Global Refrigerator Market 2016-2020

Refrigerator market outlook

Technavio’s market research analysts predict the global refrigerator market to grow steadily during the forecast period and post a CAGR of more than 4% by 2020. This industry research report identifies the use of eco-friendly and energy-efficient technologies in refrigerators to be one of the major factors that will have a positive impact on the growth of this market in the coming years.

Since refrigerators are one of the home appliances that consume a lot of energy, energy-efficiency has become one of the most important factors considered by end-users while purchasing. Also, the increasing awareness toward environmental pollution has resulted in the customer shift toward environment-friendly refrigerators that use eco-friendly refrigerants and materials such as non–ozone depleting refrigerants and glass shelves.

Moreover, the introduction of energy-efficiency regulations that mandate the labeling of refrigerators based on their performance, will induce manufacturers and retailers to promote energy-efficiency as a product differentiating feature. Consumers have also started preferring ENERGY STAR rated refrigerators since they are equipped with high-efficiency compressors, improved insulation, and defrosting features that help enhance energy-efficiency. This will compel players in the market to increase their R&D investments and innovate more energy-efficient refrigerators.

Refrigerator market forecast based on geography

In terms of geographical regions, APAC was the major revenue contributor to the market during 2015. The region is the production hub for refrigerators where factors such as the presence of developing markets like China and India, the increase in a number of retailers, urbanization, and the changes in food consumption habits that result in the development of the food and beverage industry, will fuel the growth of the market.

Refrigerator market growth opportunities for key vendors

Owing to the presence of numerous global and regional players, this market appears to be highly fragmented. The market is currently dominated by global players such as Samsung Electronics and LG Electronics who are currently focusing on expanding their footprint across the world, especially in the developing countries in APAC, Africa, and Latin America. As a result, regional players find it difficult to compete in the market, particularly in terms of factors such as product quality, technology, and pricing. An increase in product/service extensions and technological innovations will intensify the level of competition in the market. The international players will also grow inorganically during the forecast period by acquiring regional or local vendors.

The leading vendors in the refrigerator market

• Electrolux
• Haier
• LG Electronics
• Samsung Electronics
• Whirlpool

Refrigerator market segmentation by freezer location

• Freezer-on-top
• Freezer-on-bottom
• Freezer-less

The freezer-on-top or top-mount refrigerator has the freezer compartment on top. These refrigerators have a lot of space, making it easy for consumers to store larger dishes. Freezer-on-top is one of the most popular styles across the world and these refrigerators are economically priced, due to which, this segment accounted for the major market shares during 2015.

Refrigerator market segmentation by distribution channel

• Specialty retailers
• Department stores
• Mass retailers/hypermarkets/supermarkets
• Discount stores
• Online

Specialty retail stores offer a wide variety of brands and product portfolios of multiple brands across all outlets and are the most-preferred distribution channel by end-users. This segment was the major revenue contributor to the market during 2015 and analysts predict this trend to continue in the coming years as well.

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 refrigerator market?
• What are the key market trends impacting the growth of the global refrigerator market?
• What are the challenges to market growth?
• Who are the key vendors in the global refrigerator market?
• What are the market opportunities and threats faced by the vendors in the global refrigerator market?
• Trending factors influencing the market shares of APAC, Europe, North America and MEA.
• What are the key outcomes of the five forces analysis of the global refrigerator market?

Technavio also offers customization on reports based on specific client requirement.

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