Enjoy complimentary customisation on priority with our Enterprise License!
The household refrigerators freezers market size is estimated to grow at a CAGR of 4.54% between 2022 and 2027. The market size is forecast to increase by USD 23.27 billion. The growth of the market depends on several factors such as the high demand for energy-efficient appliances, the high disposable income of consumers, and frequent innovative product launches
This household refrigerators freezers market report extensively covers market segmentation by type (double door and single door), capacity (15 cu ft to 30 cu ft, less than 15 cu ft, and more than 15 cu ft), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The high demand for energy-efficient appliances driving the market growth. In recent years, energy-efficient household freezers have been experiencing a growing demand. Environmental awareness, cost savings, government regulations, and advancements in technology are the major factors driving the market. To reduce their carbon footprints, consumers are becoming more environmentally conscious and seeking energy-efficient appliances.
Moreover, energy-efficient freezers help reduce electricity consumption, leading to lowered greenhouse gas emissions and less impact on the environment. With increasing energy costs, households are looking for ways to save money on their energy expenses, making energy efficiency an attractive feature. Growing awareness and education on energy-efficient appliances have impacted consumer preferences. Consumers are more informed about the benefits of energy efficiency and actively seek out energy-saving appliances, which is expected to boost the growth of the global market in focus during the forecast period.
Robust demand for smart appliances is an emerging trend shaping market growth. In recent years, smart household freezers, equipped with advanced technology and connectivity features, have been witnessing increasing demand. The growing popularity of smart household freezers is driven by several factors that cater to consumers' evolving needs and preferences. Smart household freezers deliver improved convenience through connectivity attributes.
In addition, with Wi-Fi or Bluetooth capabilities, users can remotely monitor and control the freezer's settings, check inventory, and receive real-time notifications on their smartphones or other smart devices. The rising adoption of Internet of Things (IoT) technology has increased the demand for smart appliances, including freezers introducing new concepts of smart homes. Smart freezers may have adaptive cooling capabilities that adjust temperatures based on usage patterns and environmental conditions, assuring optimal food preservation while minimizing energy usage. As smart home technology becomes more prevalent and consumers seek innovative ways to enhance their day-to-day activities. Such factors are expected to drive market growth during the forecast period.
Low replacement needs due to a high average lifespan are a significant factor hindering market growth. Generally, refrigerators are meant for long-term use (8-9 years) and do not require frequent replacement. Furthermore, they are expensive and considered a one-time investment by many.
Moreover, most branded refrigerators are durable and of superior quality but consumers need to spend on maintenance and cleaning costs over the years, which are usually minimal. This lowers the need for frequent purchases of the appliance and acts as a significant growth barrier for the market. As consumers do not buy these frequently, marketers find it hard to build brand loyalty. Such factors are expected to hinder the growth of the global household refrigerators and freezers market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Household Refrigerators Freezers Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arcelik A.S. - The company offers household refrigerators freezers under the brand Dawlance.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The double door segment will account for a major share of the market's growth during the forecast period. In 2022, the double door segment dominated the global household refrigerators and freezers market, with the highest market share. Moreover, the double door refrigerators also offer an attractive and modern design, such factors will increase the segment growth during the forecast period.
Get a glance at the market contribution of various segments View the PDF Sample
The double door segment was valued at USD 62.45 billion in 2017 and continued till 2021. In this segment, the French door style, with two doors side by side for the fresh food section, delivers easy access to often-used items without having to open the entire refrigerator. The fresh food compartment in double-door refrigerators is generally larger compared to conventional top or bottom freezer refrigerators. However, this provides ample space for storing fresh produce, beverages, and various food items. The overall market for kitchen appliances has been growing steadily, with consumers willing to invest in modern and feature-rich refrigerators that meet their lifestyle and convenience needs. Such factors are expected to boost the market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to account for 40% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is home to some of the world's most populous countries, such as China and India. Rapid population growth and urbanization contribute to the high demand for household refrigerators and freezers s to meet the needs of growing households. In APAC, the region has experienced economic growth and an increase in disposable income. The development of residential properties has led to increased demand for household appliances, including refrigerators and freezers, in urban areas. As lifestyles change and people increasingly opt for convenience, the demand for large refrigerator freezers to store perishable and frozen foods has grown. Therefore, the regional household refrigerators and freezers market is anticipated to witness growth during the forecast period.
The pandemic caused several challenges and disruptions that affected the demand, production, and supply chain of household appliances, including refrigerator freezers in 2020. However, in 2021, the initiation of large-scale vaccination drives led to the lifting of lockdowns, resulting in the resumption of operations in the freezer manufacturing sector. The growing number of new residential constructions is another significant reason behind the growth in the adoption of household refrigerators and freezers. Therefore, the household refrigerators and freezers market in APAC is anticipated to witness growth during the forecast period.
The household refrigerators freezers market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Household Refrigerators Freezers Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
160 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.54% |
|
Market growth 2023-2027 |
USD 23.27 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
3.68 |
|
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 40% |
|
Key countries |
US, China, Japan, Germany, and the UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Arcelik A.S., Aucma Co. Ltd, Dover Corp., Electrolux AB, General Electric Co., Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Hitachi Ltd., Honeywell International Inc., LG Electronics Inc., MIDEA Group, Miele and Cie. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Siemens AG, Toshiba Corp., and Whirlpool Corp. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Capacity
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
