HOUSEHOLD REFRIGERATORS AND FREEZERS MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

HOUSEHOLD REFRIGERATORS AND FREEZERS MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The refrigerators and freezers market is anticipated to register a CAGR of 6.5% during the forecast period.

Key Highlights

• High replacement demand and obsolescence of conventional freezers and refrigeration units are expected to have a positive impact on the high-end product segment growth.
• Key factors driving the market growth include the rise in nuclear families, increase in disposable income, focus on enhanced lifestyle products, and dual income families.
• Technological efforts are focused on improving the inside equipment structure, whereas R&D enable their easy operation.
• Advancements in refrigeration technologies, such as touch screen, USB, and internet connectivity, are gaining importance.
• The impact of government regulations is driving the transformation of the household refrigeration segment.

Key Market TrendsThe Refrigerators Segment

A household refrigerator is an appliance primarily used for food storage, and for protecting the food from contamination. Recent technological advancements in household refrigerator technology have led to a change in the trend of household appliances. The upgraded models of household refrigerators are meticulously designed with integrated technologies for enhancing the utility of appliance and storage of food in specially controlled conditions.

• The household refrigerators and freezers market has been experiencing sustainable growth in the last few years, due to increasing demand for consumer goods, rapid economic growth, rising demand for refrigerated food products, easy consumer finance, and growth in urbanization and import and export activities in the food and beverage sector.
• The other additional factors contributing to the growth of the household refrigerators and freezers market are increasing commercialization and changing lifestyles of consumers, in line with the adoption of smart technologies.
• However, low rural penetration and inadequate infrastructure are hindering the household refrigerators and freezers market growth. The increasing number of nuclear families and seasonality of demand are expected to provide opportunities for the growth of the household refrigerators and freezers market during the forecast period.

North America Accounts for the Largest Market Share

North America accounted for a substantial share in the household refrigerators and freezers market. The factors contributing to the overall market growth are the rising demand for multiple refrigerator and freezer units from the food and beverage industries and growing nuclear families. The United States and Canada are the major consumers of household refrigerators and freezers in this region. Europe and Asia-Pacific are also estimated to witness a positive growth in the future. However, Asia-Pacific is estimated to grow at the highest rate during the forecast period, owing to the presence of key manufacturers in this region and increasing urbanization. The region is home to some of the major manufacturers, such as Samsung, Haier, Godrej, LG Electronics, and Panasonic Corporation.

Competitive Landscape

The report covers the major international players operating in the household refrigerators and freezers market. In terms of market share, few of the major players currently dominate the market studied. However, the demand is driven by consumer income. Large companies compete through volume purchasing, breadth of products, and effective merchandising and marketing. Small companies focus on a market segment and compete through the depth of products and superior customer service.

Additional Benefits:

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

Companies Mentioned

Haier Group Corporation
Dacor Inc.
Dover Corporation
Godrej Industries
AB Electrolux
LG Electronics
Panasonic Corporation
Philips Electronics
Robert Bosch GmbH
Samsung Electronics
The Whirlpool Corporation
Kenmore*

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