October 07, 2021
According to the report titled ‘Refrigerator Market Size By Door Type, By Door Handle Type (External, Built-in [Sliding Door, Swinging/Fixed Door]), By Door Opening Type (Reversible Door, Single Side Opening ), By Product (Frost, Non-Frost), By Refrigerant ( HFC, HCFC), By Technology ( Inverter, Non-Inverter), By Volume (Below 50L, 51-100L, 101-150L, 151-200L, 201-250L, 251-300L, 301-400L, 401-500L, 501-600L, 601-750L, Above 750L), By Display Type (7 Segment, LCD), By Control Type (Electronic, Manual), By Application (Household, Commercial), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021-2027’, available with MarketStudyReport, refrigerator market is expected to register notable gains during 2021-2027.
As per the report findings, the growth of refrigerator market is boosted by escalating consumer demand for affordable and technologically advanced refrigerators, lifestyle improvements driven by rapid urbanization, along with developments in the electronic manufacturing sector.
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For the unversed, refrigerators are appliances that are used to keep food and drinks cold and fresh for a longer duration. This is done by slowing down bacterial activities in edible items and delaying food spoilage.
Additionally, surging demand for the purchase of home appliances via e-commerce and online sales channels, along with implementation of energy efficient policies and directives across several geographies are creating lucrative opportunities for the marketplace.
Speaking of the negatives, high energy consumption by refrigerators, slow upgrades, and low replacement rate due to high average lifespan of these appliances are hampering the remuneration scope of refrigerator market.
Based on door type, the VCM segment is anticipated to expand considerably during the study period as they come with an anti-fingerprint and corrosion-free surface.
Considering the door handle type, the external segment is slated to develop at a steady pace during 2021-2027 because it requires less maintenance and ensure convenient door opening.
With respect to door opening type, the single side opening segment captured a market share of 25% in 2020 and is projected to amplify considerably over the forecast duration, owing to innovative designs of single-side opening refrigerators.
In terms of technology, the non-inverter segment is anticipated to record 4.5% CAGR over the estimated time period, pertaining to lower equipment costs, and wider product availability.
From the volume perspective, the 201L-250L segment is speculated to amass notable gains by 2027, accreditable to effective cooling performance, and enhanced storage capabilities of these refrigerators.
With regard to the display ambit of refrigerator market, the 7 segment display type refrigerators segment presently holds a considerable reveue share and is expected to progress significantly during 2021-2027, creditable to their affordability and features offering accurate data on temperature, fault code, and other attributes.
With regard to control type, the manual segment holds a major market share at present, owing to their easy-to-use control systems.
Based on application spectrum, the commercial segment is slated to generate robust returns during the analysis period. This can be ascribed to rising usage of refrigerators in hotels, restaurants, supermarkets, and convenience stores to preserve the freshness of the food items and keep them cold.
Regionally speaking, North America, Latin America, Asia Pacific, Europe, and Middle East & Africa (MEA) are considered to understand the dynamics of refrigerator market. Among these, MEA market is poised to register CAGR of 3% during 2021-2027, owing to the surging adoption of advanced refrigerators across the region.
Key players operating in the marketplace are Whirlpool Corporation, Samsung Electronics Co., Ltd., Panasonic Corporation, Midea Group Co., Ltd., Liebherr Group, LG Electronics, Inc., Hisense Group Co., Ltd., Haier Smart Home Co., Ltd., Danby Products Ltd., BSH Hausgerate GmbH, Qingdao Aucma Company Limited, and Electrolux AB.