Refrigerator Market Is Expected To Reach USD 154.63 Billion By 2027 At A CAGR Of 5.51 % percent.
The “Refrigerator Market” report from Stellar Market Research includes a comprehensive analysis of Market during the forecast period of 2022 to 2027. The report enables the clients with a complete grasp of the PORTER as well as the PESTLE scenario of the Refrigerator Market. The report focuses on the growth factors, restraints, and opportunities. The report also analyses if the Refrigerator market is easy for a new player to acquire a position in the Global market.
Refrigerator Market Overview:
A refrigerator is an electrical device consist of a heat pump and a thermally insulated chamber which transfers heat from inside to outside and cools the inside by lowering the temperature. It keeps the temperature a few degrees above water’s freezing point. It is made up of a cupboard-like structure that is used to extend the shelf life of food and keep bacteria away. Refrigerators are often used in both households and workplaces to keep food in a secure and convenient way. They are available in a wide range of forms and sizes, as well as features and applications. Refrigerator Market key players are working to develop a better degree of luxury and innovative refrigeration solutions to attract end-users.
Refrigerator Market Dynamics:
Hotels and quick-service restaurants often use freezers with high cooling capacities to prevent spoilage of food and have a proper food storage system. Sales of high-end refrigeration products will increase as demand for hotel and hospitality products develops. Increased freezer demand would arise from the growing number of ice cream parlours and bars. Refrigerators are required to provide a certain chilling range in the freezer which is mostly used to preserve cold drinks and ice creams at ice cream parlours and bars. The demand for freezing products is predicted to rise as the global consumption of various frozen and processed foods rises.
The government is working on new regulations to reduce household appliance power use. The regulations make it easier to contribute to environmental sustainability by encouraging the manufacturing energy-efficient household appliances. As a result, there will be an increase in demand for energy-efficient cold storage equipment during the forecast period.
Higher repair and maintenance expenses associated with high-end refrigeration units are expected to hinder market growth among lower-income consumers. The scarcity of home appliance repair services may restrict people from buying smart refrigerators. Increased competition in the electric appliance business would create barriers to entry for newcomers.
people’s need for highly efficient home appliance products is expanding as increase in infrastructural advancements connected to smart homes and buildings for commercial and residential purposes. Major key players development of unique technical features such as IoT, digital connectivity, and custom interface with freezing products is a key driving factor for the adoption of smart refrigeration system over the forecast period.
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Refrigerator Market Regional Insights:
Asia Pacific region dominated the market with 5.51 % through the forecast period owing to enormous population and households and rising infrastructure demand in this region which leads to growing use of home appliance items. Other major drivers driving market expansion in Asia-Pacific are rising disposable income, expanding urbanization, and the number of homes.
Europe is predicted to increase at a CAGR of 5.51 % percent during the forecast period. Because of the introduction of technologically advanced refrigeration equipments by major regional enterprises. This would attract and persuade customers to purchase smart refrigerators.
In South America, Refrigerator Market is predicted to develop significantly due to the growing middle-class population in countries like Brazil and Argentina. Demand for energy-efficient refrigeration equipment will rise in this region as people’s interest in energy-efficient household appliances increases.
Refrigerator Market Segmentation:
By Product:
Top Freezer
Bottom Freezer
Side by Side
French Door
By Distribution Channel:
Offline
Online
Refrigerator Market Key Competitors:
Haier (Qingdao, China)
L.G. (Seoul, South Korea)
Samsung (Suwon-si, South Korea)
Whirlpool (Benton Harbor, Michigan, United States)
Voltas (Mumbai, India)
Electrolux (Stockholm, Sweden)
Panasonic (Kadoma, Osaka, Japan)
Sharp (Sakai, Osaka, Japan)
Hitachi (Chiyoda City, Tokyo, Japan)
Toshiba (Minato City, Tokyo, Japan)
Godrej (Mumbai, India)
Intex (New Delhi, India)
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About Stellar Market Research:
Stellar Market Research, founded in 2018, is an India-based consultancy and advising organization focusing on assisting clients with business transformation objectives through consultation services and strategic planning. The firm leverages its broad industry experience and large network to deliver profound insights on reports that provide customers with a strategic edge. Its heavy focus on the primary analysis of a market, purchasing behaviors, price volatility, valuation pattern, and manufacturing aspect provides a client with a data portfolio that will enable their organization to achieve its foothold or plan solutions and take the course of action that will result in phenomenal growth and grow their market dominance.
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