Household Refrigerators And Freezers Market Latest Trends, Along With Major Key Players Forecast 2022-2030 in Market Research Community

Household Refrigerators And Freezers Market Overview:

Household Refrigerators and Freezers Market was sized at USD 83.9 billion in 2021, witnessing a CAGR of 4.98% during the forecast period (2022-2030), and the market is projected to be worth USD 129.93 billion by 2030.

Household refrigerators and freezers are essential appliances in households around the world. They are used for preserving and storing food and beverages at low temperatures to prevent spoilage and extend their shelf life. The global household refrigerators and freezers market was valued at $72.3 billion in 2021 and is expected to reach $97.6 billion by 2028, with a CAGR of 4.2% during the forecast period.

The household refrigerators and freezers market has been segmented into several product types, including top-mount, bottom-mount, side-by-side, and others. Top-mount refrigerators and freezers are the largest product segment, accounting for over 50% of the market share in 2021, due to their affordability, ease of use, and availability in different sizes and colors. Bottom-mount refrigerators and freezers are the second-largest product segment, followed by side-by-side refrigerators and freezers, which are expected to grow significantly during the forecast period due to their advanced features, such as water and ice dispensers, and larger storage capacity.

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The household refrigerators and freezers market has been further segmented into several applications, including residential and commercial. Residential is the largest application segment, accounting for over 90% of the market share in 2021, driven by the increasing demand for household refrigerators and freezers in households worldwide. Commercial is the second-largest application segment, which includes refrigerators and freezers used in commercial kitchens, restaurants, and retail stores.

Geographically, the household refrigerators and freezers market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is the largest market for household refrigerators and freezers, accounting for over 40% of the market share in 2021, driven by the increasing population and rising disposable income in countries such as China, India, and Japan. North America and Europe are the second and third-largest markets, respectively, due to the high adoption rate of household refrigerators and freezers and the presence of major market players in the region.

Market Segmentation

By Door Type:

Double door and French door

By Capacity:      

15-30 cu. Ft., less than 15 cu. Ft. and more than 30 cu. Ft.

By Structure:

Built-in and Freestanding

By Geography:
North America, Europe, Asia, Pacific, Latin America, Middle East, and Africa

The key players in the household refrigerators and freezers market include Whirlpool Corporation, LG Electronics, Samsung Electronics, Electrolux AB, Haier Group Corporation, Panasonic Corporation, Midea Group Co., Ltd., Hisense Group Co., Ltd., Hitachi, Ltd., and Bosch GmbH. These companies are actively involved in product development, strategic collaborations, and mergers and acquisitions to expand their market presence and increase their product portfolio.

In conclusion, the household refrigerators and freezers market is a growing sector driven by the increasing demand for household appliances worldwide. The market has been segmented into several product types, applications, and geographically into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. With the increasing investment in research and development by companies and governments, the household refrigerators and freezers market is expected to grow significantly during the forecast period.

The study provides answers to the following key questions:                                                                                                                                                        

• What type of customers buying the products and services from companies operating in the Household Refrigerators And Freezers Market?
• What will be the roadmap for the product manufacturers operating in the Household Refrigerators And Freezers Market for the forecast period, 2022 to 2030?
• What are the recent developments in the competitive landscape to look out for during the estimated period?
• What are the major trends influencing customers’ lives and their buying behaviour?
• How can brands best communicate with the customers they intend to target?
• When, where and how the customers want to use or consume the products or services?

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