Household Refrigerators And Freezers Market Overview:
In 2021, the household refrigerators and freezers market was valued at USD 83.9 billion, and it is expected to grow at a CAGR of 4.98% during the forecast period of 2022-2030. By 2030, the market is anticipated to reach a value of USD 129.93 billion.
Refrigerators and freezers for household use are indispensable appliances in homes worldwide. Their purpose is to keep food and drinks at low temperatures, preventing spoilage and prolonging their shelf life.
Household refrigerators and freezers market is categorized into various product types, including top-mount, bottom-mount, side-by-side, and others. The top-mount segment is the largest, accounting for more than 50% of the market share in 2021, attributed to their affordability, easy-to-use design, and availability in diverse sizes and colors. The second-largest segment is bottom-mount refrigerators and freezers, while side-by-side refrigerators and freezers are expected to witness substantial growth during the forecast period. This growth is primarily due to their advanced features like water and ice dispensers, along with larger storage capacity.
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The household refrigerators and freezers market has undergone further segmentation into several applications, such as residential and commercial. The residential segment is the most extensive application, representing more than 90% of the market share in 2021. The growing demand for household refrigerators and freezers in homes worldwide fuels this segment. The commercial application is the second-largest, comprising refrigerators and freezers used in commercial kitchens, restaurants, and retail stores.
The household refrigerators and freezers market has been segmented geographically into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, Asia Pacific dominates the market, holding over 40% of the market share in 2021. This growth is attributed to the increasing population and rising disposable income in countries like China, India, and Japan. North America and Europe are the second and third-largest markets, respectively, due to the high adoption rate of household refrigerators and freezers and the presence of major market players in these regions.
Market Segmentation
By Door Type:
Double door and French door
By Capacity:
15-30 cu. Ft., less than 15 cu. Ft. and more than 30 cu. Ft.
By Structure:
Built-in and Freestanding
By Geography:
North America, Europe, Asia, Pacific, Latin America, Middle East, and Africa
Whirlpool Corporation, LG Electronics, Samsung Electronics, Electrolux AB, Haier Group Corporation, Panasonic Corporation, Midea Group Co., Ltd., Hisense Group Co., Ltd., Hitachi, Ltd., and Bosch GmbH are among the prominent players in the household refrigerators and freezers market. These companies engage in product development, strategic collaborations, and mergers and acquisitions to enhance their market position and expand their product range.
In conclusion, the household refrigerators and freezers market size is a growing sector driven by the increasing demand for household appliances worldwide. The market has been segmented into several product types, applications, and geographically into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. With the increasing investment in research and development by companies and governments, the household refrigerators and freezers market is expected to grow significantly during the forecast period.
The study provides answers to the following key questions:
• What type of customers buying the products and services from companies operating in the Household Refrigerators And Freezers Market?
• What will be the roadmap for the product manufacturers operating in the Household Refrigerators And Freezers Market for the forecast period, 2022-2030?
• What are the recent developments in the competitive landscape to look out for during the estimated period?
• What are the major trends influencing customers’ lives and their buying behaviour?
• How can brands best communicate with the customers they intend to target?
• When, where and how the customers want to use or consume the products or services?
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