Household Refrigerator and Home Freezer Market Growth, Share, Rising Trends, Key Manufacturers, Challenges and Future Strategies till 2023-2033: SPER Market Research"
Refrigerators and freezers are common equipment used in homes for food preservation and storage. Perishable food items are meant to be stored in refrigerators at low temperatures to prevent deterioration and bacterial growth. They aid in extending the freshness of food. Food products can be frozen and kept in freezers for extended periods of time because of their ability to withstand temperatures below freezing. They are used to store goods for an extended period of time, including prepared meals, frozen fruits and vegetables, and meat.
According to SPER market research, ‘Household Refrigerator and Freezer Market Size- By Door Type, By Structure, By Capacity, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Household Refrigerator and Freezer Market is predicted to reach USD 155.20 billion by 2033 with a CAGR of 5.04%.
The market for household refrigerators and freezers is expanding due to reasons such as growing purchasing power, rising technological advancements in product creation, and an increase in energy efficiency programmes. In addition, a number of factors are propelling the industry, including rising consumer spending power, an increase in nuclear families, the growing popularity of modular kitchen spaces, and shifting nutritional habits. Freezer-mounted refrigerators have thermally insulated sections and heat pumps to keep food and drink items cold and fresh for a considerable amount of time.
However, intense rivalry, price sensitivity, and other challenges are faced by the global home refrigerator and freezer business. It is challenging for firms to stand out from the competition and continue to be successful in this fiercely competitive industry, which is full of both new and established players. Consumer price sensitivity is common when buying household refrigerators and freezers, which may reduce profit margins for merchants and manufacturers. Also, producers have to continuously update their goods to satisfy changing consumer demands as technology develops, which can be expensive and time-consuming. Energy efficiency requirements for home appliances are being implemented by governments all over the world; nevertheless, this can increase production costs and reduce the margins of manufacturers.
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Furthermore, the emergence of the novel coronavirus brought significant changes to the market. It initially saw a drop in product sales due to temporary manufacturing disruptions and a slowdown in logistics. However, as stay-at-home measures were enforced to curb the virus's spread, new business opportunities arose. Later, governments worldwide began easing lockdown restrictions, leading to reduced refrigerator and freezer production, while the resumption of shipping and growth in e-commerce boosted appliance sales. With more people working from home and using these products extensively, demand is expected to increase, aiding manufacturers in recovering from early losses.
Household Refrigerator Market Key Players:
Geographically, North America is expected to lead the global market for refrigerators and freezers in the years to come, accounting for a sizable portion of the market share. In this region, household refrigerators and freezers are primarily consumed in the United States and Canada. It is expected that future growth will be positively influenced by Europe and the Asia Pacific region. The second-largest region in terms of market share is Europe. Asia Pacific is anticipated to expand at the fastest rate during the projection period, however. The area's concentration of important manufacturers and increasing urbanisation may be the cause. Additionally, some of the market key players are AB Electrolux, Dover Corporation, LG Electronics, Robert Bosch GmbH, Samsung, Whirlpool Corporation, Others.
Home Freezer Market Segmentation:
By Door Type: Based on the Door Type, Global Household Refrigerator and Freezer Market is segmented as; Double Door (Top Mounted Freezer, Side by Side, French Door), Single Door.
By Structure: Based on the Structure, Global Household Refrigerator and Freezer Market is segmented as; Built-in, Freestanding.
By Capacity: Based on the Capacity, Global Household Refrigerator and Freezer is segmented as; Less than 15 cu. Ft., 15 to 30 cu. Ft., More than 30 cu. Ft.
By Distribution Channel: Based on the Distribution Channel, Global Household Refrigerator and Freezer is segmented as; Multi-Branded Stores, Online, Specialty Stores, Other Distribution Channel.
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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