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Household Refrigerators Market:Executive Summary
The household refrigerators market includes sales of household refrigerators which are electrical appliances used to preserve food at cold temperatures.
The global household refrigerators market was worth $35.1 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 5.14% and reach $42.9 billion by 2023.
In 2019, North America was the largest region in the global refrigerators market.
The refrigerators market covered in this report is segmented by type into single-door, double-door, french-door and others. The refrigerators market in this report is segmented by distribution channel into specialty retailers, department stores, mass retailers/hypermarkets/supermarkets, discount stores and online. The refrigerators market covered in this report is segmented by application into household, commercial and industrial. The refrigerators market in this report is segmented by freezer location into freezer-on-top, freezer-on-bottom and freezer-less.
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The increasing consumption of processed food products such as frozen meat, vegetables, dairy products as well as change in the dietary habits of consumers is driving the refrigerators market growth. Due to busy lifestyles, consumers are increasingly relying on processed food, prepared meals that require refrigerators for storage. Accoring to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the refrigerators market.
Intense pricing pressure on manufacturers is restraining the growth of the refrigerators market. The market has numerous players competing in terms of price, specifications, and other characteristics. Durable goods such as TV, freezers are more price elastic than necessities. People are more likely to purchase when there is reduction in the price of the goods and less likely to purchase when there is a price hike.
Refrigerators manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators, adjust and monitor the temperature as per requirement.
In August 2018, Hisense Middle East, a subsidiary of Hisense Co Ltd, acquired Gorenje Gulf FZE, a manufacturer of home appliances for $339 million. This acquisition allows Gorenje to produce kitchen appliances, refrigerators, washing machines, televisions and air conditioners of Hisense's brands for the European market.
Major players in the market are Electrolux, Haier, LG Electronics, Samsung Electronics, Whirlpool, Hitachi, Bosch, Hisense, Sharp, Siemens.
Continuous…
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