Reports and Data's latest report states that the global market size for household refrigerators and freezers was USD 89.9 Billion in 2022 and is predicted to witness a revenue Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period. Household refrigerators and freezers are designed to preserve Food & Beverage (F&B) products at low temperatures, and their usage is increasing due to consumer preferences for convenience meals and the desire to store food for extended periods. In an effort to reduce power expenses, customers are increasingly opting for energy-efficient refrigerators and freezers, and manufacturers are continuously developing highly advanced refrigeration systems that use renewable energy. The demand for environmentally friendly refrigeration systems is on the rise due to the environmental impact and contribution to global warming caused by the refrigerants used in traditional refrigerators.
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Top Profiled Companies in the Global Household Refrigerators and Freezers Market Report:
- Whirlpool Corporation
- Haier Group
- Electrolux AB
- LG Electronics
- Samsung
- Godrej Appliances
- Hitachi Ltd.
- Robert Bosch GmbH
- GE Appliances, a Haier company
- Toshiba Corporation
Some Key Highlights from the Report
- In 2022, the largest revenue share in the global refrigerators and freezers market was held by the top freezer segment. This is largely attributed to the fact that these appliances are the most economical and widely used in households across the world. Typically, these refrigerators are fashioned with a solitary door at the top to access the freezer area, and a separate door at the bottom for the refrigerator section. Furthermore, these units are renowned for their reliability and energy efficiency, rendering them a favored choice among customers.
- During the forecast period, the commercial segment is estimated to account for the greatest revenue share in the worldwide refrigerators and freezers market. This is due to the growing need for efficient air conditioning systems in a variety of commercial environments, including offices, hotels, hospitals, and shopping malls. Commercial air conditioning equipment are designed to run for longer periods of time and to cool larger areas than household systems. Furthermore, these systems are designed to meet the needs of various corporate environments, such as hospitals, where managing air quality is critical for avoiding sickness transmission.
- In 2022, the North American market accounted for the largest revenue share of the worldwide refrigerators and freezers market. This is because smart homes are becoming more popular, as is the desire for energy-efficient equipment. Due to government limitations and incentives, energy-efficient refrigerators and freezers are also becoming increasingly popular in the area.
- During the projected period, the Asia Pacific market is predicted to develop at a significantly faster rate in the worldwide refrigerators and freezers market. This is because of growing middle-class and disposable incomes, as well as changing consumer habits. Furthermore, increased demand for refrigerators and freezers in countries like India and China, as well as the availability of discounts on online platforms, are likely to boost market revenue growth in this area.
Key Regional Markets Covered in the Report:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Further market segmentation
Product Type Outlook:
- Top Freezer
- Bottom Freezer
- French Door
- Side by Side
- Others
End-Use Outlook:
- Residential
- Commercial
Key Takeaways of the Global Household Refrigerators and Freezers Market Report:
· A comprehensive overview of the global Household Refrigerators and Freezers industry.
· Accurate market projections in terms of market size, share, and volume.
· Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
· Deep-dive analysis of the upcoming market trends.
· Qualitative and quantitative analyses of the global Household Refrigerators and Freezers market.
· Elaborate study of the leading regional markets in the global Household Refrigerators and Freezers market.
· Complete overview of the market’s competitive landscape.
· Brief look at the company profiles and portfolios.
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