homes is gaining, pushing demand for smart refrigerators. Import is gradually being increased from value USD 1,766,195 for 2019 to USD 1,840,760 for 2020. Whereas export value being at USD 1,154,894 for 2019 and USD 1,208,599 for 2020. With a trade deficit of USD 632,161 for the year 2020.

Competitive Landscape

Companies across the world have huge investments in this segment of the market. In the US the Household Refrigerator market has many companies fragmented over minor shares. Liebherr-Hausgeräte Ochsenhausen GmbH, Samsung, Whirlpool, LG, Haier, Bosch, Midea, Elecrolux are amongst the Household Refrigerator, fixtures, etc.

Adoption of Smart Household Refrigerators and up-gradation to new Technology leads to increasing competition amongst the company. Innovation and technological advancement taking a pace as the COVID-19 and urbanization strike general people to the adoption of the new refrigerator and household appliances.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Liebherr
Hausger te Ochsenhausen GmbH
Samsung
Whirlpool
LG
Haier
Bosch
Midea
Electrolux

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