Global outlook of the inverter technology refrigerators market

Technavio’s market research analyst predicts the global inverter technology refrigerator market to grow at a healthy rate during the forecast period, registering a CAGR of more than 11%.  Inverter technology refrigerators are preferred over conventional refrigerators because of their superior performance, use of variable motor speed drive, efficient inverter-fed AC motor, and linear and scroll compressors. Invertor refrigerators provide energy efficiency and other advantages over conventional refrigerators such as lower noise and higher compressor life. The invertor technology is generally used for refrigerators with capacities ranging between 190 liters to 700 liters. LG was the first player to introduce inverter technology refrigerators in single door format. With frequency conversion technology and choice of suitable compressors, the market for invertor technology refrigerators will witness massive growth over the predicted period.

Owing to the high costs of inverter technology refrigerators, manufacturers are adding features such as multi-air-flow cooling and stylish design elements. They are differentiating their products with features like smart connect and smart diagnosis enabled through NFC and Wi-Fi connectivity.  Vendors are introducing a broad range of innovative products in terms of design like double door refrigerator with frost free freezer compartment, and door-in-door or, multi-door formats for optimized storage. For high-end models of inverted technology refrigerators, manufacturers are integrating functional features such as water dispensers and time pieces.

Competitive landscape and key vendors

The global inverter technology refrigerators market is highly concentrated among few major players of APAC. With the rising competition and constant revision in existing energy standards, vendors are continuously bringing in innovative products in the market. The competition is expected to intensify during the forecast period, with the entry of several new players, price wars, and mergers and acquisitions. To sustain themselves in the intensely competitive scenario, the manufacturing enterprises are extending their product range, along with the wide frequency range of compressors.

Leading vendors in the market are -

• Hitachi
• LG
• Panasonic
• Samsung

Other prominent vendors in the inverter technology refrigerator market include Arçelik, Godrej, Haier, Hisense, Midea, Mitsubishi Electric, Robert Bosch, Toshiba, and Whirlpool.

Segmentation by retail distribution channels and analysis of the inverter technology refrigerator market

• Speciality retailers
• Department stores
• Mass retailers/hypermarket/supermarket
• Discount stores
• Online

During 2015, the speciality stores dominated the market and accounted for around 63% of the total market share. Much of the segment’s growth is due to the specialized products available in these stores that cater to the consumers’ requirements. These stores have advanced products and also provide customized offerings to the customers. However, with more convenient and secure payment options available online, the online retail distribution will witness massive growth in the coming years.

Geographical segmentation and analysis of the inverter technology refrigerator market

• Americas
• APAC
• Europe
• MEA

APAC is the largest market for inverter technology refrigerators and will occupy around 79% of the total market share in 2020. This technology was first introduced to air conditioners by Toshiba and later adopted by global giants like LG and Samsung. As the inverter technology has been largely standardized for use in refrigerators with capacities ranging between 190 to 600 liters, APAC is the largest market for these refrigerators. Some of the major countries for inverter technology refrigerators in APAC include Japan, China, India, South Korea, Russia, and Australia.

 Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global inverter technology refrigerator market?
• What are the key market trends impacting the growth of the global inverter technology refrigerator market?
• What are the challenges to market growth?
• Who are the key vendors in the global inverter technology refrigerator market?
• What are the market opportunities and threats faced by the vendors in the global inverter technology refrigerator market?
• Trending factors influencing the market shares of the Americas, APAC, Europe, and MEA.
• What are the key outcomes of the five forces analysis of the global inverter technology refrigerator market?

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