The global Household Refrigerators And Freezers market size is expected to be worth around US$ 217.25 billion by 2030, according to a new report by Trends Market Research.
The global Household Refrigerators And Freezers market size was valued at US$ 91.90 billion in 2020 and is anticipated to grow at a CAGR of 8.8% during forecast period 2021 to 2030.
The growing trend of nuclear families, and increasing consumption of , are driving the market growth. Integration of state-of-the-art features with the help of disruptive digital technologies, such as the (IoT), digital temperature control system, and (AI), has enabled the global market to grow exponentially over the last decade. The strong competition among leading manufacturers has resulted in heavy R&D investments to develop technologically advanced and size-compatible refrigerators.
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For instance, in 2020, LG Electronics introduced the InstaView line of door-in-door refrigerators featuring a large glass panel that enables the household consumers to gaze inside the refrigerator without having to open it. This mechanism ensures that cold air inside does not escape and the food is fresh for a longer time. Furthermore, rising environmental concerns and energy efficiency initiatives are compelling manufacturers to follow regulations set by the agencies, such as the U.S. Environmental Protection Agency (EPA), which focuses on the reduction of Greenhouse Gas (GHG) emissions. An increasing number of consumers are preferring energy-efficient household refrigerators and freezers that consume less power per unit and reduce electricity bills and conserve energy in the long run.
The double door segment accounted for the highest revenue share of more than 87% in 2020 due to the high demand for products with several shelves, door bins, and adjustable freshness and temperature control features for the freezing compartment. The automatic frost-free cooling technology, one of the essential attributes of double door designs, also works in favor of the segment. Moreover, double door refrigerators offer more storage space with the systematic partition of compartments according to food and beverage items, making them more convenient and efficient.
The double door segment is further divided into top-mounted freezers, side by side, and French door. Among these, the French door segment is expected to witness the fastest growth during the forecast period. French door designs have separate spaces to store groceries, beverages, and other food items, and have freezers placed at the bottom, which offer extra shelf space and wide door bins as compared to any other refrigerators. This refrigeration equipment can assist in conserving energy as they allow easy access to smaller compartments while the others are closed.
The freestanding segment led the global market in 2020 accounting for a revenue share of more than 68%. Freestanding refrigerators, commonly called standalone equipment, are the most common variety of equipment. Since their inception, the products have witnessed several changes and enhancements in terms of design and ergonomic features. These appliances can be relocated quickly, which helps resolve the complexity of maintenance, repair, and operations. Furthermore, the availability of various types of standalone refrigeration equipment in the market, ranging from the right and left hinge options to French doors to considerable depth to store items, ensures segment growth.
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The 15 to 30 cu. Ft. segment accounted for the highest revenue share of over 57.0% in 2020. Storage capacity is one of the primary factors considered when purchasing household refrigerators & freezers. The majority of the households worldwide require 4 to 6 cu. Ft. of storage space per adult. As the average family consists of three to four people, due to the rising global trend of a nuclear family, refrigerators with built-in freezers at mid-capacity ranges are being preferred for home use.
Asia Pacific accounted for the highest revenue share of over 45.0% in 2020 and is expected to retain its dominance over the forecast period. The region is a manufacturing hub featuring the presence of the headquarters of numerous leading market participants, such as Panasonic Corp., LG Electronics, Samsung, and Haier Group. In addition, rapid urbanization and government initiatives for the electrification of rural areas in developing countries, such as India, Nepal, Indonesia, the Philippines, and angladesh, will support the regional market growth.
- AB Electrolux
- Dover Corporation
- LG Electronics
- Whirlpool Corporation
- Robert Bosch GmbH
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- Door Type Outlook
- Single Door
- Double Door
- Top Mounted Freezer
- Side by Side
- French Door
- Structure Outlook
- Capacity Outlook
- Less than 15 cu. Ft.
- 15 to 30 cu. Ft.
- More than 30 cu. Ft.
- Region Outlook
- North America
- Asia Pacific
- South America
- Middle East & Africa
- North America
The Household Refrigerators And Freezers market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Household Refrigerators And Freezers market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Household Refrigerators And Freezers market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Household Refrigerators And Freezers market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Household Refrigerators And Freezers market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
This post was originally published on Downey Magazine