Household Refrigerators and Freezers Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Household Refrigerators and Freezers Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The breakout of the novel coronavirus at the start of 2020 altered the market's fundamental dynamics. Product sales fell in the first months of 2020 due to temporary production halts in the manufacturing industry and a slowdown in the logistics sector. The enforcement of stay-at-home rules, aimed at reducing the virus's communal spread, however, presented prospects for company expansion. Several countries throughout the world relaxed lockdown regulations in the latter few months of 2020, resulting in a reduction in refrigerator and freezer manufacturing. In addition, the restart of shipping operations and the relaunch of e-commerce websites resulted in a steady growth in appliance sales.

The appliance has become a daily need in many families throughout the world. Because of the fierce rivalry in the market, manufacturers have been forced to upgrade their goods in order to keep customers interested and urge them to replace their old refrigerators with contemporary ones. The unprecedented increase in demand for refrigeration technology in the 1950s sparked innovations such as the automated defrost feature and larger freezers. Since then, new technological and design developments have replaced traditional units, providing the market with ongoing potential.

Over the last few years, product innovation has played a positive role in driving market growth. To keep food from deteriorating, modern household technology blends design aesthetics, energy efficiency, and temperature control. Compressor technology advancements and greater insulation have also aided in driving demand for cutting-edge refrigeration equipment. Furthermore, new developments allow for manual temperature adjustment in the refrigerator, as different commodities require different thermal conditions and humidity scales to extend their shelf life.

In 2021, 56.61% of the world's population will live in urban areas, a proportion expected to increase to 68% by 2050. Moreover, 2007 was when, for the first time, more people in the world lived in urban than in rural areas.

Global refrigerator market growth has been attributed to rapid urbanisation. The main factor driving the rapid growth of urbanisation is the rise in demand for high-end electronics across several industries. The refrigerator model's efficiency and comfort have helped to expand the market. Rapid growth in urbanization and change in lifestyle is estimated to attract consumers to buy a refrigerator. The rising urban population across the world, characterized by high-income individuals that are expected to fuel the demand for refrigerators over the forecast period.

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. 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.

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.

• The market estimate (ME) sheet in Excel format
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