According to Precedence Research, the global household refrigerators and freezers market was valued at US$ 87.9 billion in 2020 and is expected to hit US$ 124.6 billion by 2030, poised to grow at a noteworthy compound annual growth rate (CAGR) of 3.6% from 2021 to 2030.
The global household refrigerators and freezers market is driven by certain factors such as growing consumer expenditure on home improvement goods, increasing demand for the smart technological home appliances, growing popularity of energy efficient appliances and machines, rising disposable income, and need for storing various food items for a longer time. The various discounts and promotional activities by the supermarkets and hypermarkets and online groceries that occasionally offers fruits, vegetables, and other items on huge discounts propels the customers to make a bulk purchase. Therefore, there is an increased need for storing these fruits and vegetables arises that boosts the demand for the household refrigerators and freezers.
Furthermore, the increased participation of market players in the research and development activities to develop sustainable freezers and refrigerators have substantial role in the growth of the market especially in the developed regions. Other factors that highly impact the market growth includes rising number of nuclear families, growing traction of modular kitchens, growing demand for ready-to-eat food, increasing consumption of frozen and canned food products, and changing consumption habits of the consumers. The refrigerators and freezers plays a crucial role in in keeping various food and beverages items fresh for extended time. All these factors have made the use of refrigerators and freezers an essential household appliance and now it is a common appliance that is installed in almost every household.
Door Type Insights
By door type, the double door segment led the global household refrigerators and freezers market with remarkable revenue share of over 65% in 2020 and is anticipated to retain its dominance throughout the forecast period. The double door refrigerators offers more space for storage having multiple and specifically designed compartments for storing beverage and food items separately. This offers efficiency of storage and convenience to the users.
On the other hand, the French door segment is estimated to be the most opportunistic segment during the forecast period. The French door refrigerators offer several benefits over other refrigerators such as multiple cabinets for storing beverage, groceries, and other items. The French door refrigerators also provides freezer cabinet that helps for storing food items for longer time by offering extra space and temperature adjustments.
By structure, the freestanding segment led the market with notable revenue share of over 55% in 2020 and is projected to retain its dominance throughout the forecast period. The standalone or freestanding refrigerators are the most commonly used refrigerators in the households across the globe. This refrigerator can be relocated easily, its easy availability, easy repair and maintenance, and various door type options has exponentially contributed towards the growth of this segment in the global market.
On the other hand, the built-in refrigerator is expected to grow at the highest CAGR during the forecast period. The growth of this segment is primarily driven by the growing popularity of the modular kitchen and also less space required by this refrigerator. Hence, this segment is showing promising growth rate throughout the forecast period.
Distribution Channel Segment
By distribution channel, the specialty stores segment led the market with remarkable revenue share of in 2020 and is predicted to retain its dominance throughout the forecast period. The specialty stores offer specialized services to the customers along with various discounts and coupon codes. Further, the availability of wide range of refrigerators and freezers along with the associated accessories attracts the consumers and fosters the growth of this segment.
On the other hand, the e-commerce is estimated to be the most opportunistic segment during the forecast period. This is attributable to the huge options along with a variety of brands are available, easy return and replacement policies, easy home delivery, and easy payment makes the buying of such appliances more convenient for the consumers.
Based on the region, in terms of revenue, the North America accounted the market in 2020 and is estimated to sustain its dominance during the forecast period. This is simply attributed to the presence of numerous key market players in the region. Further, increased disposable income, higher demand for the luxury and quality products, increasing demand for the home improvement products, higher adoption rate of innovative technologies, increasing consumer awareness regarding sustainable refrigerators, and easy availability of the desired brands. The US and Canada is characterized by the high penetration of common home improvement products. North America is closely followed by Europe.
On the other hand, Asia Pacific is estimated to be the most opportunistic market. This is attributable to the factors such as rising urbanization, rising disposable income, increasing consumer expenditure on home improvement. Further, the presence of key manufacturers such as Samsung, Haier, Panasonic, and Godrej has significantly boosted the market in this region. Further, rising government expenditure on building sophisticated infrastructure and increasing electrification in the underdeveloped regions is expected to positively impact the market growth.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improvedproducts. Moreover, they are also focusing on maintaining competitive pricing.
In July 2020, Samsung launched SpaceMax Family Hub Refrigerator to expand it internet of things (IoT) portfolio that can be connected with the smartphone and smart TVs. It has features like food management, the family connection, and home control.
These technological advancements in the refrigerators will shape the future of the household refrigerators and freezers across the globe.
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Scope of the Household Refrigerators and Freezers Market
|Market Size||USD 124.6 Billion by 2030|
|Growth Rate||CAGR of 3.6% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|By Distribution Channel||
|Companies Mentioned||Robert Bosch GmbH, Dacor, Inc., Philips Electronics, Whirlpool Corporation, Samsung, AB Electrolux, LG lectronics, Dover Corporation, Godrej Industries Ltd., Liebherr Group, Panasonic Corporation|
Segments Covered in the Report
By Door Type
By Distribution Channel
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