The household refrigerators and freezers market is expected to grow at a substantial rate by 2025 owing to rapid technological advancements and diverse features offered by leading product manufacturers. The introduction of energy efficient labels has supported the spread of consumer awareness regarding potential costs benefits on energy consumption on household appliances. For the record, refrigerators that perform beyond the minimum energy standards qualify for the ENERGY STAR label.
With demand for enhanced features, manufacturers are focusing on developing user-friendly, technologically advanced refrigerators and freezers that offer features such as water tap on the door, through-the-door-ice and many others. In 2019, home appliance producer, Bosch introduced its new freestanding French Door Bottom Mount collection of high quality, advanced refrigerators that offer enhanced freshness and organization of stored items. With such innovations, the household refrigerators and freezers market is estimated to register USD 78.22 billion by 2025.
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Surge in the number of double income families in urban areas have led to increasing spending on advanced household appliances. Availability of surplus disposable income could drive the demand and purchase of latest refrigerators and freezer models. Efficiency in the overall manufacturing process on account of growing automation as well as globalization has allowed companies to decrease the costs such appliances.
Refrigerator and freezer manufacturers are shifting their focus towards rural economies as it comprises of a larger untapped population base. The demand and usefulness of refrigerators mainly depends on several factors such as food storing, preserving and packaging. Government across rural areas are focusing on introducing key initiatives to boost electrification. Such initiatives could support the demand for refrigeration solutions across households.
Meanwhile, in developing countries, direct cool or single door fridges are projected to witness high sale in the coming years. Adoption of advanced manufacturing technologies and globalization may help offer affordable refrigerators and freezers to all income levels.
Over the years, competitors have put their focus on developing high-end premium products. For instance, in 2020, Whirlpool India launched the country’s most advanced bottom mount refrigerator called Intellifresh Pro, incorporated with advanced Adaptive Intelligence technology.
The demand for higher capacity frost-free fridges has considerably grow in the past few years. The sale of high capacity side-be-side fridges is expected to grow significantly amongst the upper middle class due to growing number of families having double income that prefer a wide storage space in refrigerators. Additionally, enhanced life cycle, maintenance free compressors and easy financing options may propel the household refrigerators and freezers market share over the forecast period.
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Considering the topographical trends, U.S. household refrigerators and freezers market, which made significant contributions toward North America industry share in 2015, is forecast to demonstrate a notable growth over the years to come. Rise in the purchasing capacity of the consumers along with the mounting need for power-efficient items will generate high return on sales. These products possess beneficial features such as automatic temperature adjustability, which will further boost the regional revenue.
Market players will try to increase their product portfolio through heavy R&D investments and strategic collaborations. AB Electrolux, LG Electronics Incorporation, Panasonic Corporation, Samsung Group, Robert Bosch GmbH, Qingdao Aucma Company Limited, Frigidaire, General Electric Corporation, Whirlpool Corporation, and Haier Group Corporation are the key participants of household refrigerators and freezers market.
Major Key Points from Table of Content:
Chapter 4 Household Refrigerators and Freezers Market Insights, By Product
4.1 Global household refrigerators and freezers market share by product, 2015 & 2025
4.2 Top Mounted Freezer Refrigerators
4.2.1 Top mounted freezer refrigerators market estimates and forecast, 2010 – 2025
4.2.2 Top mounted freezer refrigerators market estimates and forecast by region, 2010 – 2025
4.3 Bottom Mounted Refrigerators
4.3.1 Bottom mounted refrigerators market estimates and forecast, 2010 – 2025
4.3.2 Bottom mounted refrigerators refrigerators market estimates and forecast by region, 2010 – 2025
4.4 Side-By-Side Refrigerators
4.4.1 Side-by-side refrigerators market estimates and forecast, 2010 – 2025
4.4.2 Side-by-side refrigerators market estimates and forecast by region, 2010 – 2025
4.5 French Door Bottom Freezer Refrigerators
4.5.1 French Door Bottom Freezer refrigerators market estimates and forecast, 2010 – 2025
4.5.2 French door bottom freezer refrigerators market estimates and forecast by region, 2010 – 2025
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