Global Household Refrigerator Market Overview:
A household refrigerator is a household appliance that consists of a thermally insulated compartment and a heat pump (mechanical, electronic or chemical) which transfers heat from the inside of the fridge to its external environment. The main function is that inside of the fridge it is cooled to a temperature below the ambient temperature of the room. Refrigeration is an essential food storage technique. Further, Emerging Commercialization and changing the lifestyle of consumers in line with the adoption of modern technologies is driving the Global Household Refrigerator market. Some of the key players profiled in the study are Robert Bosch GmbH (Germany), The Whirlpool Corporation (United States), AB Electrolux (Sweden), Samsung Electronics (South Korea), Panasonic Corporation (Japan), Dover Corporation (United States), Siemens AG (Germany), Godrej Industries (India), GE Appliances (United States), Koninklijke Philips N.V. (Netherlands), LG Electronics (South Korea) and Videocon International Ltd. (India).
On the basis of geography, the market of Household Refrigerator has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Cooling Technology, the sub-segment i.e. Compressor Refrigerators will boost the Household Refrigerator market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Storage Capacity, the sub-segment i.e. Small Storage Capacity Refrigerators (<100L) will boost the Household Refrigerator market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Door Type, the sub-segment i.e. Single Door will boost the Household Refrigerator market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Marketing Channel, the sub-segment i.e. Direct will boost the Household Refrigerator market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Demand for Consumer Goods
- Rising Demand for Refrigerated Food Products & Nuclear Families
- Rapid Economic Growth and Urbanization
- Increasing Disposable Income of Consumers
- Emerging Technologies Such as Wireless Communication and Internet of Things (IoT)
- Refrigerators with Wi-Fi Enabled Touch Screen and Embedded Applications
- Low Penetration Rate in Rural Areas and Inadequate Infrastructure
- Growth in Export and Import Activities in Food & Beverage Sector
- High Electricity Consumption
- Stringent Government Regulations on the Emission of Gas by Refrigerators Such as CFCs (Chlorofluorocarbons)
Major Market Developments:
In 2018, Panasonic achieved global production of USD 100 million refrigerators after launching its first model in 1953. and The latest NR-F655WPX, released in March 2019, incorporates a commercial-level flash-freezing feature, achieving an even greater level of progress.
In November 2017, The United States Environmental Protection Agency (EPA) released a rule that will allow climate-friendly refrigerants in household refrigerators and freezers. Replacing the super greenhouse gas commonly used as a refrigerant (HFC-134a) in this sector could avoid emissions of up to 3.7 million metric tons of direct CO2 equivalent annually.
Household Refrigerator Manufacturers, Potential Investors, Industry Associations, Government and Regulatory Bodies, Food and Beverage Industry, Marketing firms, Downstream Vendors and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Household Refrigerator market on the basis of product [Single Compressor Based Model and Dual Compressor Based Model] , application [Residential, Hotel, Hospital and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Household Refrigerator market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Household Refrigerator industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Vendors which are also part of the research are Hisense Co.Ltd. (China), Haier Group Corporation (China), Sears Holdings Management Corporation (United States) and BPL Refrigeration (India).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Household Refrigerator market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.