-- Household refrigerators and freezers market is expected to witness a lucrative growth, subject to strict norms governing energy consumption. The refrigerators introduced in 2011 consumed only one-fourth of energy during operations as compared to the models that were launched in 1975. Thus, the need to reduce energy consumption have forced the industry players to now increase the size of a refrigerator by twenty percent. Manufacturers are constantly trying to develop energy efficient refrigerators by investing heavily in R&D activities, thereby creating high growth prospects for the business. Additionally, hefty government investments for promoting electrification programs in remote areas is also predicted to boost the market demand. As per the Global Market Insights, Inc., “Household refrigerators and freezers market revenue is slated to hit USD 78.22 billion by 2025, having attained USD 59 billion in 2015.”
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The implementation of the new generation features such as smartphone connectivity and automated temperature adjustability in the refrigerators and freezers will surge the product demand. Gradually changing lifestyle in the rural areas along with increasing disposable income of the consumers will build a lucrative roadmap for household refrigerators and freezers industry trends over the period of 2016 to 2025. In addition, heavy investment by government in electrification across the rural areas will further boost the household refrigerators and freezers market trends significantly.
French door bottom refrigerators, top mounted freezers, side-by-side freezers, and bottom mounted freezers are the major products in household refrigerators and freezers market. High capacity side-by-side freezers industry size is expected to grow at a rate of 4% during the period of 2016-2025, driven by escalating preference for high storage space and the rising demand for frozen foods among the urban population base. These products are highly preferred by the population belonging to the middle as well as upper-middle income groups thereby stimulating the business.
French door bottom freezer industry, which contributed over 25% of household refrigerators and freezers market share in 2015, is expected to witness a high surge over the years ahead. Surging demand for advanced products offering a high level of comfort to the consumers will drive the industry growth.
Geographically, U.S. contributed majorly towards the North America household refrigerators and freezers market share in 2015 and will grow noticeably over the coming timeframe, owing to the growing demand for eco-friendly products.
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Europe Household refrigerators and freezers market is predicted to exhibit a lucrative growth rate over the coming eight years. The attributing factors towards the market growth are surging need of energy efficient products and rising disposable income.
Market players are trying to incorporate new features in their products to gain competitive advantage. AB Electrolux, Haier Group Corporation, General Electric, Frigidaire, Robert Bosch GmbH, Samsung Group, Panasonic Corporation, and LG Electronics Incorporation are few of the major participants of household refrigerators and freezers industry.
Major Key Points from Table of Content:
Chapter 3 Household Refrigerators and Freezers Industry Insights
3.1 Household refrigerators and freezers industry segmentation
3.2 Industry size and forecast, 2010 - 2025
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
3.3.3 Product cost structure analysis
3.3.4 Profit margin indicators
3.3.5 Customer insights
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Household refrigerators and freezers industry impact forces
3.6.1 Growth drivers
3.6.1.1 Growing energy efficiency initiatives
3.6.1.2 Increasing purchasing power
3.6.1.3 Technological advancements in product development
3.6.2 Industry pitfalls and challenges
3.6.2.1 Significant untapped population base
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 Company market share analysis, 2015
3.9.1 Strategy dashboard
3.9.2 Market concentration
3.10 PESTEL analysis
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Contact Info:
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Address: Global Market Insights, Inc., 4 North Main Street,
Phone: 3028467766
Website: https://www.gminsights.com/pressrelease/household-refrigerators-and-freezers-market
Release ID: 88912000
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