Household Refrigerators and Freezers Market Outlook
According to the report by Expert Market Research (EMR), the global household refrigerators and freezers market size reached a value of USD 99.78 billion in 2023. Aided by the growing emphasis on energy efficiency and smart technologies, along with increasing household incomes globally, the market is projected to further grow at a CAGR of 4.40% between 2024 and 2032 to reach a value of USD 147.68 billion by 2032.
Household refrigerators and freezers are integral appliances that provide storage to keep food and other perishable items fresh and preserved. Advances in technology have introduced features such as multi-temperature regulation, inverter technology, and smart connectivity, enhancing the functionality and user-friendliness of these devices.
The escalating global demand for energy-efficient appliances is significantly driving the household refrigerators and freezers market growth. Increasing awareness about energy conservation and the need to reduce electricity costs has triggered the demand for energy-efficient and star-rated refrigerators. Moreover, stringent government regulations promoting energy-efficient appliances have further fuelled this demand.
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In tandem with the need for energy efficiency, the rise in smart technologies is playing a significant role in shaping the household refrigerators and freezers market. Smart refrigerators, with features like touch displays, intelligent temperature settings, internet connectivity, and internal cameras, are gaining popularity, especially in developed economies. These devices, often integrated with personal assistants or home automation systems, provide improved functionality, convenience, and energy efficiency, thereby appealing to modern tech-savvy consumers.
The market is also witnessing growth due to increasing disposable incomes, especially in emerging economies. The growing purchasing power has led to higher consumer spending on home appliances, thus positively impacting the household refrigerators and freezers market share.
Moreover, the changing lifestyle and increasing trend of nuclear families have led to a surge in demand for smaller and more compact refrigerators. Simultaneously, large households and commercial settings are demanding more significant capacity refrigerators and freezers, contributing to the diverse demand in the market.
Refrigerators and freezers find wide applications across households globally. They are an essential appliance in the food and beverage sector, being critical for storing raw materials, preparing food, and beverages. The rising global population, along with the increasing need for efficient food storage solutions, is contributing to the household refrigerators and freezers market expansion.
With rising awareness of climate change and the increasing cost of energy, there’s a growing demand for energy-efficient and sustainable refrigeration solutions. New models are being designed to consume less electricity, using advanced insulation techniques and more efficient cooling systems, such as inverter technology that adjusts the compressor speed based on demand. Furthermore, there’s a push towards using eco-friendly refrigerants that have a lower global warming potential (GWP) in line with international environmental standards.
As per the household refrigerators and freezers market analysis, smart refrigerators are becoming increasingly popular, offering features such as touchscreen interfaces, internal cameras, connectivity to the internet, and integration with other smart home devices. These refrigerators can track inventory, suggest recipes based on the contents, alert users to expiry dates, and even order groceries online. The integration with virtual assistants allows for voice-controlled operations, enhancing user convenience.
As per the household refrigerators and freezers market outlook, manufacturers are focusing on innovative designs that not only enhance the aesthetic appeal of refrigerators and freezers but also provide customisable options to cater to varying consumer needs. This includes modular designs that allow consumers to add or remove compartments as needed, and door-in-door features that offer easy access to frequently used items without opening the full door, thereby improving energy efficiency.
Household Refrigerators and Freezers Market Segmentation
The market can be divided based on type, capacity, distribution channel, and region.
Market Breakup by Type
- Top-Freezer Refrigerator
- Bottom-Freezer Refrigerator
- Side-by-Side Refrigerator
- French Door Refrigerator
- Others
Market Breakup by Capacity
- Less than 15 cu. Ft
- 15 to 30 cu. Ft
- More than 30 cu. Ft.
Market Breakup by Distribution Channel
- Multi-Branded Stores
- Speciality Stores
- Online
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global household refrigerators and freezers companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Haier Group Corporation
- Dacor, Inc
- Godrej Industries Ltd
- Electrolux AB
- LG Electronics Inc
- Panasonic Holdings Corporation
- Koninklijke Philips N.V
- Robert Bosch GmbH
- Samsung Electronics Co., Ltd
- The Whirlpool Corporation
- Others
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