On the basis of product household refrigerators and freezers market is segmented into Top mounted freezer, French door bottom freezer, bottom mounted, and side-by-side Side-by-Side household refrigerators & freezers market will register a CAGR of 4% over the coming eight years, driven by the rising consumption of the frozen and fast foods across the urban regions. Moreover, enhanced life style, easy financing options, and incorporation of maintenance free compressors will boost the demand for the side-by-side refrigerator. French door bottom freezers accounted for 25% of the market share in 2015 and will grow lucratively over the coming years, owing to the growing demand for technically advanced products.
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Shifting trends towards the energy efficient as well as eco-friendly products will drive household refrigerators and freezers market over the coming eight years. According to Global Market Insights, Inc., “Global household refrigerators and freezers market worth more than USD 59 billion in 2015, is anticipated record a CAGR of 2.7% over the period of 2016 to 2025.”
The latest energy efficiency standard demands the new models of refrigerators and freezers to cut their energy consumption by 20% – 25%, which is pushing the manufacturers to spend heavily in R&D to develop the high-efficiency refrigerators meeting the energy standards. The active partaking of the manufacturers along with the high demand from the consumers for the advanced refrigerators will enhance the household refrigerators & freezers industry outlook over the coming timeframe.
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.
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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.
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.
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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.