Household Refrigerators And Freezers Market: U.S., North America Also Accounted For A Considerable Share
Household Refrigerators And Freezers Industry Overview
The global household refrigerators and freezers market size was valued at USD 81.90 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028. Increasing consumer preference for smart equipment in an attempt to simplify daily food storage tasks is the primary factor responsible for the promising growth prospects of the market over the forecast period. Furthermore, factors, such as the increasing purchasing power of consumers, rise in the number of nuclear families, growing popularity of modular kitchen spaces, and changing dietary preferences, are driving the market. Refrigerators mounted with freezers are equipped with heat pumps and thermally insulated compartments built to keep food and beverage items cool and fresh for a comparatively long time.
Owing to these benefits, the appliance has become an everyday necessity across households globally. The intense competition in the market has pushed manufacturers to introduce improvements in their offerings to keep consumers intrigued and encourage them to replace their traditional household refrigeration equipment with modern appliances. The groundbreaking rise in demand for refrigeration technology in the 1950s stimulated developments, such as the inclusion of the automatic defrost feature and increased freezer sizes. Since then, subsequent technology and design advancements have substituted conventional units, thereby creating continual opportunities for the market.
Gather more insights about the market drivers, restrains and growth of the Global Household Refrigerators And Freezers market
Continual upgrades have ensured an increase in energy consumption and the electricity costs associated with the operations of conventional equipment. The regulatory bodies worldwide are formulating regulations that focus on lowering the energy consumption and Greenhouse Gases (GHG) emissions of refrigerators & freezers to lower their impact on the environment. The European Commission (EC) mandates that the manufacturers based in the region ensure that their products carry the suitable energy rating label. In 2021, a new regulation has been introduced by the EC, the Eco design requirements of refrigerating appliances (EU) 2019/2019 regulation, which intends to support the circular economy by emphasizing refrigeration product repairability, easy disassembly, and recyclability.
Product innovation has been playing a constructive role in fueling the market growth over the past few years. Present-day household equipment combines design aesthetics, energy efficiency, and temperature moderation to prevent food from spoiling. Modifications in compressor technologies and improved insulation have also helped drive the demand for state-of-the-art refrigeration equipment. Furthermore, innovations are allowing manual adjustment of the refrigerator’s temperature as the various items require distinctive thermal conditions and humidity scales to increase their shelf life.
The outbreak of the novel coronavirus at the beginning of 2020 changed the fundamental dynamics of the market. Temporary production halts in the manufacturing industry and the slowdown of the logistics sector resulted in a decline in product sales during the initial months of 2020. However, the enforcement of stay-at-home norms, in an attempt to reduce the communal spread of the virus created opportunities for business growth. Relaxations introduced in lockdown regulations by several governments worldwide during the last few months of 2020 scaled back the production of refrigerators and freezers. In addition, the resumption of shipping operations and the e-commerce websites allowed for a steady increase in sales of these appliances. With the majority of consumers using these appliances at a comparatively higher rate due to the extended work-from-home policies, the demand for these products is expected to rise at a promising pace in the near future. The trend is projected to help manufacturers recover from the losses incurred during the initial months of 2020.
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Household Refrigerators And Freezers Market Segmentation
Grand View Research has segmented the global household refrigerators & freezers market on the basis of door type, structure, capacity, and region:
Household Refrigerators & Freezers Door Type Outlook (Revenue, USD Billion, 2016 - 2028)
- Single Door
- Double Door
- Top Mounted Freezer
- Side by Side
- French Door
Household Refrigerators & Freezers Structure Outlook (Revenue, USD Billion, 2016 - 2028)
- Built-in
- Freestanding
Household Refrigerators & Freezers Capacity Outlook (Revenue, USD Billion, 2016 - 2028)
- Less than 15 cu. Ft.
- 15 to 30 cu. Ft.
- More than 30 cu. Ft.
Household Refrigerators & Freezers Regional Outlook (Revenue, USD Billion, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Household Refrigerators And Freezers market include
- AB Electrolux
- Dover Corp.
- LG Electronics
- Whirlpool Corp.
- Samsung
- Robert Bosch GmbH
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