Household Refrigerators and Freezers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
The global household refrigerators and freezers market is expected to witness a high growth in the coming years on account of the rising initiatives for achieving energy efficiency by the governments across countries and the growing spending capacity of consumers. The refrigerators built in the past and those built today have much difference in terms of the energy they utilize. Thus, there is a high demand for replacement of old refrigerators and freezers with the latest technology product. This has resulted in the obsolescence of old-fashioned or conventional freezers and refrigerators. Manufacturers of refrigerators and freezers today, are striving to meet the standards and are thus manufacturing efficient products. Players are also offering customers, user-friendly features such as water tap on the door, through-the-door-ice, and similar other technological advancements. The pairing of refrigerators with smartphones will be another trend, driving the growth of this household refrigerators and freezers market.
The growth of household refrigerators and freezers market can also be attributed to the growing trend of having nuclear families and high disposable income, which has resulted in the want for improved lifestyle products across the globe. Players in the market are concentrating on improving the structure of the equipment from the inside, and research and development is being carried out to bring about these improvements and innovations. Players are also brining about advancements in the cooling technology and providing energy efficient options to traditional products. Manufactures of freezers and refrigerators are also strengthening their position in the market by offering service and aftermarket operations.
Refrigerators and Freezers have been an integral part of majority of households across the world for several decades. However, in the recent times, the growing culture of packaged food and irregular eating habits among the urban population has experienced an exponential surge. Backed by increased disposable income among the middle class, the global market for household refrigerators and freezers is projected for a healthy growth rate during the forecast period of 2017 to 2025.
This report on global household refrigerators and freezers market is a holistic overview of the market in its current scenario, and on the basis of several factors that are expected to influence the demand over the next few years, it presents an estimation of the future. The report also highlights some of the trends and opportunities available for the vendors to base their strategic developments on. To present a clear picture of the competitive landscape, the report profiles several prominent companies for their market share, product portfolio, pricing and margin, geographical presence, and updates on mergers, acquisitions, and collaborations. On the basis of product, the global household refrigerators and freezers market can be segmented into top mounted, bottom mounted, French door, and side-by-side. Geographically, the report studies the regional markets of North America, Asia Pacific, Europe, and Rest of the World.
The increasing need to conserve energy is not only escalating the cost of electricity for the consumers but is also enticing them to invest on technologically advanced refrigerators and freezers that are high on energy-efficiency. Several governments have regulations to inform the consumer regarding the energy-efficiency of electronic products, such has ENERGY STAR label, is quickly incrementing the awareness about advanced products. Currently, the food and beverage industry is thriving, which is also expected to positively reflect on global household refrigerators and freezers market as this increased uptake of packaged food items require preservation via freezing process. Technologically advancements in this field has also led to innovative refrigerators and freezers that are not only more efficient and consume less energy, but also are light-weight and safely portable.
According to the report, the segment of French door bottom-freezer refrigerator accounts for the maximum market shares, although side-by-side refrigerators are projected for the best growth rate during the forecast period. Rising demand for higher capacity and frost-free products is a trend that must be noted by the players, besides focusing on higher-end spectrum or premium product that ultimately offer higher profit.
High rate of disposable income and requirements for energy make Europe the most profitable region, although energy efficiency upgrade in September 2015 will ensure extended demand for advanced products from the country of U.S., thereby making North America another lucrative region. Recent models of household refrigerators and freezers have significantly lower operating cost despite offering advantages such as temperature adjustability, automated food ordering, and smartphone controls. Asia Pacific too is projected for a healthy growth rate owing to factors such as changing lifestyle in several emerging economies, vast population base, and increasing disposable income.
Some of the prominent companies in global household refrigerators and freezers market are Electrolux, Whirlpool, Samsung, Haier and LG. With an exhaustive product portfolio, robust geographical presence, continuous efforts to bring advanced products, and aggressive market, these key players dominate the market and own major shares. Other notable players include General Electric, Panasonic, Bosch, and Frigidaire.
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