Household refrigerators and freezers market to cross a profound remuneration mark of USD 78 billion by 2024, U.S. to drive the regional landscape

Household refrigerators and freezers market is characterized by diverse competitors present globally offering new technologies lowering energy consumption every year. Growing energy efficiency initiatives by the Department of Energy have translated into huge savings for consumers.
Increasing adoption of environmental friendly products in order to reduce emission of chloro-fluoro carbons has encouraged the development of high energy efficient refrigerators. With new energy standards, manufacturers have increased the refrigerator and integrated the product with user friendly technological interfaces such as water and ice dispensers.
In order to meet with the standards and regulations put forth by regulatory authorities, household refrigerators and freezers market players are investing heavily in R&D to develop products with continued efficiency improvements. The increasing demand for consumer electronics sector will further support the increased adoption. Moreover, speeding technical breakthroughs and development of energy efficient hardware accompanied with automation and smart technologies will propel the household refrigerators and freezers market growth.
On the basis of product, French door bottom freezers accounted around 25% of the overall volume, increasing demand for technically advanced products accompanied with user friendly interface and comfortable positioning for opening and closing doors will support the demand. Side-by-side refrigerators in household refrigerators and freezers market are further anticipated to showcase a growth at a CAGR of 4% in the forecast timeframe this growth is credited to growing consumptions of frozen food products in urban areas.
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Several key players in household refrigerators and freezers market have shifted their focus towards development and deployment of premium energy efficient and environmentally friendly products. These premium products are gaining popularity among the upper-middle and middle class segment. Adding to this, rise in disposable income has further contributed to boost the industry growth as consumers are able to afford premium and high-end products
Geographically, U.S. contributed majorly towards the North America household refrigerators and freezers market share in 2015 and will grow noticeably over the coming timeframe, owing to the growing demand for eco-friendly products.
Europe household refrigerators and freezers industry is predicted to exhibit a lucrative growth rate over the coming eight years. The attributing factors towards the market growth are surging need of energy efficient products and rising disposable income.
The market players are focusing on technological developments to enhance the product portfolio in terms of better efficiency, as it is a major value add for the consumers leveraging a decent energy and cost saving for them. Whirlpool, Electrolux, Haier, Samsung, and L.G. are some of the major giants in the household refrigerators and freezers market. Other notable key players include Panasonic, Frigidaire, Bosch, and General Electric.