Household Refrigerators And Freezers Market Growth Rate, Share, Size, Forecast 2022-2030 in Market Research Community

Household Refrigerators And Freezers Market Overview:

The market for household refrigerators and freezers was valued at USD 83.9 billion in 2021, with a CAGR of 4.98% projected during the forecast period of 2022-2030. By 2030, the market is estimated to reach a value of 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 household refrigerators and freezers market comprises various product types, such as top-mount, bottom-mount, side-by-side, and others. Top-mount refrigerators and freezers represent the largest segment, accounting for over 50% of the market share in 2021. Their popularity is attributed to their affordability, ease of use, and availability in different sizes and colors. The second-largest segment is bottom-mount refrigerators and freezers, while side-by-side refrigerators and freezers are expected to witness significant growth during the forecast period. This growth is due to their advanced features such as water and ice dispensers and more significant storage capacity.

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The household refrigerators and freezers market has undergone further segmentation into several applications, such as residential and commercial. The residential segment is the most extensive application, representing more than 90% of the market share in 2021. The growing demand for household refrigerators and freezers in homes worldwide fuels this segment. The commercial application is the second-largest, comprising 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

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 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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