Household Refrigerators Market in Selected Regions, Forecast to 2022
The refrigerators market has been experiencing major changes over the past few years in terms of product type, energy consumption, environmental impact, and pricing. In this study, the refrigerators market in Europe, Africa, Middle East, and India is analyzed to understand the major product and end-user trends. The base year is 2017. Some of the trending product types identified through this study are smart refrigerators, built-in refrigerators, frost-free refrigerators, and convertible refrigerators.
The refrigerators market is highly competitive among manufacturers of lower-range products used mostly Africa and India. Additionally, the presence of a significant number of large and regional market participants offering such products compels manufacturers to maintain low prices due to the high price sensitivity of customers, especially in the developing countries of Eastern Europe, India, and Africa.
The market in Western Europe is expected to witness considerable growth driven by advanced-technology refrigerators with changing consumer preferences in the region. Additionally, since the introduction of the first energy label in 1994, the energy efficiency of refrigerators produced and sold in Europe has improved significantly; to the effect that the least efficient products available in today’s market are over 60% more efficient than the average in 1994. This drives the growth of the higher-priced, energy-efficient models in the region.
Africa is witnessing spectacular growth in consumer spending, which reflects its evolving socio-economic conditions. Increasing appetite for consumer products has positively impacted the white goods market in the region. However, this region is extremely cost-sensitive and product price acts as the most important purchase decision influencer. Owing to the lack of continuous energy supply in majority of Africa, solar-enabled refrigerators hold a significant market share in the region. On the other hand, India is one of the fastest growing economies globally for the near term, with more growth expected to be driven by rural consumption in the future. Improving standards of living in the country have led to strong growth in the adoption of electrical goods, including refrigerators. Incentivization of local production as well as reduction in import duties of refrigerators will lead to better supply and increased availability of the latest products in the refrigerator space in the country. The refrigerators market is faced with regulatory pressure from organizations such as The Bureau of Energy Efficiency (BEE) in India and the EU Directive 92/75/EC in Europe. Manufacturers are increasingly investing in product development to enhance environmental sustainability and product efficiency. Customers are looking for products that are smarter, durable, and more energy-efficient.
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