Household Refrigerators & Freezers Market size worth over $78bn by 2025
Published Date: December 5, 2016 Authors: Preeti Wadhwani, Prasenjit Saha
Household Refrigerators & Freezers Market size is set to surpass USD 78.22 billion by 2025, according to a new research report by Global Market Insights, Inc.
Household refrigerators & freezers market is characterized by diverse competitors present globally offering new technologies lowering energy consumption every year. Growing energy efficiency initiatives by the Department of Energy have translated into huge savings for consumers.
Refrigerators performing beyond minimum energy standards qualify for the ENERGY STAR label. Introducing energy efficiency labels to grow consumer awareness on the differences in costs, energy consumption and benefits would motivate consumers to care about the energy usage in home appliances. With improving efficiency to meet standards, manufacturers have increased the refrigerator size by 20% and provide user-friendly technological advancements such as through-the-door-ice, water tap on the door, and more buying options for consumers.
Growing double-income families in urban areas characterized by rising purchasing power and disposable income have spurred high-product demand. Increasing automation and globalization has made manufacturing economical enabling companies to reduce the costs of appliances for consumers.
Downsizing margins, rising R&D costs for introducing new technologies and seasonal demand along with cost variations would restrain the household refrigerators & freezers market growth over the forecast timeline. The energy efficiency standards would act as an entry barrier in this industry as matching efficiency standards would require heavy investment in R&D and updating automation in manufacturing.
Shifting focus towards significant untapped population base in rural economies will pose as an opportunity for manufacturers. The usefulness & necessity of the refrigerator depends on various factors such as food storing, packaging and preserving across communities.
Rising higher capacity frost-free fridge demand has witnessed steep growth in the past few years. Competitors have shifted their focus towards the high-end spectrum by introducing premium products. The high capacity side-by-side (SbS) fridges would gain popularity amongst upper-middle class owing to increasing double-income families preferring more storage space in refrigerators. Furthermore, maintenance free compressors, increased life cycle and easy financing options will augment the market value over the forecast timeframe.
Significant initiatives by government in the rural electrification will also support the growing demand of the appliances. Affordable direct cool or single door fridges are expected to have huge sale in developing economies. Increasing globalization and manufacturing technologies will provide affordable products for all income levels.
Browse key industry insights spread across 110 pages with 184 market data tables & 10 figures & charts from the report, “Household Refrigerators & Freezers Market Size By Product (Top Mounted Freezer, Bottom Mounted, Side-By-Side, French Door Bottom Freezer), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2025” in detail along with the table of contents:
Key insights from the report include:
- French door bottom-freezer refrigerator held around 25% of the market share in 2015. Rising demand for comfortable position for closing and opening doors along with technically advanced flexible storage options would drive the industry demand.
- In 2015, U.S. region accounted for the majority share in the North American household refrigerators & freezers market. Increasing disposable income and requirements for energy efficient products is likely to generate considerable sales in the region.
- Key competitors in the market include Samsung, Electrolux, Haier, Whirlpool and LG. Other prominent players are Panasonic, Bosch, General Electric and Frigidaire.
- The industry participants are focusing on expanded product portfolio emphasizing on quality and more features. U.S. companies are shifting towards Africa and Asia Pacific to target quicker growth in these potential regions.