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 name suggests that household refrigerators and freezers are only for domestic usage and are an integral feature of the kitchen. A domestic refrigerator and freezer are an appliance that provides a safe and easy way to store food, beverages, and other perishable food goods. Household refrigerators and freezers are designed to store small amounts of food and beverages at low temperatures. These items require varying storage temperatures as well as relative humidity and have different storage lives. Household refrigerators and freezers are used to store perishable foods such as fruits and vegetables. Refrigerators and freezers are vital kitchen appliances because they provide a safe and easy way to store food and beverages.
The use of more and more products that require refrigeration is projected to be a major driver driving the global household refrigerator and freezer market growth. Furthermore, rising urban income and changing lifestyles are likely to drive demand for premium domestic refrigerators and freezers. Some of the primary drivers of the growing Household Refrigerators And Freezers Market include rising investments in the development of refrigeration units and rising income levels, which have led to a decrease in product prices with high specifications availability. The Household Refrigerators and Freezers Market is expanding gradually, owing to rising consumer spending power and simple financing options. In addition, a growing preference for high-end brands is expected to drive market growth in the future years.
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Despite the many drivers and opportunities for growth in the Global Household Refrigerator and Freezer market, there are also several challenges that must be addressed. The global household refrigerator and freezer market faces numerous issues, including high competition, price sensitivity, and many others. The market is highly competitive, with many existing competitors as well as new entries, making it challenging for businesses to differentiate themselves and retain profitability. When it comes to purchasing domestic refrigerators and freezers, consumers are generally price-sensitive, which might limit manufacturers’ and retailers’ profit margins. Furthermore, as technology advances, manufacturers must constantly upgrade their products to stay up with consumer needs, which may be costly and time-consuming. Governments throughout the world are enacting energy efficiency standards for household appliances, which can raise production costs and diminish profit margins for manufacturers.
Impact of COVID-19 on Global Household Refrigerator and Freezer Market:
In addition, the breakout of the novel coronavirus in early 2020 altered the market’s fundamental dynamics. Product sales fell during the first months of 2020 due to temporary production halts in the manufacturing industry and a slowdown in the logistics sector. However, the implementation of stay-at-home standards in an attempt to prevent the virus’s communal spread gave prospects for company growth. Relaxations in lockdown requirements implemented by numerous governments around the world in the last months of 2020 reduced the manufacture of refrigerators and freezers.
Geographically, The Asia-Pacific region dominates the global domestic refrigerator and freezer market. Because of the region’s enormous population, fast urbanization, and rising disposable income levels, this is the case. The rising demand for domestic refrigerators and freezers in China, India, Japan, South Korea, and Indonesia has resulted in significant market expansion. Because of high levels of consumer expenditure and advanced economies, North America and Europe also have considerable market shares. However, these markets are more mature and are likely to grow at a slower rate than the Asia-Pacific area. Additionally, some of the market key players are AB Electrolux, Dover Corporation, LG Electronics, Robert Bosch GmbH, Samsung, Whirlpool Corporation, Others.
Global Household Refrigerator and 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.
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