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Household Refrigerators Global Market Report 2023
[February 27, 2023]

Household Refrigerators Global Market Report 2023

NEW YORK, Feb. 27, 2023 /PRNewswire/ -- Major players in the household refrigerators market are Electrolux, Haier, LG Electronics, Samsung Electronics, Whirlpool, Hitachi, Bosch, Hisense, Sharp, and Siemens.

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The global household refrigerators market is expected to grow from $36.65 billion in 2021 to $36.69 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The household refrigerators market is expected to reach $49.87 billion in 2026 at a CAGR of 5.9%.

The household refrigerator market consists of sales of single-door, double-door, french-door, and other household refrigerators.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Household refrigerator refers to electrical appliances used to preserve food at cold temperatures.

North America was the largest region in the global refrigerators market in 2021. The regions covered in the household refrigerators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The main types of household refrigerators market are single-door, double-door, french-door, and others.A single door has been provided with hinges or pivots which is permitting it to swing 90° in one direction only.

The distribution channels are specialty retailers, department stores, mass retailers/hyperarkets/supermarkets, discount stores, and online.The freezer locations are freezer-on-top, freezer-on-bottom, and freezer-less.

The applications are for household, commercial use, and industrial use.

The increasing consumption of processed food products such as frozen meat, vegetables, and dairy products as well as the change in the dietary habits of consumers is driving the refrigerators market growth.Due to busy lifestyles, consumers are increasingly relying on processed food and prepared meals that require refrigerators for storage.

According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the refrigerators market.

Intense pricing pressure on manufacturers is restraining the growth of the refrigerators market.The market has numerous players competing in terms of price, specifications, and other characteristics.

Durable goods such as TV, and freezers are more price elastic than necessities. People are more likely to purchase when there is a reduction in the price of the goods and less likely to purchase when there is a price hike.

Refrigerator manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human-machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators, and adjust and monitor the temperature as per requirement.

In December 2020, Arcelik AS, a turkey-based manufacturer of household appliances acquired Hitachi Global Life Solutions for the amount of $300 million.This acquisition of Hitachi GLS will establish a new company into which it will transfer its global home appliances business outside of Japan.

Hitachi is a Japan-based manufacturer.

The countries covered in the household refrigerators market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The household refrigerators market research report is one of a series of new reports that provides household refrigerators market statistics, including household refrigerators industry global market size, regional shares, competitors with a household refrigerators market share, detailed household refrigerators market segments, market trends and opportunities, and any further data you may need to thrive in the household refrigerators industry. This household refrigerators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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