The global household refrigerators and freezers market size is expected to reach USD 125.68 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.8% during the forecast period. Growing investments in innovation of refrigerators units and rising income levels coupled with decline in product prices with high specifications availability are some of the key trends stimulating market growth. The refrigerator and freezer market is growing steadily with significant rise in rising consumer spending power and ease of financing schemes. Increasing inclination towards sophisticated brands is also likely to bolster the growth of the market over the coming years.
Household refrigerators and freezers buyers are very sensitive about costs associated and are often subject to buying inappropriate models with low prices and high electricity consumption. In such cases, they often end up buying refrigerators and freezers that are not considered energy efficient. Energy efficient models help in reducing electricity consumption and ultimately reduce costs related to units. Easily available consumer loans and other purchase schemes are expected to give a moral boost to price-sensitive consumers. In addition, attractive schemes presented by financial institutions and commercial banks are gaining attention of price sensitive consumers.
Increasing electrification and wide usage of internet sales are expected to propel the market for household refrigerators and freezers in rural and semi-urban areas. Furthermore, increasing nuclear families count and environmental changes are anticipated to boost the growth of the overall market. Urban families prefer to cook large meals ahead of time, which augments the necessity of a household refrigerator unit. Also, consumers prefer separate refrigerator units to store beverages.
Further key findings from the report suggest:
- The household refrigerators and freezers market was valued at USD 72.43 billion in 2017
- French door refrigerators emerged as the fastest growing segment over the forecast period
- Freezer on top emerged as the largest segment in 2017 and is estimated to generate revenue of approximately USD 58.50 billion by 2025
- The North America market held the largest share in the household refrigerators and freezers market in 2017. Adoption and usage of refrigerators and freezers for storing and preserving food and food products is high in the region
- Key players include Haier, LG Electronis, Electrolux, Samsung, Whirlpool, and Rober Bosch.