The global household refrigerators market is anticipated to grow at a CAGR of 6.5% during the forecast period (2022-2028). It is a household appliance primarily used for food storage with protecting it from getting contaminated. The major factor expected to drive the market growth is the growing energy efficiency initiatives and the rising purchasing power of consumers. In addition, the growing energy efficiency initiatives, increasing purchasing power, technological advancements in product development along with key manufacturers are investing in R and D to develop household refrigerators and freezers for continued efficiency improvements. These are some factors that propel the growth of the global household refrigerators market during the forecast period.
Additionally, by type, side by side door segment is expected to hold significant share in the market during the forecast period owing to the high demand for products with several shelves, door bins, and adjustable freshness and temperature control features for the freezing compartment. Along with this, it provides automatic frost-free cooling technology, one of the essential attributes of double door designs, and offers more storage space with the systematic partition of compartments as per food and beverage items, making them more convenient and efficient.
Some major players in the market include Haier Group Corp., Whirlpool Corp., and LG Electronics, Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in March 2019, the legacy companies announced the acquisition of Avanti Products Inc. (which manufacturers and markets compact appliances including refrigerators, freezers, ranges, microwave ovens, wine refrigerators, ice makers, water dispensers, laundry appliances, and other compact appliances). By this, the company plans to produce some of Avanti’s product solutions in its wholly-owned manufacturing plants thereby securing a source of competitive advantage.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- By Distribution Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Haier Group Corp., Whirlpool Corp., and LG Electronics, Inc., among others.
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Global Household Refrigerators Market Report by Segment
By Type
- Bottom-freeze Refrigerators/Top-freeze Refrigerators
- Side-by-side freezers Refrigerator
- French Door Refrigerator
- Counter-depth Refrigerator
- Chest Freezers
- Others
By Application
- Frozen Vegetable and Fruit
- Frozen Meat
- Others
By Distribution Channel
- Specialty Stores
- Supermarkets / Hypermarkets
- Online
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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