Household Refrigerators And Freezers Market Latest Trends, Along With Major Key Players Forecast 2022-2030 in Market Research Community
- June 5, 2023, 5:53 a.m.
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Household Refrigerators And Freezers Market Overview:
The global for household refrigerators and freezers market was worth USD 83.9 billion in 2021, and it is projected to grow at a compound annual growth rate (CAGR) of 4.98% during the forecast period from 2022 to 2030. It is expected that by 2030, the market will be valued at USD 129.93 billion.
Refrigerators and freezers for household use are indispensable appliances in homes worldwide. Their purpose is to keep food and drinks at low temperatures, preventing spoilage and prolonging their shelf life.
The market for household refrigerators and freezers can be divided into different types of products, which include top-mount, bottom-mount, side-by-side, and others. In 2021, the top-mount refrigerators and freezers emerged as the largest segment, capturing more than 50% of the market share. This can be attributed to their affordability, user-friendly design, and wide range of sizes and colors available. The second-largest segment was occupied by bottom-mount refrigerators and freezers. However, it is expected that side-by-side refrigerators and freezers will witness significant growth during the forecast period. This can be attributed to their advanced features such as water and ice dispensers, as well as their larger storage capacity.
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The household refrigerators and freezers market has been segmented based on its applications, which include residential and commercial. The residential segment is the largest, accounting for over 90% of the market share in 2021, driven by the increasing demand for household refrigerators and freezers in homes worldwide. The commercial segment is the second-largest and includes refrigerators and freezers used in commercial kitchens, restaurants, and retail stores.
Asia Pacific dominates the household refrigerators and freezers market, holding over 40% of the market share in 2021. This growth is attributed to the increasing population and rising disposable income in countries like China, India, and Japan. The market has been geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Following Asia Pacific, North America and Europe are the second and third-largest markets, respectively. This is due to the high adoption rate of household refrigerators and freezers and the presence of major market players in these regions.
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
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 are among the prominent players in the household refrigerators and freezers market. These companies engage in product development, strategic collaborations, and mergers and acquisitions to enhance their market position and expand their product range.
In conclusion, the household refrigerators and freezers market size 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, 2022-2030?
- 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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