Household Refrigerators And Freezers Market Report

Household Refrigerators And Freezers Market Analysis Report By Refrigerator Door Type (Single Door, Double Door, Side by Side Door, French Door), By Freezer Location, And Segment Forecasts, 2018 - 2025

  • Published Date: Sep, 2018
  • Base Year for Estimate: 2017
  • Report ID: GVR-1-68038-255-6
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2016
  • Number of Pages: 180

Industry Insights

The household refrigerators and freezers market size was estimated at USD 72.43 billion in 2017. It is likely to exhibit a CACR of 6.8% over the forecast period. Rising disposable income, availability of smart and energy efficient refrigerator units, and widening base of nuclear families are leading to upsurge in demand for refrigerators and freezers for household applications. Furthermore, rising electrification of rural areas is projected to work in favor of the market during the forecast period.

U.S. household refrigerators and freezers market

Refrigerators and freezers hold prominent position in the household kitchen appliances segment. They are considered safe, easy, and convenient way to preserve food and food products. Increasing consumer spending power, digitalization, and sustainability are leading to transformation of the domestic appliances sector worldwide. These changes are offering significant growth potential to the market.

Product innovation and rising average global temperature are also playing a critical role in fueling the demand for refrigerators and freezers. Apart from this, there is a rise in investments in replacement of old energy inefficient units with new units. This trend is expected to stoke the growth of the market.

Single door refrigerators and freezers are the most widely used door type as they are cost efficient, easy-to-use, and may or may not contain an inbuilt freezer. The French door refrigerators, on the other hand, are rapidly gaining popularity owing to ease of usability and smart features introduced in these refrigerators.

There are several players in the market who are competing in terms of price, specifications, and other characteristics. A primary concern with the use of refrigerators that has always existed is their negative impact on the environment. High electricity consumption, carbon emission, and other pollutants from them damage the environment. This acts as a stumbling stone in the growth of the market. They also consume high energy, which indirectly impacts the environment.

Nevertheless, market players are trying to come up with new models that have minimum impact on the environment. Abandoning use of old refrigerators and regular servicing are likely to reduce harmful emissions, thereby curtailing environmental pollution.

Refrigerator Door Type Insights

Single door refrigerator type may have compact inbuilt freezer on the top or may not have freezers. Owing to higher affordability and energy efficiency, single door types are poised to hold the largest share in the market through 2025. For instance, in December 2017, Godrej announced launch of Godrej Edge Duo single door refrigerator with separate vegetable drawer. This model helped users to access vegetables easily.

French door refrigerators have the entire bottom dedicated to freezer space. They may also have single door for freezer, but split the freezer the same way as the fridge segment, thus, together forming a multiple door system. Widening base of nuclear families, growing trend of stocking groceries in case of large families, and increasing usage of preserved food products are estimated to supplement the growth of the segment during the forecast period. French door types have separate spaces to store food, beverages, groceries, and other products.

Freezer Location Insights

Freezer on top is the most widely adopted types of refrigerators for household applications. The segment accounted for about 55.0% of the overall revenue in the household refrigerators and freezers market in 2017. Freezer less type is often less preferred as it is used for storage of beverages only.

global household refrigerators and freezers market

For storage and preservation of food and food products, either of the freezer on top or bottom are used. The two segments are anticipated to exhibit similar growth rates during the forecast period.

Regional Insights

The market in Asia Pacific had a valuation of USD 16.13 billion in 2017. It is expected to experience the fastest growth during the forecast period. The region is home to some of the major manufacturers such as Samsung; Haier Inc.; Godrej; LG Electronics; and Panasonic Corporation.

These companies are acquiring or collaborating with local suppliers and distributors and focusing on geographical expansion to increase their sales in the region. For instance, in April 2017, Panasonic Corporation announced opening of new refrigerator compressor business unit in Singapore. The purpose of this expansion was to fulfil the demand generated in the Asian market. In addition, in September 2017, Panasonic Corporation announced opening of commercial and home solution showroom in Thailand.

North America is projected to account for the leading share in the global arena throughout the forecast horizon owing to presence of large base of urban population, growing nuclear families, and surging usage of multiple refrigerator and freezer units for beverages and other food products.

Household Refrigerators and Freezers Market Share Insights

Key players such as LG Electronics, Haier, Electrolux, Samsung, Whirlpool, and Robert Bosch are continually catering to the market with new product launches. The key players are actively investing in research and development to remain competitive in the arena. Product innovation is an important tool for market players to ensure constant growth and sustainability in the marketplace. For instance, in January 2016, Liebherr digitalized its refrigerators and freezers by connecting IoT. This innovation provided users with the convenience of simplifying household routine.

Mergers & acquisitions and collaborations have a major impact on the market and are contributing to market share of key players. For instance, in June 2016, Haier Inc. announced acquisition of GE appliances from General Electric. General Electric has a strong customer and employee base, which would help Haier to offer customers better choice and improved services over time.

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2015 - 2016

Forecast period

2018 - 2025

Market representation

Revenue in USD Billion and CAGR from 2018 to 2025

Regional scope

North America, Europe, Asia Pacific, South America, Middle East & Africa

Country scope

U.S., Canada, Mexico, U.K., Germany, France, Italy, Romania, Russia, China, India, Japan, South Korea, Malaysia, Indonesia, Australia, Brazil, U.A.E., Saudi Arabia, Egypt

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the household refrigerators and freezers market report on the basis of refrigerator door type, freezer location, and region:

  • Refrigerator Door Type Outlook (Revenue, USD Billion, 2015 - 2025)

    • Single Door

    • Double Door

    • Side by Side Door

    • French Door

  • Freezer Location Outlook (Revenue, USD Billion, 2015 - 2025)

    • Freezer on top

    • Freezer on bottom

    • Freezer less

  • Regional Outlook (Revenue, USD Billion, 2015 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Romania

      • Russia

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Malaysia

      • Indonesia

      • Australia

    • South America

      • Brazil

    • Middle East & Africa

      • U.A.E.

      • Saudi Arabia

      • Egypt

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